Ugh. The plan is 18% funded, and benefits are being increased. Typically Illinois.
Using pension bonds to remedy long-term underfunding makes me squeamish enough already. Trying to remedy short-term cash shortfalls? That’s a risky gambit.
Due to the magic of pension curtailments, there are savings to be had if the Chicago Police Department were dismantled.
No it’s not schadenfreude – but it is important to know how precarious a position Chicago’s pension funds are in.