CHICAGO, ILLINOIS - APRIL 16: Chicago mayor Lori Lightfoot arrives at Wrigley Field on April 16, ... [+] 2020 in Chicago Illinois. One presumes that Lightfoot’s key (though unspoken) demand is simply for the state to provide more cash for Chicago’s pension funds. Lightfoot references the state authorization of a casino in Chicago, which the city hopes will be a source of significant new revenue. City workers would not be left to share all risks by themselves, as with a 401(k) plan, but risks would be pooled, so no one need worry about outliving their assets. Normal cost, Chicago pension plans own workActuaries may wish to know that these calculations are based on the Entry Age Normal funding method used by all four of the plans.

Source: Forbes May 11, 2021 16:07 UTC