-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Senate Bill 1 (SB 1) was signed into law as Public Act 98-0599 (PA 98-0599). It affects only four of the five “state” pension funds (the judges pension system was left out). However there are 19 pension funds in the Illinois Pension Code, so left untouched were 15 pension funds. The law is 327 pages. It no doubt takes the judges a lot of time to read through 327 pages of pension legislation. Here is the law that judges are reading. http://www.ilga.gov/legislation/publicacts/98/PDF/098-0599.pdf http://www.ilga.gov > Public Acts > Public Acts/Leg. From Previous General Assemblies > 98 (2013 – 2014) Go >… Read more »
Current Illinois Supreme Court Justice Thomas Kilbride is one of the largest individual recipients of campaign contributions from the Illinois Education Association (IEA) teacher union and its affiliates (subsidiary school district local unions and the nationwide parent National Education Association). Source: A researcher named Bill Zettler discovered this and published it in his book Illinois Pension Scam, pages 101 and 287. Not sure of the start date, but through June 30, 2011, here is what he found. These are the top 10. These numbers are not exact for a variety of reasons including the Illinois State Board of Elections does… Read more »