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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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Has Rockford or any city stopped offering a pension to new hires?
That would be a good start
Sorry, state mandate says can’t do that.
Why fix anything. Let it burn down…sad. Really sad.
While it’s not a fix, perhaps pension payments can be frozen if pensioners move out of state.
Pensioners don’t lose contractual rights simply for moving to another state.