Chicago Park Pension Remains Underfunded
Despite a 2021 law aimed at improving the funding ratio of Chicago's park pension, the system remains underfunded. The park workers' pension fund had only about 33 cents on hand for every dollar it owes at the end of 2024.
The Park Employees' and Retirement Board Employees' Annuity and Benefit Fund reported an actuarial accrued liability of $1.31 billion as of December, with $872 million remaining unfunded, leaving the system 33.25% funded.
- Funding ratio: 33.25% (2024)
- Actuarial accrued liability: $1.31 billion
- Unfunded amount: $872 million
Pension experts say anything below 40% funding is likely beyond hope.
The system's funding ratio has slightly decreased from 33.34% in the previous year, and it is down more than 10 percentage points from where it stood a decade ago.
Author's summary: Chicago's park pension remains underfunded despite reforms.
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