Chicago pensions carry more debt than 44 states

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Chicago pensions carry more debt than 44 statesChicago’s pension systems carry over $53 billion in debt, leaving taxpayers with rising bills and no reform in sight. In 2023, the unfunded debt from just the city’s municipal, laborers, police, fire and teachers’ pension funds surpassed the pension debt of 43 states. In 2024, it surpasses the pension debt of 44 states. The total unfunded debt increased from $51 billion reported at the end of 2023, and earned it a higher place for unfunded pension debt when compared to states nationwide. Without reform, Chicago will continue to pour more of its residents’ tax dollars into pension debt while the problem only grows worse.