"The law, signed by then-Gov. Pat Quinn in June 2014, raised employee and employer contributions and reduced retiree cost-of-living adjustments for the $5.1 billion Chicago Municipal Employees' Annuity & Benefit Fund and $1.4 billion Chicago Laborers' Annuity & Benefit Fund.... The municipal workers' pension fund has just 42.1% of the assets it needs, with an unfunded liability of $7.13 billion ... The laborers' fund has 65.9% of the assets it needs, with an unfunded liability of $719 million. The municipal workers' fund is projected to run out of money in 2026, with the laborers' becoming insolvent three years later."  MORE >>