-- Connecting the dots between our economy, government and business --
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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The senate needs to pass this bill. We the people desperately need this. These days, the majority have defend contribution plans and this bill sia great aid for those facing RMDs in the future. The current tax law is very favorable for those who want to convert to Roth status before they take SS. They also need to create a bill that gets rid of the useless RMD on ROTH 401K plans. It serves no useful economic purpose as it does not generate revenue but does force plan participants to expose their assets to needless risk that those with defend… Read more »