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Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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The press release is found on the Illinois Comptroller’s website. https://illinoiscomptroller.gov/news/press-releases Not on the Illinois State Board of Investments (ISBI) website. The most recent press release on the ISBI website is dated March 25, 2019. http://www.isbinvestment.com/press-release There is no indication of this new (clarified?) prevailing wage must be paid on private sector projects using ISBI money rule on the ISBI website. The Illinois State Board of Investments (ISBI) has not posted any board meeting notices, agendas, or minutes since September 20, 2019. The minutes from that meeting indicate the next meeting was to be December 13, 2019. http://www.isbinvestment.com/meetings ISBI manages… Read more »
Here is a correction to the comment.
The Illinois State Board of Investments (ISBI) has not posted any board minutes since September 20, 2019.
The have posted notices and agendas since that time (the board meets quarterly)
There was a meeting December 13, 2019 (those minutes are not yet posted).
The March 2020 meeting was postponed due to COVID-19.
There was a meeting May 21, 2020 (which prompted the Comptroller’s May 23 press release that prevailing wage is mandated on private sector projects in Illinois using ISBI investment money).
The ISBI does not post video of its board meetings.