-- Connecting the dots between our economy, government and business --
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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I think most companies already do this. We have seven employees and we do it. I don’t think this should be a law. Just another instance of legislators that have never run a business telling people how to run their business. If you’re an employee and this is really important to you then work for an employer that offers it. Side note – I work in a building that has one of the public sector unions in it and they pass out shuttle bus tickets to their employees like candy.
More job killing laws.How in the world will Illinois employers be able to provide/administer this new law along with all the other zillions of new employee rights laws? For gov public sector employers another giant $burden$ on taxpayers no doubt? and ZERO coverage in any press?
Neither Supra’s article or the Act explains whether or not an employee may take the pre-tax payroll deduction benefit by simply having whatever they claim as a deduction for public transportation paid to them directly as wages not subject to tax withholding. The Act says that an employer “may” follow the law by participating in the RTA or CTA’s program, but it doesn’t say that’s the only way. I was just thinking about what an employer will have to go through to reconcile the $ amount of whatever an employee is claiming as “public transportation expense” against whatever “pass, token,… Read more »
Just another tax and another reason to take the business out of State.
They just do not stop trying to chase away businesses in Illinois.
You really should leave. Headlines like this are hysterical when you don’t live there.
It is in preparation for only state/communist run businesses allowed in Chicago and Illinois. First up Gotion.