"Among the many reasons Chicago’s police and fire pensions are grossly underfunded are inadequate long-term planning, legislated benefit increases, pension holidays and overall kicking-the-can-down-the-road.
The New York City police pension received some unwelcome attention recently because the number of retirees it supports exceeds the number of active police on the streets.
Little known fact: Chicago has the same upside-down relationship between its active and retired public safety departments.
Policemen’s Annuity and Benefit Fund reports for 2013 show participants in the pension plan include 12,161 active police versus 13,159 police retirees/survivors.
In addition, a large portion of the active force is nearing or eligible for retirement, with 34% aged 45-54 and 25% having 20 or more years of service.
...The firefighters’ fund has just 24 cents for every dollar it owes pensioners; the policemen’s fund just 30 cents.
Fixing them will be exceptionally difficult."
Ya think???
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