Outside Chicago, a recent Wirepoints examination found that 57% of 630 downstate police and fire pension funds showed funding ratios of less than 60%. Many are in far worse shape, even for governments meeting their statutorily required contributions. That includes the state’s five funds. In 2001, the state was paying about $1.4 billion into its pension system. By 2017, that number jumped to $7.6 billion, a 450% increase — and the unfunded liabilities in the funds still grew. They now stand at around $134 billion, the worst in the country.
This fall, local officials statewide can demand action on pensions from their local legislators. Or they can hide from this problem in a different state — the State of Denial.
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.
Illinois Democrats will never do anything to cut public sector worker pensions because they are wholly owned by AFSCME, SEIU, IFT and CTU. Illinois haven’t worked for the citizens since the 1950’s. Chicago politicians haven worked for the citizens since Al Capone roamed the streets. Illinois Democrats have been bribed by public sector unions with campaign “contributions”, votes and campaign workers foe decades and the politicians are completely dependent upon it. This quid pro quo criminal collusion is a racquet Erin get conspiracy and the citizens have no obligation to honor it. Gut public sector worker pensions. End all politician… Read more »