CHICAGO (CBS) — Gov. Bruce Rauner has vetoed a pension bill Mayor Rahm Emanuel said is very important to the city and its workers.

WBBM’s Craig Dellimore reports.

READ MORE: 71-Year-Old Man Shot Multiple Times, Killed While Heading To Store To Buy Newspaper In Chinatown

The Illinois Governor vetoed help for Chicago’s Municipal and Laborer’s pension funds. He thinks the bill would create an unsustainable funding schedule and lead to tax increases without solving the real problem. Mayor Emanuel urged Rauner to approve the measure last week.

“The first step on the road to ensuring and securing our pensions and our financial and fiscal stability would be to sign that bill,” Emanuel said.

READ MORE: 16-Year-Old Charged In 2 Chatham Carjackings

The bill, called SB2437, would have required municipal workers and laborers to contribute more to their retirement and allow them to retire at age 65 instead of 67. It would have raised revenue from increased taxes on sewer services and water as well.

Rauner is instead touting legislation to give Chicago schools a year of pension relief. His measure would also change the pension system in Illinois. Emanuel said it’s not right that his reform is permanent, while the $215 million for the schools is a one-time action.

MORE NEWS: Omicron Variant Has 'Robust Ability' To Evade COVID Vaccines, But Pfizer Says Booster Shots 'Neutralized' It

RELATEDGov. Rauner Wants Democrats, Officials To Support Pension Legislation