[Ed. – The city that gave the world Barack Obama]
Of the 38 former elected Chicago officials currently receiving pensions, 15 former aldermen see yearly payouts exceeding $100,000, according to documents from the Municipal Employees’ Annuity and Benefit Fund of Chicago, or MEABF. Two additional aldermen receive annual pension payouts just a few thousand dollars shy of $100,000.
On average, the 15 former aldermen collecting six-figure annual pensions have accumulated $768,500 in total gross pension benefits. Four of those ex-aldermen have accumulated more than $1 million in gross benefits.
Some of the same officials responsible for fueling the city’s $36 billion pension crisis are among the system’s biggest beneficiaries. Taxpayers, on the other hand, are not benefitting from this unstable pension system. In 2016, Chicago City Council approved a new tax on water and sewer services proposed by Mayor Rahm Emanuel to help shore up the city’s underwater pensions.