City Pension Crisis Called ‘Ticking Time Bomb’

CHICAGO (CBS) — Yet another warning has been issued about Chicago’s looming public pension crisis.

As WBBM Newsradio 780’s Regine Schlesinger reports, the Civic Federation is out with a new report, showing the growing burden on the city’s taxpayers.

LISTEN: Newsradio 780’s Regine Schlesinger reports

“It is a ticking time bomb. It is actually the Big Ben of warning signs,” said Civic Federation president Laurence Msall.

Researchers at the independent think tank compared the unfunded Chicago pension obligations from 10 years ago to those now.

“It’s been an astonishing 600 percent increase in unfunded liabilities of the total fund,” Msall said.

Together with Chicago’s share of state pension debt, broken down for capita, the obligation of every man, woman and child in the city soars five times, form $2,400 to just under $12,000.

Msall says the looming pension will confront whoever wins Chicago’s mayoral election.

  • jcook

    No suprise here. No different then paying the minium amount due on your Visa card except that the govement is not restricted by a limit!

  • mikeb

    This burden will eventually bankrupt the city and state.

  • frankp

    600% increase in unfunded liabilities. Wow, good management!

  • Chicago

    Well, if Daley didn’t borrow from them for decades and then not fund them for decaseds we would not be in this position.

    Ask Daley how many pensions he is going to get.
    Ask Madigan how many pensions he is going to get.
    Ask Emanuel how many pensions he is going to get.

    These are just a few examples of the thieves of the Municipal Pension Funds.

    It is NOT the average city employee who only gets one pension based on 30+ years of service with a less than 100k salary.

    Have the thieves pony up what they owe.
    Have the thieves pick only one pension to draw from NOT the 2, 3 or 4 that they will get!!!!!

    • Laura

      Yes, this.

  • Citizen of Chicago

    Thanks Daley ! ! ! ! Where is the money you were supposed to pay into the fund all those years you thief, The employee pays almost 9 percent of each bi-monthly check and city is supposed to contribute 2.5 percent WHAT DID YOU DO WITH THE MONEY! These Chicago reporters have been paid off, their afraid to ask anyone in city hall were the money went! You belong in jail! Do you actually think we will vote for your successor the Rahminator you so funny!

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