Cook County Treasurer Signals Trouble Ahead with Pension System
While the state of Illinois looks for a way to pay down a growing $134 billion dollar pension bill, Cook County Treasurer Maria Pappas is sounding the alarm for local governments with their own underfunded pension systems.
A new report from the Cook County Treasurer’s office breaks it down by employe. For everyone retiree taking money out of a public pension fund in Cook County, there is barely one current employee putting money into it. In total, 169 local governments have more retirees collecting, than they have employees contributing.
Treasurer Pappas Joins Politics Tonight to discuss.