Chicago Pension Debt Rises to $37 Billion as City Hunts for Cash
- Net liability rose 5% in 2023, according to annual report
- Mayor says city still faces long-term structural challenges
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Chicago’s pension burden climbed again last year as new laws and accounting measures added to costs, and first-term Mayor Brandon Johnson looks for new revenue.
The net pension liability across the city’s four retirement funds rose about 5% to $37.2 billion as of Dec. 31, up from $35.4 billion a year earlier, according to Chicago’s latest annual financial report.