Chicago Faces Crisis Over Pension Funding

October 19, 2010  |  

(Chicago Tribune) — Much has been made of retiring Mayor Richard Daley‘s plan to draw down reserve funds to balance next year’s city budget and how it could burden his successor.But the chairman of the Finance Committee, Ald. Ed Burke, on Monday talked about a far larger problem. One of four pension funds for city workers will go broke in the next decade, if current funding levels continue and markets don’t improve, and all will be belly up by 2032 if nothing gives.

Read More…

Trending on MadameNoire

View Comments
Comment Disclaimer: Comments that contain profane or derogatory language, video links or exceed 200 words will require approval by a moderator before appearing in the comment section. XOXO-MN
blog comments powered by Disqus