One day after beleaguered Chicago homeowners got hit with a $250 million property tax increase for teacher pensions, top mayoral aides asked aldermen during closed-door briefings to lower the boom on their constituents once again to save the Municipal Employees pension fund.

1 Comment
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
bob
4 years ago

Here is some pertinent from one of the city’s bond offerings. “GRS projects that, should the City be required to adopt pay-as-you-go funding to ensure that payments to beneficiaries are made to MEABF and LABF beneficiaries following the insolvency of such Retirement Funds, the City’s contributions to such Retirement Funds would increase substantially. With respect to MEABF, GRS projects that pay-as-you-go funding would increase the City’s contribution from approximately $208 million in 2025 to $1.107 billion in 2026, $1.607 billion in 2042 and $1.581 billion in 2060.”