By Truth in Accounting’s Kate Daly, includes “Chicago Public Schools dropped a bomb last week, announcing nearly 1,000 layoffs of teachers, counselors, and support staff. … One of the main problems is that the Public School Teachers’ Pension and Retirement Fund of Chicago has been underfunded for years … As payments for promised benefits continue to rise, they increasingly cut into services or lead to higher taxes, because those liabilities were not funded adequately in previous years.”
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