“Chicago Park District’s $971 million pension shortfall that threatens 6,100 existing park employees or retirees…. Current employees would be asked to contribute up to 2 percent more out of their paychecks by 2019 while the park district would up its contributions to the system by $75 million during that period.

Always remember: today’s “unfunded pension liabilit” = tomorrow’s tax, except insofar as employees are asked to contribute more. That $75 million will have to be raised from Chicago taxpayers.

via House passes pension fix for park district – Chicago Sun-Times.