The City of Chicago and related local governments like the Chicago Park District collectively under-funded their worker pension plans by $5.1 billion in the past decade, according to a new report by the Civic Federation.
As a result, the retirement plans now have as little as 36.5% of the assets needed to pay promised benefits, the taxpayer watchdog group says. [...]
The report reviews the status of 10 pension funds — those covering workers for the city, Chicago Transit Authority, Cook County, Chicago Public Schools, Water Reclamation District and the Chicago Park District — in the decade that ended in fiscal 2009.
Yowza.
One comment
Comment by Kay Shelton on February 10, 2011 at 9:07 pm
It is time to call a spade a spade.
Chicago’s pensions are a legal Ponzi scheme.
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