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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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CMS filed peremptory rules (to 80 Ill. Adm. Code 310 (Pay Plan)) on Oct. 18 implementing the AFSCME contract, which was signed by Council 31 representatives on or about Sept. 7 and signed by the Governor on Sept. 27. These peremptory rules (a rule procedure used to implement collective bargaining agreements, court orders, or federal laws/regulations that must be implemented verbatim and don’t allow the agency to make any changes) implement all the pay raises and changes to basic salary levels, so those seem to be pretty “finalized”. If anything is still not finalized perhaps (I’m guessing) it has to… Read more »