-- 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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Taxing Districts Number of Employees vs Retirees Report:
CITY OF HARVEY: 180 vs 0 (makes no sense)
GLENCOE SCHOOL DISTRICT 35: 212 vs 0 (All participate in TRS?)
EVANSTON TOWNSHIP HIGH SCHOOL DISTRICT 202: 588 vs 0 (TRS?)
CITY OF CHICAGO: 35,655 vs 47,592 (ouch)
Guessing most community colleges have 0 retirees because their covered under SURS and most park districts have good ratios from part-time and seasonal help?