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The Chicago Teachers Union is asking taxpayers in Chicago to keep its members’ pensions fully funded — by paying higher income and property taxes.

The CTU claims, a typical retired teacher could lose $700 a month in pension payments if Chicago implements the same pension reforms state lawmakers approved last year; as a result, the union says the city’s economy could suffer.

The CTU will join other public sector unions at a rally in Springfield Wednesday to lobby against pension reductions.

Mayor Rahm Emanuel is resisting the CTU’s push for more tax revenue; he says if revenue were to be raised first, there would be no compelling motivation to pursue meaningful pension reform.