See our own commentary on this new proposal linked here.

An honest actuary’s perspective.

Comment: And what will Illinois pensioners get? Most receive an automatic 3% per year, regardless of inflation, which effectively doubles their pension in about 24 years.

Each police or fire department would maintain a separate account within the funds, and the money would be held in a pair of trusts separate from the state treasury. Assets and liabilities would not be shifted from one municipality’s plan to another. But the funds would be able to pool their assets for investment purposes and cut down on administrative fees currently paid separately by each local fund.

Restructuring Chicago and other Illinois municipalities is inevitable, so sooner rather than later is best for Illinoisans. It’s the right move for government workers worried about their pensions, too: the stronger the tax base, the better and more sustainable a new pension deal will be.

Wall Street, on the other hand, benefits from a later bankruptcy filing because bond holders collect their premium interest rates longer, which mitigates their eventual losses.

In our lifetimes, Illinois succumbed to government of the corrupt, by the machine, for the benefit of its political leaders and others in government. The Land of Lincoln can

As of Thursday, Bremen, Oak Forest, Tinley Park and Hillcrest (all of which are in District 228) along with Chicago, Murphysboro, DeKalb, and Blue Ridge face a walkout by teachers in the coming weeks if they can’t reach deals.