Editorial: Overtime for state budget talks. What’s also overdue? Structural pension reform. – Chicago Tribune*

"We’ve said it before, but it bears repeating: Illinois needs a pension reform amendment to its state Constitution that would essentially leave current earned benefits untouched, but would allow for reductions in future benefit growth to levels that the state could afford. Passage of such an amendment would require a referendum that’s put before voters. If (Gov. JB) Pritzker is truly committed to putting Illinois’ financial outlook back on track, he should push for that referendum."
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Da Judge
2 years ago

Good luck with pension reform in Taxistan.

Hard to dial back entitlements once they are granted.

Look at the pressure now to get rid of Tier 2 pensions.

Glad I voted with my feet over 20 years ago and left.

My bank account has an extra $200K in it!!

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

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.

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