Chicago area pension plans in debt by $27.4 billion
June 25, 2012
This article covers the Civic Federation’s Status of Local Pension Funding FY2010 report that was released on June 25. The report examines the sharp financial decline of ten Chicago-area public employee pension funds over the last decade, due in large part to inadequate employer contributions. The Civic Federation said that the need for reform will continue to escalate until Illinois and local lawmakers reach consensus on a plan that offers security to public employees and affordability to taxpayers.