-- 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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Per the Better Government Association pension database, Robert Rich’s benefit start date was on September 1, 2012 with 26.25 years of service. 2014 pension was $164,791. 2013 pension was $159,991. Pension system is the Illinois State University Retirement System (SURS). Per Open the Books, here is the salary history of Robert Frank Rich at the University of Illinois Urbana since 200. 2013 – $092,202 2012 – $248,934 2011 – $240,929 2010 – $245,922 2009 – $239,110 2008 – $226,598 2007 – $222,830 2006 – $236,798 2005 – $187,161 2004 – $202,414 2003 – $197,387 2002 – $193,450 2001 – $167,258… Read more »