Report: Pensions Pose Fiscal Threat to Chicago, Cook County

Shields, Yvette
February 2005
Bond Buyer;2/7/2005, Vol. 351 Issue 32065, p3
Trade Publication
The article reports on the fiscal crisis being faced by Chicago and Cook County, both in Illinois. As per a report, Chicago and Cook County will continue to face this crisis unless they curtail the ever-increasing burden of pension funding. The reports showed that the unfunded pension liabilities of nine city- or county-managed funds in 2003 grew to US$9.7 billion from US$2.7 billion. Unfunded pension liabilities, the projected level of funding needed in the future but not covered by assets, grew by $386 million in 2001 and then skyrocketed up to US$3.3 billion in 2002 as the impact of the economic recession on investment returns was realized. The number grew by another US$2.7 billion in 2003.


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