Chicago’s Worst-In-Nation Pension Crisis Strikes Again – Nick Binotti and Ted Dabrowski 7/3/24


Wirepoints recently warned in a Chicago Sun-Times oped that Chicago’s pension mess was going to get worse. As Chicago’s latest annual financial report shows, that’s just what happened.

Chicago’s pension shortfall across the city’s four major retirement funds – Municipal, Laborers, Police and Fire – rose to $37.2 billion total in 2023. That’s a 5% increase from $35.4 billion reported the prior year. Most of the increase is attributed to changes in actuarial assumptions and recent legislation that sweetened the cost-of-living pension benefit for thousands of police and firefighters.

Add in the Teachers Pension Fund’s $15.8 billion shortfall and Chicagoans are on the hook for $53 billion in unfunded pension liabilities. That’s over $45,000 owed per Chicago household to be paid off over time….

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