Updates

Chicago pension crisis balloons, underscoring calls for reform

Via Chicago Sun-Times

Chicago’s unfunded pension obligations have ballooned to $37.3 billion — a more than three-fold increase since 2003 — because of inadequate employer contributions, declining investment income and a shrinking base of active employees, a taxpayers’ watchdog group has concluded.

The Civic Federation’s latest report on the sorry state of the Chicago area’s 10 public employee pension funds does not factor in a Chicago pension reform bill signed by Gov. Pat Quinn that saved the Municipal Employees and Laborers pension funds.

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