The Chicago skyline. Photographer: Scott Olson/Getty Images North America
As 2022 unfolded, Chicago's long-troubled pension funds faced a new shortfall: A delay in property tax receipts left the system without enough money to pay the city's retirees.
Pension managers contended with the difficult decision of whether to sell off pension assets to raise cash quickly. Instead, they got an advance from Mayor Lori Lightfoot's administration to plug the gap. In the end, Chicago funneled in at least $512 million that was earmarked for payments later in the year and early 2023.
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