CHICAGO — The funded ratios of 10 Chicago-area government pension plans further deteriorated in fiscal 2008, driving their unfunded liabilities up to $18.5 billion from $3.4 billion a decade earlier as steep investment losses exacerbated the already poor position of most of the funds, according to a new report from a local watchdog group.

The funded ratio of the 10 funds stood at 67.2% based on an actuarially smoothed basis in which market losses or gains are smoothed over several years, and 54.4% based on market value, according to the annual report from the Civic Federation of Chicago released yesterday.

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