Chicago Pension Deficit More Than Tripled Since 2003, Group Says

Bloomberg

This article covers the Civic Federation’s annual Status of Local Pensions report that looks at the funding levels of ten Chicago-area public pension funds. The funds continued to decline, showing an aggregate actuarial funding level of 45.5% in FY2012 down from 74.5% in FY2003. The Civic Federation said this pension funding crisis is the result of decades of oversight, and even with recent reforms it could be many years before the funds are fully stabilized.