Well done Rahm. Shortshanks started it, but you've managed to bury it:
- Chicago is not alone among major cities grappling with under-funded city employee pensions, but is clearly in the worst shape among the nation’s fifteen largest cities, a Wall Street rating agency concluded Wednesday.
Standard and Poor’s surveyed pension obligations in New York, Los Angeles, Chicago, Philadelphia, San Francisco, San Diego, San Jose, San Antonio, Phoenix, Jacksonville, Dallas, Houston, Columbus, Indianapolis and Austin.
Chicago performed the worst across the board — registering the highest annual debt, pension post-employment benefits costs as a percentage of governmental expenditures and the highest debt and pension liability per capita.
And worst of all?
- Chicago also had the lowest weighted pension fund ratio, the worst pension contribution vs. required level and the lowest funded return for a single fund.
That dubious distinction went to the Chicago Police Annuity and Benefit Fund, which had assets to cover just 25 percent of its liabilities in fiscal 2015, down from 26 percent the year before.
And Rahm still isn't paying the legally required amounts:
- [Standard and Poor] noted that Chicago “only made 52 percent of its annual legally required pension contribution” in fiscal 2015.
While Mayor Rahm Emanuel’s 2017 budget contributes more toward employee pensions, amounts budgeted still fall significantly short of the actuarially determined contributions levels,” the report states.
"52% of....legally required pension contribution...." That would appear to be a fancy way of saying, "Breaking the law." So what is FOP and the Pension Board doing to fix this? And why isn't anyone facing removal from the Board, charges or prison?