By: Mark Glennon*   A new study by the Center for State and Local Government Excellence looks at city unfunded pension liabilities under new governmental accounting standards. Some cities, unlike Chicago, participate in state-wide pension “cost-sharing” plans. The new standards require each city to include its shared liability in such plans, which increases their reported liability. This new study reflects those changes and measures unfunded liability as a percentage of each city’s revenue.   Despite those negative adjustments for other cities, Chicago is worst of 173 cities measured. Its unfunded pension liabilities are 359% of its revenues The 173-city average