CHICAGO (AP) — A Wall Street rating agency says Chicago isn’t alone in grappling with underfunded city employee pensions, but that it’s in the worst shape among the nation’s 15 largest cities.
The Chicago Sun-Times reports that the mayor’s office had no immediate reaction to Standard & Poor’s survey of pension obligations, in which Chicago performed the worst across the board.
The city registered the highest annual debt, pension post-employment benefits costs as a percentage of governmental expenditures, and the highest debt and pension liability per capita.
Chicago also had the lower weighted pension fund ratio, the worst pension contribution versus required level, and the lowest funded return for a single fund.
The burden in Chicago is more than $12,400 per person, double New York City’s more than $6,100 per person.