Chicago's Pensions Could Take an Even Deeper Hit This Year

In 2022, a delay in property tax receipts left Chicago's pension funds without enough money to pay the city's retirees. To plug the gap, the city funneled over $500 million that was earmarked for payments later in the year and early 2023. And according to Bloomberg, Chicago's pensions could take an even deeper hit this year if a market route erodes returns or a possible recession hurts city tax revenues. We have basically broken every law of financial prudence in dealing with pensions, which after all for these people are their livelihood in old age.