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Chicago Sees Pension Crisis Drawing Near
The New York Times; subscription may be required 
Aug. 6, 2013
"The pension fund for retired Chicago teachers stands at risk of collapse. The city's four funds for other retired city workers are short by $19.5 billion. At least one of the funds is in peril of running out of money in less than a decade. And starting in 2015, the city will be required by the state to make far larger contributions to the funds, which could leave it hundreds of millions of dollars in the red -- as much as it would cost to pay 4,300 police officers to patrol the streets for a year."
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