Chicago has the worst-funded pension systems of any major U.S. city, with a roughly $20 billion shortfall in its four accounts and another approximately $7 billion debt in the fund for teachers.
The 2014 overhaul sought to eliminate a $9.4 billion unfunded pension liability in two of the funds by cutting benefits and increasing contributions.
Instead of all the workers getting something, most of them will receive nothing.
Diogenes of Sinope: "It is not that I am mad, it is only that my head is different from yours."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
Reminds me of how Republicans are dicks because they passed a law requiring that the postal system actually have money in their pension fund, which caused financial strain on the postal system.
"Be bold, and mighty forces will come to your aid."
Weird how all these Democrat strongholds are having major financial issues. I wonder how Bush sabotaged them?
“Activism is a way for useless people to feel important, even if the consequences of their activism are counterproductive for those they claim to be helping and damaging to the fabric of society as a whole.” - Dr Thomas Sowell
Diogenes of Sinope: "It is not that I am mad, it is only that my head is different from yours."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."