Chicago pension crisis a growing concern

Chicago pension crisis a growing concern


12/10/2013 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

Chicago – The reported looming Chicago pension crisis is a threat to the city’s future, say some who contend the state Legislature needs to take action on the pressing issue. As reported by the Associated Press (AP), lawmakers recently passed a measure for addressing the pension shortfall in Illinois, but

Chicago Mayor Rahm Emanuel and others have stated that failing to deal with the city’s multi-billion dollar problem could lead to numerous job losses, property tax increases, and other major issues.

Emanuel is quoted by the AP as stating after lawmakers approved the state pension system measure, “The pension crisis is not truly solved until relief is brought to Chicago and all of the other local governments across our state that are standing on the brink of a fiscal cliff because of our pension liabilities.”

According to city officials, the shortfall is linked to investment losses due to downturns in the economy and benefit increases among other things. It is stated to amount to approximately $7,100 per Chicago resident.

This report is provided by Justice News Flash – Chicago Business News

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