Platform / Pension Reform
6
Pension Reform
Secure city pension systems through sustainable reforms that protect retirees and ensure long-term fiscal stability.
The Problem
Chicago's pension system faces critical sustainability challenges:
- → $41B unfunded pension liability straining city budget
- → Rising contribution rates crowding out investments
- → Risk of benefit reductions without reform
- → Inadequate asset management and investment performance
$500M
Potential annual savings through sustainable pension reform
Evidence Base
$41B
Unfunded liability threatening city's fiscal future
4 Funds
Separate pension systems requiring coordinated reform
25%
Of budget now dedicated to pension contributions
Our Commitment
Balanced Reform
- ✓ Protect existing benefits for current retirees
- ✓ Shared sacrifice from city and workers
- ✓ Actuarially sound contribution levels
- ✓ Path to full funding within 30 years
Investment Excellence
- ✓ Board governance improvements
- ✓ Fee reduction through competitive management
- ✓ Performance benchmarking
- ✓ Diversification strategy
Transparency & Accountability
- ✓ Public reporting on fund performance
- ✓ Annual independent valuations
- ✓ Stakeholder advisory groups
- ✓ Regular contribution analysis
100-Day Action Plan
Days 1-30
Analysis
- Fund Review Complete actuarial study
- Stakeholder Input Union and retiree meetings
- Benchmarking Best practice research
Days 31-60
Development
- Reform Framework Legislative draft ready
- Board Changes Governance improvements
- Fee Analysis Cost reduction opportunities identified
Days 61-100
Implementation
- Legislative Push Reform bill filed
- Board Action Fee reductions begin
- Communications Public plan released
Related Resources
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