City of Chicago
Paying down the shortfall (money promised but never saved)
Exact amount: $348,734,731.00
Calendar year 2026
Our estimateThe valuation says the statutory funding policy 'systematically underfunds' the fund, aiming for 90% funded by 2055. Funded ratio is 24.7% and the unfunded liability is about $6.0 billion. The City's payment is not the same as the benefits paid. The City sends one payment set by law to the fund, and the fund pays its retirees from that money plus member contributions and investment earnings. This split shares the payment out by each group's share of yearly benefit dollars, so it is our estimate, not a City figure.
The City sends one payment set by law to the retirement fund, and the fund then pays thousands of retirees, so the public records stop at how many retirees there are and what the average one gets.
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All items
| Box | Amount | % of this budget |
|---|---|---|
| Retired firefighters: 4,006 retirees · Our estimate | $294,576,584.31 | 84.5% |
| Surviving spouses: 1,128 spouses · Our estimate | $29,796,134.66 | 8.5% |
| Duty disability: 202 disabled firefighters · Our estimate | $12,364,967.97 | 3.5% |
| Occupational disease disability: 73 disabled firefighters · Our estimate | $4,227,811.86 | 1.2% |
| Widows' compensation (service-connected death): 63 widows · Our estimate | $4,034,099.21 | 1.2% |
| Refunds to people who left · Our estimate | $2,820,684.86 | 0.8% |
| Children's annuities: 82 children · Our estimate | $813,205.01 | 0.2% |
| Ordinary disability: 3 disabled firefighters · Our estimate | $101,243.12 | <0.1% |
Sources
- data/leaves_pensions.json (fund actuarial valuations 12/31/2025)
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