Are Chicago Area Public Pension Funds Going Bankrupt?

Crain's Chicago Business reports:

Pension funds of Chicago-area government units are slipping into a deeper financial hole, with their collective unfunded liabilities now surpassing $16 billion, according to a report released Friday morning by the Civic Federation.

The Chicago watchdog group said that at the end of fiscal 2005, funds sponsored by the city, county and other major units of government here had only 67.2 cents on hand for each $1 they eventually will need to pay anticipated pension costs.

That’s down from 70 cents a year earlier and well below the 90% ratio that many financial experts say is needed.

“Every Cook County taxpayer should be alarmed, not only by the sheer size of the pension shortfall, but by its rate of increase,” said federation President Laurence Msall. “Without immediate action, even the region’s few healthy pension plans soon will become underfunded.”

I guess it's getting expensive for the taxpayers to pay for people to retire in their forties.