- Last week, between cookouts and fireworks, it came to my attention that the City of Chicago CAFR (Comprehensive Annual Financial Report) for 2018 has now been issued, alongside the actuarial reports for three of the four pension funds (the police are a bit of a laggard, it seems, and only have available their own CAFR, without the fuller analysis of the actuarial report). Interested readers can view the Municipal Employee's report here, and follow these links for the police, the firefighters, and the Laborer's Pension Fund (from which the numbers that follow are derived).
By one measure, the combined funded status at year-end 2017 was as high as 27%. By that same measure, it's now 23%.
Yikes.
How did this happen?
How indeed.
This is going to end up in the courts, we have no doubt. Go read it all.
This is going to end up in the courts, we have no doubt. Go read it all.
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