Illinois Risks Missing Merger Deadline for Local Pension Funds, Delaying Millions in Savings – Bloomberg/Yahoo News

A 2019 law championed by Gov. JB Pritzker seeks to combine more than 600 local public safety pension funds into two funds. However, his plans are being delayed by a pending circuit court lawsuit and mistrust about shifting local funds to a state entity, particularly among the police pension plans.
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NB
2 years ago

If jbs pension consolidation bill flops, which it looks like it will, can jb/the machine point to any other long term structural changes they’ve made to help out us taxed to death chump voter/ homeowners? or I guess all we get is some temporary arpa covid $fund$ doggie treats to dupe us dullards into voting for Amendment #1.

P.T. Bombast
2 years ago

Too many actuaries, pension lawyers, CPAs and trustees feeding at the trough, not to mention the investment managers and consultants. And the employees/unions like negotiating with managements who are co-opted by their own compensation and pension greed. Unions, being protected by law, are empowered to be rent-seekers just like any liquor license board or zoning board. This is how most governments evolve and those who benefit are both shameless and fundamentally invulnerable. The usual rules do not apply and about all we can do is rage. The media have generally been bought off so most rage is ventilated into winds… Read more »

The Paraclete
2 years ago

It’s more convenient to have all the funds located for easy access. Consolidate all the pensions for stealing without much effort. Anything done by Democrats is immediately suspect.

Never trust a politician
Never vote Democrat

NB
2 years ago

Maybe the holdup is if all the crazy # cop & fire pensions consolidate under state takeover than any future pension/benifit negotiations will have to be negotiated w state and not locally?

Freddy
2 years ago

Looks like we need a Pension Merger Task Force ASAP.

nixit
2 years ago

They all patted themselves on the back over this too. Great job, team!

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Gov. Pritzker is using the threat of budget cuts to get more tax hikes passed – Wirepoints joins Tom Miller of WJPF Carbondale

Ted joined Tom Miller of WJPF to talk about the details of Gov. Pritzker’s proposed $52 billion budget, why the state is struggling now that federal covid dollars have run out, the controversy surrounding Tier 2 government pensions, why Illinois’ expensive education system fails to teach children to read, the outrageous demands of the Chicago Teachers Union, and more.

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