-- Connecting the dots between our economy, government and business --
Richard Ingram, executive director of the $51.2 billion Illinois Teachers’ Retirement System, Springfield, resigned Thursday, effective immediately. On July 31, the board of trustees unanimously voted to place Mr. Ingram on administrative leave “due to performance issues covered by his employment contract,” a news release from the system said.
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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Amazing, so much public money ($50B) funneled into a retirement system and the executive director is fired…no reason provided. Ridiculous.
No performance issues with an Illinois General Assembly and Governor not balancing a budget for two decades.
Fired for not achieving the 435% weekly return needed to pay the immoral pensions