Chief Financial Officer Jennie Huang Bennett faced pointed questions from members of the City Council’s Budget and Government Operations Committee on Thursday about the "advanced pension payment" proposal.
Mayor Lori Lightfoot's proposed budget would forgo an inflation-formula-based property tax hike and make supplemental contributions to the city's pension funds.
In 2019, Chicago paid more than $1.31 billion to its four pension funds benefitting police officers, firefighters, municipal employees and laborers. In 2023, Chicago will pay more than $2.34 billion to the same four funds.