Chicago Unfunded Pension Liability Increases 5.4%
Posted on 07/06/2023
News out of the windy city indicates that Chicago’s unfunded pension liability increased by 5.4% last year, making it a $35.4 billion problem. This marks especially troubled times for The City of Chicago’s four pensions, including: The Firemen’s Annuity & Benefit Fund that is 18% funded, Municipal Employees’ Annuity & Benefit Fund of Chicago at 20.7% funded, the Policeman’s Annuity & Benefit Fund funded at 21.5%, and Laborers & Retirement Board Employees’ Annuity & Benefit Fund at 40% funded. Market volatility was blamed, although some investment losses have likely been made up in the market rebound of 2023. The city plans to make up the shortfall with cash from state coffers.
- Laborers & Retirement Board Employees’ Annuity & Benefit Fund
- Municipal Employees’ Annuity & Benefit Fund of Chicago
- Policeman’s Annuity & Benefit Fund
- The Firemen’s Annuity & Benefit Fund
