An analysis of pension fund documents for 21 aldermen who retired under the plan shows they are in line to receive nearly $58 million during their expected lifetimes, though contributions and assumed investment returns are predicted to cover just $19 million, or a third of that sum.
The pension deal was inked more than two decades ago, but the costs began to kick in recently. Most of the 21 aldermen in the Tribune/WGN-TV analysis have retired within the past five years, and there are 53 more in the pipeline.
Former Ald. Thomas Allen is a prime example. After retiring from the City Council in 2010 at age 58, Allen went on to become a Circuit Court judge while also collecting roughly $90,000 a year from his city pension. During his lifetime, he stands to receive more than $4.2 million in benefits, though contributions and assumed investment returns are expected to cover only $1 million.
via Chicago Tribune.
We’re doomed. Chicago will not be able to sustain itself under this kind of dead weight. The taxpayers are going to be asked to provide more and more payments for services they will not receive.
Glad the Tribune is on the story now… but where has it been for the last 20 years? Where’s the Sun-Times (the “Bright One”) on this?
We’re going bankrupt and no one cares.