444 percent more in unfunded retirement pension benefits

Dear Chicago Taxpayer, You Owe Us a Pension so Pay Up

By Warner Todd Huston
Monday, March 8, 2010

The Civic Federation is reporting that every Chicago resident is on the hook for 444 percent more in unfunded retirement pension benefits to city workers than they were a decade ago. http://www.chicagotribune.com/news/loca ... 4254.story

The watchdog Civic Federation said Monday that the funding deficit for the 10 largest Chicago-area public pension funds soared from $3.4 billion in 1998 to $18.5 billion in 2008, the last year for which figures are available.

This is the fault of both politicians for spending the money instead of investing it as well as unions for “negotiatingâ€