Projection: Chicago Police pensions to be broke by 2021 without bailout

I wonder how poorly Chicago's other pension funds are doing?

From Chicago City Wire:

Without a taxpayer bailout, Chicago's police pension fund won't have enough money to pay benefits to retirees in 2021, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

At the end of 2020, LGIS estimates that the Policemen’s Annuity and Benefit Fund of Chicago will have less than $150 million in assets to pay $928 million promised to 14,133 retirees the following year.

Fund assets will fall from $3.2 billion at the end of 2015 to $1.4 billion at the end of 2018, $751 million at the end of 2019, and $143 million at the end of 2020, according to LGIS.

LGIS analyzed 12 years of the fund’s mandated financial filings with the Illinois Department of Insurance (DOI), which regulates public pension funds. It found that-- without taxpayer subsidies and the ability to use active employee contributions to pay current retirees, a practice that is illegal in the private sector--the fund would have already run completely dry, in 2015.

Oh, those other funds are doing very poorly, as US News and World Report told us recently: Chicago gets worst pension rating among 15 largest cities.