“Chicago Pension Debt Rises to $35 Billion as Mayor Hunts for Fix”
July 4, 2023
“Chicago’s pension burden climbed last year after the city’s retirement funds lost money due to volatile markets, deepening the long-standing fiscal woes for new Mayor Brandon Johnson…
The amount the city owes to its four pensions that pay benefits to retired firefighters, police officers, municipal workers and laborers increased “due to the short-term impact of the global market volatility on recognized investment income,” the report said. The city’s four funds range from about 19% to about 40% funded, according to the report. That’s far short of other municipal plans: around the US, funding ratios for the largest public pensions average above 70%…”
https://finance.yahoo.com/news/chicago-pension-debt-rises-35-203359720.html
Listen if you’re a young person do not rely on pensions or 401k’s. They will NOT be there when you retire. Long story short, you’re going to lose your money if you invest in them long term. There’s to much debt, red tape, and corruption in the system. Make your own retirement plan. Don’t rely on the government. They will not pull through for you.