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.
The contractual and M/WBE requirements by the state of Illinois are prohibitive, add wasted costs to the projects and because of that, are a waste of time for companies to respond. Many contractors who have been awarded contracts regret the award and because of their experience with Illinois, avoid it all together. One contract I was involved with required us to include a M/WBE contractor for 15% of the project. We didn’t need the contractor, but built them in for a couple tasks…most of the time, the M/WBE contractor simply got paid their percentage without doing any work. The program… Read more »