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Chicago Targets Early Pension Payments in $16 Billion Budget (2)

Oct. 4, 2022, 12:31 AM

Chicago Mayor Lori Lightfootis planning to advance payments to the city’s beleaguered pension funds as part of her $16.4 billion proposed budget for next year, which also boosts funding for abortion services and for the police.

Lightfoot, who is running for reelection this year, branded the proposal as a “stability budget” – one that maintains past programming under the Chicago Recovery Plan, doesn’t levy new taxes on homeowners and includes an additional $242 million in early pension payments after the city increased its annual contributions by $1 billion in the past three years.

Chicago’s severely underfunded pensions have dragged ...