Underfunded Pensions in Chicago

Hinz at Crain’s:

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.