(WBBM NEWSRADIO) -- As promised, the Lightfoot Administration has made an early, nearly $250 million payment on its pension debt, and a fiscal watchdog is giving a positive review.
This is no surprise. The plan was in the budget the City Council passed over some objections. The city is making a $242 million advance payment to Chicago’s four municipal pension funds.
Critics thought some of that money could have been put to better use on critical needs.
But, Laurence Msall, president and CEO of the Civic Federation, points out funding pensions is critical too.
Msall says this kind of advance payment can -- for now -- help keep the pension funds afloat. State government is making similar moves, he notes.
Bob Reiter, head of the Chicago Federation of Labor, also commends the advance payment.
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