Chicago has more retired police than working: 12,161 active police versus 13,159 police retirees/survivors.

Wirepoints reports:

Among the many reasons Chicago’s police and fire pensions are grossly underfunded are inadequate long-term planning, legislated benefit increases, pension holidays and overall kicking-the-can-down-the-road. Another factor working against Chicago is the imbalance between active and retired public safety officers. The New York City police pension received some unwelcome attention recently because the number of retirees it supports exceeds the number of active police on the streets.



Little known fact: Chicago has the same upside-down relationship between its active and retired public safety departments.



Policemen’s Annuity and Benefit Fund reports for 2013 show participants in the pension plan include 12,161 active police versus 13,159 police retirees/survivors. In addition, a large portion of the active force is nearing or eligible for retirement, with 34% aged 45-54 and 25% having 20 or more years of service. Total retiree count increased by 1.8% in 2013, while total expenditures for retiree benefits increased by 4.56%.



In 2013, the number of active and retired/survivor firefighters was almost identical, 4,685 versus 4,642, according to Firemen’s Annuity and Benefit Fund reports. Expenditures for retiree benefits rose a full 8% during 2013, while the number receiving benefits rose only .6%.



The average age of active police and active firefighters is about the same, 43 years old for police versus 46 years old for firefighters.

Can you say Chapter 9 Bankruptcy in federal court? What if the S&P 500 enters another bear market?? It is possible. Where will Chicago come up with the money to pay off retired police officers?