Chicago pension plan raises $4.2 billion in equity funding
Chicago’s pension plan has raised a record $4 billion in new capital in the wake of the city’s pension crisis.
The plan has already raised another $1.4 billion since January, according to the Associated Press.
The $4 million raise comes as the pension fund struggles to pay retirees and make payments to its members, while the state of Illinois continues to struggle with a crippling budget shortfall.
The new money, the largest ever for Chicago’s plan, comes from a $1 billion infusion of funds from pension funds in Massachusetts and New York, and a $200 million infusion from the federal government.
The state will receive another $2.1 billion in funding over the next three years, according the AP.