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"Do these trustees have no shame? What is the point of flying to Hawaii during a school week while the Pension Fund is woefully underfunded at a 48 percent ratio and most teachers today earn a far diminished pension or no pension at all."
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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It depends which pension fund you are in. Many are underfunded as low as 18%. Then we have SURS, State University Retirement System is apparently better funded. There are over 31,000 receiving $100,000 or more with some receiving $600,000 annually!
Bring your bikini and sunscreen to work.
“ Dedicated to… the employment benefits community.” The newspeak never ends.