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Market Mad House

In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche

City of Chicago has $32.92 Billion in Unfunded Pension Obligations

April 5, 2017April 15, 2017 daniel Active employees in Chicago pay $1.5 billion to support pensioners., All six of these funds paid out $999 million in pensions in 2015, but only generated $90 million in investment income., Chicago property owners are now paying $1.7 billion a year to cover pension payments., Chicago Taxpayers Spend $1.7 billion a Year on Pensions, Chicago’s pension crisis, City of Chicago has $32.92 Billion in Unfunded Pension Obligations, pension obligations it cannot pay, politicians making short-term fixes to protect their jobs and screwing public servants in the process, The Laborers & Retirement Board Employers Benefit Fund of Chicago, The Pension Crisis is Getting Worse, The Policemen’s Annuity and Benefit Fund of Chicago is underfunded by $8.1 billion., Unfunded Pension Obligations, unfunded state pensions in the United States was $1.75 trillion

There are between $111 billion and $193 billion in unfunded pension obligations in Illinois alone. Much of the problem is with the Teacher’s Retirement System of Illinois, where investments were only returning 7% or seven cents on the dollar, the System’s executive director Richard Ingram told CNBC. That means schools have to cover the other 93¢ by slashing things like teachers’ salaries, roof repairs and the textbook budget.