The Windy City’s fiscal woes are not as dire as Detroit’s, but they are broad and deep, analysts say, with massive unfunded pension liabilities stockpiling at a time when economic activity is modest and tax revenue is difficult to grow. … With Illinois state law requiring the city to boost its contributions to its public safety pension plans by 2015, the situation is poised to worsen. … The state has a roughly $100 billion unfunded pension liability over 30 years.Story at Investors.com
I think this is the correct link:
I was kind of surprised to see how “modest” the pensions were in Detroit and how they were not as underfunded as I had imagined. Compare the pensions of a retired cop or teacher in Detroit to that of Chicago.
speculation / commentary