After a long and contentious year of attempts to fix Chicago'sexpensive and ailing pension system, leaders have been warned thatcontinuing to not do anything may cost the city an extra $1.5billion per year in just a few years' time.

The Chicago Tribune reports that city aldermen received the toughnews as part of a lengthy meeting with Mayor Rahm Emanuel and themayors of many other Illinois cities and towns - a gatheringdesigned to pressure Governor Pat Quinn to take action onsubstantial state-wide public pension reform.

Chicago's municipal leaders fear that the realities of dealingwith those extra costs, expected to make a massive leap by 2016,will require massive cuts in services and a potential tripling ofexisting city property taxes to help cover the pension fundneeds.

"I need Springfield, and not me, but the entire city of Chicagoneeds Springfield to be a partner in finding a resolution to ourretirement security issue," Emanuel said Monday, speaking about thestate capital. "They've agreed that they're going to deal with thisin January."

Cities across Illinois are scrambling to deal with a statemandate in 2015 requiring them to adjust payments so that publicsafety pension funds are 90 percent funded within threedecades.

In Chicago, bringing the city's police and fire pensions up tothat level will cost almost $580 million, and the increases to cityemployee pensions would add up to $614 million by 2016.

"We're talking about the real Armageddon the city faces if wedon't get out of it," Chicago Alderman Richard Mell told theTribune. "We have to solve this situation as quick as we possiblycan. You have to go down and beat (State Senate President John)Cullterton, (House Speaker Michael) Madigan and Quinn up, becausethat's where the fault really lies."

Illinois' governor has considered state-wide pension reformsincluding higher employee contributions, delayed retirement, lowercost-of-living increases and the adoption of a 401(k)-styledplan.