Chicago’s Pension Funds are Nearly Insolvent – Incoming $28m Bailout

“Bloomberg @business Chicago is stepping in to lend cash to its underfunded pensions so they have enough money to avoid asset sales to cover retirement checks as they wait for property taxes to come in after a computer issue delayed collections.” Chicago’s money trees are shedding their autumn layers with a new multi-million dollar government payout package for underfunded public pensions. City officials approved a short-term bailout of the Firemen’s Annuity & Benefit Fund to the tune of $28 million to avoid forced asset sales. That is merely the tip of the iceberg, as Chicago’s pension debt has risen 15%...