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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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This is one of the best investments they have made. Nothing but morons in the pension system.
Its working.
Does this surprise anyone? IMRF may go broke but it will go broke having supported virtuous liberal causes with the funds they were to keep secure!
IMRF as a whole is much better funded than most Illinois Local Public Sector Defined Benefit Ponzi Scheme Pensions Paid First. Similar to “downstate” police and fire pensions, each local unit of government employer has its own level of funding, meaning funding levels vary amongst employers. Property taxes increase to cover actuarial funding shortfalls. Illinois Downstate Police and Downstate Fire Local Public Sector Defined Benefit Ponzi Scheme Pensions Paid First are on average much worse funded than IMRF. If the failed Silicon Valley Bank (SVB) was owned by for instance the State of Illinois or a local unit of government,… Read more »