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Chicago pension reform ruled unconstitutional - Pensions & Investments

Chicago pension reform ruled unconstitutional - Pensions & Investments: "The lawsuit did not address participants in the other two city pension funds — the $2.6 billion Chicago Policemen's Annuity & Benefit Fund and $1 billion Chicago Firemen's Annuity & Benefit Fund.

Chicago faces roughly $20 billion in unfunded liabilities across its four pension funds. Moody's Investors Service downgraded Chicago's credit rating to junk in May, citing pension concerns. Matt Butler, assistant vice president at Moody's Investors Service, said on Thursday the ratings agency will continue to assess Chicago’s attempts at pension reform."

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