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Every Chicagoan owes nearly $20,000 to fully fund public pensions, says Civic Federation

Caitlin WilsonReboot Illinois

Oct 02, 2014

Got an extra $20,000 in the bank? That’s what every Chicagoan owes to cover all 10 of Chicago and Cook County’s public pension funds and statewide funds to a fully funded level, according to a Civic Federation analysis.

“The pension funding crisis in Illinois is the result of decades of insufficient oversight and ignorance of actuarial reality,” Civic Federation President Laurence Msall said in a press release. “Even with recent reforms, it will be many years before these funds are fully stabilized.”

In 2012, the ten city and county funds had an average actuarial funding level of 45.5 percent, down…

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