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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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Mark Glennon should report on the huge pension payouts. Also, a weekly column on the new retirees and their payouts.
https://www.taxpayereducation.org/wp-content/uploads/2021/06/trs.pdf
We have written a boatload of columns about huge pension payouts that are collected on the right, here. https://wirepoints.org/pension-solutions-main/e.
However, you are probably right that we are due for an update.
Years ago city workers who do not pay into social security only had one option and that was the offered pension plan that was mandatory. You could not refuse to participate. Social Security and Medicare benefits were earned from previous employment, post employment or 2nd jobs while in the city payroll. Now there are IRAs, 457b plans that city workers can join and most assuredly should to plan for the future. Many do, many don’t but preparing for something 25 or 30 years down the road when you are a twenty something is a hard sell. The pension issue is… Read more »
No matter what they do there will not be enough money to fund the overly generous pensions. Most retire with a pension worth in the millions. I would like to see Wire points report weekly on the retirees and their pension payout. The Chitty of Chicago head cop is retiring soon, how much is his pension? He will make more money in retirement than he did “working”.
Dude u truly r an ASS u speak thru ur ASS million dollar pensions did u make it up or pull it out of ur ASS
Here’s some info. There are a lot of multi million $$$ lifetime payouts.
https://www.taxpayereducation.org/wp-content/uploads/2021/06/trs.pdf
https://www.taxpayereducation.org/wp-content/uploads/2021/06/imrf.pd
https://www.taxpayereducation.org/wp-content/uploads/2021/06/surs.pdf
Georgetard, Please go back to your People magazine and be GONE!!
“I would like to see Wire points report weekly” So you want a report updated weekly for payments that are made on a monthly basis? Too funny. You can already see pensions and salaries of public employees. If the pension database is a year old then just add 3%. If it’s two years old add 6% (6.09% if it’s compounded) to determine current payout. If someone recently retired, just look up their salary and you will get a pretty good idea regarding their starting pension payments. Do you really need Wirepoints to hold your hand for this calculation? Do you… Read more »
The pensions are so large you should be bragging about it.
Why don’t they make a list of pension enhancements (including this one) that are either necessary to avoid safe harbor or might be implemented at some point then give them to the actuaries and ask them to project the resulting liabilities and impact to the pension ramp? Seems silly to randomly throw out pension enhancements with no math to back them up.