Mayor Lightfoot’s 2020 budget requires Chicago Public schools repay $60 million for pensions
The historic about-face is buried in the mayor’s budget overview.
It states: “In 2020, an additional $60 million is expected from Chicago Public Schools to cover a portion of its share of the city’s annual contribution to the Municipal Employees’ Annuity and Benefit Fund.”
For years, City Hall has covered the school system’s annual contribution to the largest of four city employee pension funds.
This year, Lightfoot needs the money to chip away at the city’s $838 million shortfall triggered, in part, by the city’s own rising pension payments.
And, according to a Chicago Teachers Union official, Lightfoot also wants CPS to repay the city for $33 million in security costs, although the city says that’s not a new demand this year.
