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Comment: See our own article linked here on this particularly awful idea.
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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According to page 12 of both airports’ CAFR, each airport lowered their 2017 pension liabilities due to Public Act 100-0023 when they lowered the discount rate because the funding source was guaranteed or something. You reemed Rahm out for that recently. Now we’re going to transfer city assets with such questionable accounting to a pension fund? The airports don’t necessarily turn a profit either.
https://www.cityofchicago.org/content/dam/city/depts/fin/supp_info/CAFR/2017/OHare2017.pdf
https://www.cityofchicago.org/content/dam/city/depts/fin/supp_info/CAFR/2017/Midway2017.pdf
Wait, you say I reemed Rahm about something?
LOL, I tried to be more specific, but I couldn’t find the link to your article about the Chicago pension funds changing their rates. Wasn’t too long ago.