The Chicago Board of Education is facing a lawsuit from the city's teacher pension and retirement fund for failing to contribute the full amount outlined by the end of the fiscal year. The Board is said to have contributed $165.6 million to the fund by June 30, which is $32.5 million short of the amount mandated by the state for the year. 

Pension funds for teachers and other public workers have been smaller than necessary for several years, sparking economists to warn of an impending financial meltdown.