Morningstar, an investment research firm, reports that Chicago is the weakest-funded city pension system among the cities reviewed in its latest report, and has the lowest funded ratio of 35.2%. So deep is the hole that, Fitch says, if the city were to properly fund its pension system, city property taxes would "rise a dramatic 136%." In 2015, the city is required by state law to make a $600 million contribution to stabilize police and fire pension funds that now have assets to cover just 30.5% and 25% of their respective liabilities. Municipal employees (38%) and laborers (56%) are slightly better funded, but the city's four funds for retired city workers are short by $19.5 billion. The city now is "trending toward insolvency," according to a recent report from the Civic Federation that examines what happened to City Hall's bottom line from 2007 through 2011.