Pension holidays, steep increases in teachers' salaries, and lopsided ratios of teacher contributions to pension payouts have caused the Chicago Teachers’ Pension Fund’s unfunded liabilities to shoot up to $9 billion in 2015. The Chicago Teachers Union, or CTU, has threatened to strike as early as April 1 over the issue of teacher pension “pickups,” according to the Chicago Sun-Times. Negotiations over a new contract to replace the 2012 contract that expired in June 2015 stalled after CTU rejected the most recent offer from Chicago Public Schools, or CPS, in February. In exchange for pay increases and a moratorium on...