3 ms·
Chicago has pension problems because it promised benefits that it couldn't afford, not because the funds in it underperformed.
by harryh 11y ago
Chicago has pension problems because it promised benefits that it couldn't afford, not because the funds in it underperformed.
- kolbe 11y agoColumn A: shitty investing. Column B: over-promsing. Column C: under-funding. Column D: pension gaming. Column E-N: other stuff. There's usually more than one reason when $63bn holes arise.