For every dollar the city of Chicago collects in property taxes, about 47 cents goes toward pensions -- for police officers, firefighters, garbage collectors and other city workers.
The amount of money in those funds is growing, but not as fast as the amount needed for current and future pensions.
These pension funds are invested in a variety of ways. How well those investments perform matters to taxpayers, as well as future retirees: If the investments fare poorly, taxpayers could end up paying more in taxes.
This is exactly how most municipal pensions are going to go under in the next 25t years.