-- 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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IANAL and I don’t understand what any of this means but it sounds expensive for Illinois insurance buyers.
I believe you are correct, all you need to do is see this one sentence “the court explicitly rejected years of insurer-friendly lower court rulings” I interpret that to mean the lawyers will now have another avenue to pursue insurance companies and the insurance companies will raise rates to account for it. And at the end of the article “Perkins Coie’s Insurance Recovery practice comprises lawyers with years of experience resolving (and, if necessary, litigating) these types of claims and can assist affected parties in making a long-sought-after recovery of their defense expenses and any indemnity paid to the underlying… Read more »