Chicago’s pension problems are nothing new. Analysts and observers have known for years that the Windy City’s annual pension contributions were unsustainable. Despite this gargantuan contribution, the pension plans’ funded ratio was projected to plummet—from a poor 31% in 2015 to an alarmingly low 26% in 2021. I urged Chicago at the time to increase its annual contributions by enough to prevent the funded ratio from dropping below 31%. Doing so would still have left Chicago’s pensions in worse shape than those...

Source: Wall Street Journal August 28, 2020 18:00 UTC