Chicago is stepping in to lend cash to its underfunded pensions so they have enough money to avoid asset sales to cover retirement checks as they wait for property taxes to come in after a computer issue delayed collections.
Any collateral for this loan? Any interest? Will City enforce when default occurs? Who decided to forego liquidity sufficient to pay benefits? How secure are retiree pensions anyway? Serious fiduciary breaches that warrant personal liability … Collect on the fiduciary liability insurance as the court removes these fiduciaries!
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Any collateral for this loan? Any interest? Will City enforce when default occurs? Who decided to forego liquidity sufficient to pay benefits? How secure are retiree pensions anyway? Serious fiduciary breaches that warrant personal liability … Collect on the fiduciary liability insurance as the court removes these fiduciaries!
The “pearl omen” of bad things are coming.
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