Pension tab in Chicago, Cook Co. up to $23B

February 10, 2011 5:48:28 AM PST
The public pension tab for Chicago and Cook County taxpayers is now up to $23 billion, according to a report from the Civic Federation.

The report found that the funding for ten public pensions are below 60 percent, which means the pensions could soon run out of money for retired city and county workers.

Because the pensions are public, taxpayers will eventually foot the bill.

The Civic Federation estimates that restoring the pension funds will cost every man, woman and child in Chicago nearly $12,000.

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