Alderman To Consider Borrowing Plan For Pension Funds

By Meha Ahmad
pension debt
In 2014, Mayor Rahm Emanuel proposed to raise property taxes while increasing the amount of money city workers contribute to their retirement as a way to cut about half of the city's pension debt. M. Spencer Green / Associated Press
pension debt
In 2014, Mayor Rahm Emanuel proposed to raise property taxes while increasing the amount of money city workers contribute to their retirement as a way to cut about half of the city's pension debt. M. Spencer Green / Associated Press

Alderman To Consider Borrowing Plan For Pension Funds

By Meha Ahmad
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Chicago aldermen on Thursday will meet with the city’s top financial team who say they have a potentially risky borrowing plan to help fund pensions.

The city has tens of billions of dollars in pension liability, which means taxpayers will likely pay more — but how much more? What are the risks?

WBEZ politics reporter Becky Vevea joins the Morning Shift to break down the borrowing plan.

GUEST: Becky Vevea, WBEZ politics reporter

LEARN MORE: Amid skepticism, aldermen to be briefed on $10 billion pension borrowing plan (Chicago Sun-Times 8/22/18)

Chicago mulls $10 billion debt sale to fill pension funding hole — here’s why it’s a bad idea (MarketWatch 8/22/18)