Chicago's four city pension funds owe $36.4 billion more than they have.

What that means, how we got here, and what it’ll take to get out.

Explore the Funds →How we got here The road ahead

Net Pension Liability

$36.4 billion

-$106.5 million YoY

What the four funds owe current and future retirees beyond the money set aside to pay for it.

Funded Ratio

28.2%

+2.5pp YoY

For every dollar the funds owe in liabilities, they hold about 28 cents of assets today. Measured at market value; the funds' own smoothed (actuarial) ratio runs slightly lower. What's the difference?

Employer Contribution

$2.9 billion

+$103.0 million YoY

What the City of Chicago paid into the four funds in FY2025.

Benefits Paid

$2.8 billion

+$91.1 million YoY

What the four funds paid out to retirees and beneficiaries in FY2025.

Market assets vs. total liabilities

All four funds combined, 1997 - present

The maroon line shows what the four funds owe to current and future retirees - accrued liabilities. The green line shows what the funds actually hold in market-value assets today. The shaded area between them is the gap - money Chicago has promised but hasn't set aside. As of FY2025, that gap stands at $36.4 billion.