-- 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
As usual, Homie turns allegations of wrongdoing into racism. Aren’t you tired of this one note Johnny yet?
There is never a good reason to hide audit results. Someone is hiding something, and they rarely hide good news. This should be a bigger issue than it has been so far, and my guess is Johnson and others have a stinking mess they are trying to cover up.
Everyday, more and more corruption and BS from Chicago and the Pinhead and the State Government. What circus. Completely out of control.
Regarding sen Martwicks response to passage of HB 3675, he states: 2. Failure to meet safe harbor could lead to employers being on the hook for not only the pension benefit promised, but also having to provide full social security benefits for those employees, without the benefit of having ever paid into the system. This would be catastrophically expensive. As such, it is also universally accepted that the wise course it to adjust the benefits to satisfy the law before we are in violation. But on top of everything else-Tier I or II pension, almost all state and municipal employees… Read more »
He is stating that Illinois or the municipality would be on the hook for ALL back payments of the.employers share. Whether that is true or not is another story. So yes, all are eligible to collect their “earned” social security under the fairness act it doesn’t mean they get service credit for years not paid in. If it were true it would be a valid defense. The issue is not all in tier 2 will trigger safe harbor. That’s why many have argued that the state should just set aside some money (way less than a full tier 2 conversion)… Read more »
Yah, I get what your saying.
But it’s my understanding under Social Security Fairness Act they can claim FULL “earned” SS benefits based on their salary and not weather they or their employer paid in or not?
—I have no clue why Trump/reps pushed this bill thru–HORRIBLE. Other than, you read a lot of national articles about both R & Ds trying to capture the union vote (i.e. public sec vote). Not sure if this is best one (https://www.nytimes.com/2025/08/09/us/politics/democrats-labor-unions-nevada.html).
—Big picture who of the few that pay attention think “safe harbor” argument is simply an excuse to overturn Tier II?
“But it’s my understanding under Social Security Fairness Act they can claim FULL “earned” SS benefits based on their salary and not weather they or their employer paid in or not?” Respectfully, you have been misinformed. Prior to passing this law, SS benefits were reduced if someone received a government pension. So think of a person that worked the required 40 quarters either before or after public employment. Let’s say SS calculated that those people would have earned $800 month. Under the old system they would have had that $800 reduced drastically or completely depending on the amount of the… Read more »
Just more proof that Public Sector Union ‘workers’ are thieving parasitic sewage.
Brandon, Brandon such a bad Marvin the Martian your days are numbered one and done.
No CTU union financial audits in 4 yrs?, no (CAA) actuarial analysis to pass HB 3657? no state CAFR in 3 years?….etc, etc?…I guess they’re to busy getting filthy rich “fighting for the working class” to bother with any pesky accounting rules.