-- 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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How much of that $360k is pensionable?
No surprises here. It’s the Illinois public sector way.
Quick bleed the system before it fails and it will fail.
Re: Jermiagh Daly’s 2024 compensation of $360k
The attached link will take you to the collective bargaining agreement (“CBA”) between the State and the Operating Engineers union.
On page 6 of the CBA you’ll find the overtime provisions of the agreement.
If you’re an Illinois taxpayer employed in the private sector, read it and weep.
Yet another example of the sweetheart relationship between Illinois government and the unions that do business with the State.
https://cms.illinois.gov/content/dam/soi/en/web/cms/personnel/employeeresources/documents/23-27/Signed%20Operating%20Engineers%2024.27%20Contract.pdf
There are far too many examples of the State of Illinois mismanaging taxpayer funds. Mismanagement can be due to corruption, greed, ineptitude, or some combination of those unsavory traits.