-- 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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Supreme Court Judges receive a public pension to the tune of 200,000 thousand dollars…BIG CONFLICT OF INTEREST.
GREED…CORRUPTION!
In plain English: Jabba the Hutt’s fully paid for ILL Soopreme Koort delivers the decision they were instructed to deliver.
If the consolidation of the various pension saves money by reducing pension management fees that would help.
What were the fees and returns when they were all separate? Which fund had the best returns and lowest fees.
My guess is now that they are all under the same umbrella there will be no negotiations to get the best fund managers at the best price.
Most likely the one who has the most political connections will be the fund manager and will make a ton of money for themselves.