An analysis of pension fund documents by the Chicago Tribune shows retiring City Council members stand to get millions in benefits thanks to a quiet deal engineered under former Mayor Richard M. Daley.
The newspaper reported Tuesday that documents show 21 aldermen who have retired under the plan are in line to get nearly $58 million over their expected lifetimes. But contributions and the likely investment returns are forecast to cover just $19 million — or about a third — of the sum.
The gap is contributing to the municipal pension plan's $6.7 billion in unfunded liabilities. That's adding to the strain for taxpayers and current and future city employees.
Legislation creating the plan was tucked into a larger bill signed into state law in 1991 without public vetting.