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Illinois Supreme Court shoots down Chicago pension reform plan

Mar. 24, 2016 11:15 AM ETNUV, IIM, LEO, PMF, PML, NVG, NEA, VMO, MUB, PZABy: Stephen Alpher, SA News Editor32 Comments
  • Coming nearly a year after it struck down a state plan to overhaul its retirement system ($111B shortfall), the Illinois Supreme Court does the same to Chicago and its $20B pension deficit.
  • The decision leaves the city needing to figure out a new way to shore up its retirement plans. It needs to make about an $886M payment this year - more than twice what was necessary a decade ago - and its already pushed through a record property-tax hike. Currently only Detroit among large U.S. cities has a lower credit rating than Chicago.
  • ETFs: MUB, IIM, NUV, PML, NIO, PZA, LEO, NEA, VMO, PMF

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