Chicago’s Municipal Pension Proposal Makes the ‘Edgar Ramp’ Look Like Kansas – WP Original
By: Mark Glennon* Here’s what Chicago taxpayers face under the proposal passed today by the Chicago City Council’s Finance Committee, supposedly to stabilize one of the city’s four pensions, MEABF: This year and next, taxpayers will contribute $163 million to the fund. The ramp up thereafter is $267 million in 2018, $344 million in 2019, $422 million in 2020, $499 million in 2021 and $577 million in 2022. Then, the real shocks start. Beginning in 2023, the taxpayer contribution will be based on the “ARC.” That’s a purported “actuarial” calculation that supposedly would take the pension to