Print Friendly, PDF & Email

By: Mark Glennon*

 

A new study by the Center for State and Local Government Excellence looks at city unfunded pension liabilities under new governmental accounting standards. Some cities, unlike Chicago, participate in state-wide pension “cost-sharing” plans. The new standards require each city to include its shared liability in such plans, which increases their reported liability. This new study reflects those changes and measures unfunded liability as a percentage of each city’s revenue.

 

Despite those negative adjustments for other cities, Chicago is worst of 173 cities measured. Its unfunded pension liabilities are 359% of its revenues The 173-city average is 86%. Below, from the study, are the 20 worst of the 173 cities.

 

 

uaal:revenue

 

Another way to think of it would be that it would take all of Chicago’s revenue for 3.59 years to bring the pensions even.

 

*Mark Glennon is founder of WirePoints. Opinions expressed are his own.

 

Sort by:   newest | oldest | most voted
wpDiscuz