Illinois Department of Insurance
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Springfield, IL - 62767
Illinois Department of Insurance News
Without a taxpayer bailout, Chicago’s police pension fund won’t have enough money to pay benefits to retirees in 2021, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.
The Chicago Teachers' Pension Fund (CTPF) paid out $1.5 billion last fiscal year, mostly on benefits to retirees. But it only earned $7.8 million on its investments, according to a filing it made with the Illinois Department of Insurance.
The Chicago Public Schools (CPS) have blown their annual budgets in 15 of the past 15 years by a collective $6.6 billion, amassing debt to continually increase spending on operations while district student enrollment has steadily fallen.
In 2015, the City of Chicago’s two employee pension funds paid out $999 million to 29,286 retirees.