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The most meaningful change sets a minimum retirement age of 65 for men and 62 for women. That’s up from averages of 56 and 53, according to the Organization for Economic Co-operation and Development, a club of nations whose populations on average retire at about 66.
The overhaul also introduces progressive brackets for contribution amounts as well as limits for survivor benefits and includes a period for transition to the new system.
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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