Chicago Pension Watch: No, There Aren’t Many Choices – Stump

Actuary Mary Pat Campbell: "Thing is… I don’t think Chicago… or Illinois can really be repaired with Chapter 9, either. They’re not ready for the level of honesty required for Chapter 9."
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Mark Felt
28 days ago

If Chicago were to enter any type of bankruptcy proceedings you would see suspicious fires occurring where hard copy records are stored and there would be massive computer issues in which thousands of records would be erased. It is Chicago after all.

Taxpayer
28 days ago

Not to mention all the pension double dippers.

JackBolly
28 days ago
Reply to  Taxpayer

Edgar was a triple dipper and sainted by Democrats – they admired his grift.

Da Judge
28 days ago

Some simple fixes for now;

  • Raise the retirement age from 57 except for police and fire,
  • End da COLAs,
  • No mo double dipping,
  • End da pension spiking especially for teachers, and
  • implement a RIF campaign.
Leaving Soon, just not soon enough
27 days ago
Reply to  Da Judge

Why not have the cops and firemen do something else needed in the city when they get older and have retirement age similar to the private sector?

Jeff Augsburger
28 days ago

The next Democrat Administration in Washington D.C. will bail out Chicago and the State of Illinois. They will print millions of $100 bills and send them to us. Problem solved! Of course the money won’t buy as much as previously, due to the added inflation. But the whole country will have to pay the price, Illinois and Chicago are “too big to fail”.

Last edited 28 days ago by Jeff Augsburger
Free at Last
28 days ago

Sounds like somewhere in the near future, you Illinoisans will be having some real fun. Well deserved based on your voting habits. I’m sure that your union owned and democrat ruled state won’t place 99% of the solution on the taxpayers. The real question is what will that do to the housing market and your home equity when the panicked exit hits. Perhaps you can talk to all those politicians that told you higher taxes were for the schools and would increase your home value? Or you could do what almost all you genius people will do, place your head… Read more »

Fed Up Taxpayer
28 days ago

Well written article. Not alot of new information, but clearly drives home the dire situation of pensions. Cut now or have it cut for you later. Unions should take heed and stop pretending they are entitled to all the outrageous benefits that were promised by their political party – that lied for their votes.

It seems as if selling assets to pay the obligations will be the next step. The sooner the unions realize it, the better.

Chercher
28 days ago

I think Brandon Johnson should run for reelection. And I hope he wins. After years of saying the situation is bad, the situation seems to REALLY be bad, and Brandon Johnson and all of his fellow progressives should be the ones who are forced to deal with it. When a Socialist mayor and his minions are required to make cuts and cannot hand out any more cash, maybe the sting of reality will finally crack open their dreamworld of free-flowing dollars.

JackBolly
28 days ago

Pritzker nor any Democrat sees any real problem. These pension funding ‘alarms’ should stop – they are of no interest to the Democrats and public union Bosses.

c
28 days ago

Retired workers already getting pension and health benefits from these underfunded systems are using up what funds are now in those systems. This depletion is accelerating due to COLA and increasing health care costs. These retired folk have no “solidarity” with their former colleagues who have not retired yet. These “retirees in waiting” should find a lawyer (from out-of-state if necessary) to protect their interests. Future and former retirees should be treated equally. That’s what “equal protection” means. Pensions now being paid should be cut back as soon as possible. Perhaps the pension millionaires should get the biggest haircut. We… Read more »

Union Strong👊
28 days ago
Reply to  c

Tell us you haven’t been following the pension mess without telling us. Baaahhaaahhaahhaaaa.

No judge is going to stop pension payments because there may or may not be money in them years down the road. Pensions are backed by the taxpayers not the funds themselves. A judge will demand increasing payments from the politicians and taxpayers before that ever happens. Our union brothers and sisters will ensure it. That’s what happens when you are Union Strong👊.

ProzacPlease
27 days ago

The currently working union members will gladly give up raises to make sure the retired union brothers get paid every dime of their pension. Right, Mr Strong? Every working union member wants to make sure retirees get paid more while the working guy gets paid less. And they will give up raises now, even knowing there will never be enough money to pay their own future pensions. It’s a real brotherhood.

The Railroader
29 days ago

Stump tells a truth that too many don’t want to hear. When the money’s gone, it’s gone. In a muni bankruptcy, there is no liquidation, save for those the muni owes money to. That, unfortunately, includes pensioners.

Chicago and illinois political animals have malmanaged their charges for far too long. JB the Hutt can’t make basic decisions, much less the tough ones.

Chapter 9 it shall be.

Sanity please
28 days ago
Reply to  The Railroader

A chapter 9 is needed, this will or should become the biggest shit show in the history of this
very sorry state.

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