There are two sides to each story. Some dont mind cutting public pensions to cover costs. Others do. Im among those who find the cuts appalling.

The economic capital of Illinois and the Midwest, Chicago holds the dubious distinction of having the worst-funded public pension system of any major U.S. city.

The payment for the current fiscal year is $629 million and scheduled to be $703 million next year, according to Parnell's budget office.

The list of topics board members must have knowledge of include understanding financial statements, economic principles and actuarial methods.