Among the nation’s five largest cities, Chicago has put aside the smallest portion of its looming pension obligations, according to a study issued this year by the Pew Charitable Trusts. Its plans were funded at 36 percent by the end of 2012, city documents say. While federal regulators would step in if a corporate pension fund sank to that level, unfortunately, they have no authority over public pensions.
Given the recent Detroit bankruptcy, the Chicago teacher pension crisis is now national news. As therapists who live and or work in the greater Chicagoland, we thought that you may want to read the entire front page article on this problem as seen in yesterday’s New York Times (http://www.nytimes.com/2013/08/06/us/chicago-sees-pension-crisis-drawing-near.html?ref=todayspaper&_r=0).
This problem is likely to touch many Chicagoans either directly or indirectly as well as all residents of the State of Illinois. Becoming better informed about the problem is good place for all of us to start.