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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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Of course…more patronage jobs, appointees and pals. More money able to be stolen and paid out and of course now eligible for pension plans. I am sure there will be appropriate checks and balances to make this fair and equitable. Just another whole level of graft and grifting.
Then one has to ask, the decisions they make…how can they be independent, impartial and in the interests of their constituents. Their decisions will forever be bias and slanted toward their own enrichment and gain. Ridiculous. Well, it all about the Kids…
Hmm, my Catholic school didn’t even have a school board. They had Mother Hirilla — and she had a “board of education” of sorts!
Ya her board of education was a ruler.
I envision a domino effect for the rest of the state. I cannot wrap my head around the rot.
Damn right if it happens all the rest will follow just like 3 blind mice.
If paid, then you would assume school board members would also be eligible for gov employee benefits? unionization?
A nice little pension wouldn’t hurt either.
I’m sure all the municipalities/school districts can afford it? This is all being dreamt up by Illinois public sec biggest friend Martwick.
Do you try, or does this kind of garbage just come naturally to you?
Probably involves the same level of effort as your ability to whine and complain about the retirement assets of others.
LOL, it’s not a retirement asset, it’s a taxpayer liability.
It’s the states liability. To the retiree is their contractual asset that can’t be diminished or impaired. It’s their money and not yours.
Doubtful. The people who serve on CPD district councils only get a stipend. Pension boards aren’t unionized. Guessing they’ll be treated like contractors.