How will Chicago’s retirees get paid if the pension funds dry up?

By John Schmidt – Chicago Tribune

Cook County Circuit Judge Rita Novak’s decision last month to throw out the law reforming two city of Chicago pension plans does not answer a central question: How will retired city workers get paid when the pension funds run out of money?

I say “when,” not “if.” Novak acknowledged the undisputed fact that under the law, without the reforms she threw out, the two pension funds will run out of money in 10 and 14 years, respectively. read more…..