City of Chicago
Paying down the shortfall (money promised but never saved)
Exact amount: $818,078,695.00
Calendar year 2026
Our estimateThe valuation says the State-law policy aims for 90% funded by 2058 and 'systematically underfunds' the fund. Funded ratio is 27.4% and the unfunded liability is about $14.9 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 members: 21,874 retirees · Our estimate | $734,882,479.52 | 89.8% |
| Surviving spouses: 3,714 spouses · Our estimate | $49,646,145.18 | 6.1% |
| Refunds to members who left · Our estimate | $27,427,828.48 | 3.4% |
| Disability payments to active members: 181 members on disability · Our estimate | $5,600,059.88 | 0.7% |
| Reversionary annuitants: 119 annuitants · Our estimate | $401,498.48 | <0.1% |
| Children's annuities (derived): 64 children · Our estimate | $120,683.46 | <0.1% |
Sources
- data/leaves_pensions.json (fund actuarial valuations 12/31/2025)
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