Commentary: Unknown Tier 2 pension costs threaten Champaign’s fiscal health – Champaign News-Gazette

Sheila Weinberg, of Truth in Accounting: "Unfortunately, Springfield is now considering mandating Tier 2 benefit enhancements for Champaign and other cities. But when similar reforms were considered for Chicago’s police and firefighters, the governor and lawmakers acknowledged that they did not fully understand how much unfunded pension debt would be added. ... If similar Tier 2 enhancements were applied to Champaign, the city’s police and firefighter pension debt could grow from $50.2 million to roughly $199 million."
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Mark F
1 month ago

Illinois politicians saying they voted to pass bills in which they did not know what the cost would be? Were all these politicians graduates of Mayor Brandon Johnson’s 4th grade math class?

David F
1 month ago

Ah whats a few more 10’s of Billions to the state deficit….

mqyl
1 month ago

classic State of Illinois SOP: mandate it either without knowing or significantly underestimating the cost to the taxpayer

ahimsa42
1 month ago

lol, quadrupling an already huge pension debt-that is sure to end well.

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