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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 looks like HB2352 limits “fix” to TIER II pensions to just meeting “safe harbor” requirements but I’m not a lawyer so It’s hard for me to tell. Obviously, if HB2352 opened up TIER II to negotiating pension benefits beyond meeting “safe harbor” requirements that would be gigantic. Who know what state will pass in fall pension “fix” bill HB4098 in fall? Or if anyone in press or dopey voter/ taxpayers will even care.
Reform for the pensioners, but more pain and abuse for the other 90+ percent of the IL taxpayers.
Cook County Will Rob Taxpayer Funds To Bail Out Mismanaged Crooked Pensions
One can only assume this bill is warm up/ test run for what will be passed in fall Martwick sponsored state pension bill HB4098…probably with ZERO press coverage as well.
Yep, more than likely.
And at the 11th hour of the last day they’re in session, I’ll bet.
who downvotes this? JB that you? … you’re 100% correct
I did. Sick of his whining. Should move to Colorado like I did and saved 400 grand in taxes.
Da Judge
So “Move” is your response, good one, as-if everyone can up and just do that.
Try $200 grand.
Could eventually be $400 grand though.
Booyah!!
Another pension law with a pension enhancement buried deep within it. Can we pass anything pension-related without enhancing something?
yup, a lot of sneaky s with ZERO coverage in press??
Yikes, chump CC taxpayer wallet picken season is on!!!—“As part of the new law, the County can now use any funding source for pension fund contributions, not just property tax revenues, to provide flexibility.”
IMO, Crook County has finally realized they can’t continue jacking up property taxes so they are moving on to higher and higher gas taxes, cig taxes, Big Gulp taxes, weed taxes, etc.
Probably also a Sheeetcago income tax soon!!
Need more taxes for pensions so that makes sense.
aaaaaah, what’s a wp pension comment without a ppf reply to put a grown-up perspective on things?
I throw this out, even thought i can guess your response—-If your a Tier I retiree aren’t you opposed to increased cost changes to Tier II because this will mean potentially less funding for YOUR Tier I pension?
Yes. Paying your debt is a grown up response. Also, tier 2 pensions will eventually be in violations of safe harbor rules so they will be increased whether you like it or not. Adulting is hard.
How about spreading your adulting is hard message to the teacher’s unions? We are told that teaching is too hard, that’s why nobody should expect actual learning to happen.
How about you apply to become a teacher and show everyone how it’s done? Let us know how it goes when less than half the kids show up on a regular basis or don’t speak English. You spend so much time complaining about teachers when you could actually get in the classroom and use all of your “expertise”. Just think, you could make the world a better place and become wealthy from those pensions you constantly moan about.
So, adulting is hard doesn’t apply to teachers I guess. Only to the people who are expected to pay the teachers.
It applies to everyone including teachers. Teachers are doing the job as contractually required. You are making the juvenile mistake of assuming that since the outcomes are not desired that it must be the teachers fault. You want to completely ignore all the other variables that come into play with educating children. You want to ignore the language issues, the lack of attendance, the lack of parental involvement, and all the other issues that impact these kids. Yes, teachers are a variable but they are just one component. To ensure that teachers are up for the job, the district is… Read more »
The bottom line is- the education system is a miserable failure, run entirely by educators. No outsiders allowed. The fact that I am not a teacher has nothing to do with the fact that education is failing. It’s up to educators to do something about it. That’s what adulting would look like.
It’s not up to the educators alone. This is a societal problem.
Also, an adult understands that this is a multi-faceted problem and it doesn’t fall just on teachers. A child just wants to place blame. You clearly are lost on adulting.
A doctor can only prescribe medicines, but it’s the patient’s who decides to take it or not. Teaching is much the same with the student deciding whether to be active on the advice or not.
Agreed James. Blaming a doctor for a patients obesity or a police officer for the increase in crime without looking at other factors is beyond ridiculous. Many of these people don’t care. Teachers as a group tend to vote for democrats so it’s ok to demonize them. It won’t solve any problems but it certainly makes the uninformed happy.
Next time you want to talk about adulting is hard, you should step back and think. Your self righteous attempts to insult ordinary people kind of backfired on you, as has every idiotic progressive union idea for the last 40 years.
Didn’t backfire one bit. I have pointed out that you are unable to process basic issues because you refuse to engage in honest dialogue. You want to place blame on teachers when no such evidence exist that it is their fault. I have made my point about your responses quite clear. Although, I will admit that your ignorance helped prove my point. Adults realize that tier 2 pensions will probably need to be enhanced at some point. Complaining about them being raised is the child like response because it doesn’t help one bit with the issue. No different than a… Read more »
CTU’s BIG PLAN is to produce more low IQ voters who will pull the D lever and keep pulling it.
IMO this will be the demise of the State of Illinois.