Posted: Fri Jul 24, 2015 3:17 pm
"Victory."
Instead of all the workers getting something, most of them will receive nothing.
Chicago has the worst-funded pension systems of any major U.S. city, with a roughly $20 billion shortfall in its four accounts and another approximately $7 billion debt in the fund for teachers.
The 2014 overhaul sought to eliminate a $9.4 billion unfunded pension liability in two of the funds by cutting benefits and increasing contributions.
Instead of all the workers getting something, most of them will receive nothing.