Crain's Chicago Business
This article discusses the aggregate $14.4 billion shortfall in Chicago-area pension funds, as analyzed by the Civic Federation in their publication, Status of Local Pension Funding Fiscal Year 2004: An Evaluation of Ten Local Pension Funds in Cook County. The article lists the Civic Federation’s suggestions to remedy the situation, including limiting annual annuity increases for new hires, reducing benefits for new employees, and requiring employers to link contributions to funding levels.