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Chicago pension bills soar as city pays up to keep funds solvent

from Bloomberg Markets

Chicago will contribute $1.18 billion to pensions in 2018 as the junk-rated city steps up payments to put its retirement funds on a path to solvency, even as the unfunded liabilities keep growing. The city will pay $792 million to the police and fire pensions, $344 million to the municipal workers’ fund and $48 million to the laborers’ fund next year, according to its annual financial analysis released Monday. The metropolis forecasts a $114.2 million budget deficit in 2018, the smallest since at least 2007, the report shows. more

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