Explain the difference between a defined benefit and defined contribution pension plan. Then examine the City of Chicago's Firefighters' Pension Fund Report. Explain (1) what type of plan it is (benefit or contribution; (2) the unfunded actuarial liability (in billions of dollars) and (3) what is their funding ratio (in percent) as of December 2021. How did they get into the situation they find themselves today?

Source https://www.fabf.org/FinanceInfo.html

Please use the Actuarial Valuation Reports from December 2021 reports found in the link.

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