Ex Chicagoan here. Basically corruption and incompetence took the actual money away
The money did exist. Workers pay into the pensions as part of their compensation package.
Chicago borrowed against the actual pension accounts and corruption/incompetence drained them. Then they did scoop and throw methods for two decades to avoid having the pensions land on their heads.
There is a ton or corruption in Chicago. I have a friend who works for Idot. They have a lot of workers on the payroll who are making 6 figures. My friend has never seen these people who are supposed to be his co-workers show up for work, and when he asked he was told "Don't bring it up. Over your head. We can't fire them."
The money did exist. Workers pay into the pensions as part of their compensation package.
Chicago borrowed against the actual pension accounts and corruption/incompetence drained them. Then they did scoop and throw methods for two decades to avoid having the pensions land on their heads.
There is a ton or corruption in Chicago. I have a friend who works for Idot. They have a lot of workers on the payroll who are making 6 figures. My friend has never seen these people who are supposed to be his co-workers show up for work, and when he asked he was told "Don't bring it up. Over your head. We can't fire them."