The Policemen’s Annuity and Benefit Fund of Chicago is underfunded by $8.1 billion.

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.