Chicago Faces $733M Budget Shortfall in 2022: Lightfoot – WTTW (Chicago)

The city’s 2022 budget will also be pinched by soaring pension payments, as the city faces an estimated bill of $2.25 billion for its four funds, according to previous budget projections. Those payments are required by a state law that is designed to force the city’s pensions to be funded at a 90% level by 2045, ensuring that funds can pay benefits to employees as they retire.