What? Chicago Pension Liability Jumped $11.5 Billion in an Instant? – UPDATED – WP Original
By: Mark Glennon* Bloomberg today reported that Chicago’s unfunded pension liability jumped by a staggering $11.5 billion. For a little perspective, keep in mind that the total unfunded liability for Chicago’s four pensions as commonly reported has been only about $20 billion. Shocked? You shouldn’t be. We wrote two years ago that this is one of the “insane implications of keeping two sets of books.” Get used to it. That $11.5 billion increase was for just one of Chicago’s four pensions. Similar bad news will be coming out in Chicago and across the state for many other pensions.