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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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Once again no talk of repealing the pension sentence via constitutional amendment in this article. In the article there is reference to a state reimbursement to CPS for the normal cost of pensions. Is that referring to the employer or employee normal cost? In the past there has been reference a state pickup of the employer (City of Chicago Board of Education) pension cost. The State should not reimburse CPS for any pension contributions, be it employer or employee. The State should not “pick up” any pension contribution for CPS pensions. The State pick up of teacher and administration employer… Read more »