The city’s goal is to reach 90% funding

 The city’s goal is to reach 90% funding 

by the mid-2050s, which will be a challenge. The Municipal Employees’ Annuity and Benefit Fund, the city’s largest fund, recorded a funded ratio of just 22% by

 the end of 2021. The ratio for police pensions was just 24%; fire was at 20.1%; and the smallest, for laborers, was 44.5% funded. Together, their unfunded liability stood at nearly $33 billion.a press conference with Mayor Lori Lightfoot to celebrate the passage of the casino deal through City Council on May 25 last year.

Lightfoot has taken several steps to be proactive. Riding a wave of higher-than-expected revenues and hoping to offset pension fund investment losses in 2022, Lightfoot included a $242 million extra pension payment in her 2023 budget, pledging to advance “future pension contributions to stabilize and even decrease” liability, estimating the move would reduce future costs by nearly $3 billion.

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