Emanuel has warned that his successor will need to cover an extra $270 million in pension payments for the city’s 2020 budget. By 2023, City Hall will need to come up with nearly $1 billion in additional annual pension payments. The mayor has floated the idea of borrowing as much as $10 billion in pension obligation bonds to infuse the retirement funds with more cash, with the hope being that investment returns on that money would outpace the interest rates tied to repaying the debt. Emanuel said he does not plan to borrow the money before leaving office and would leave the decision to his successor.