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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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They need to do just the opposite an amendment to move everyone to tier2.
Tier2 is still better than the 90% of all non-stare employees. How many non state employees retire at 55 with full pay in retirement? What they are asking for is a whole lot better than the people paying for it have.
“Full pay”? You need to get educated on that topic. If that EVER happens to a governmental retiree anywhere I’d be very surprised. Just give me single example of where that happens as routine policy or by law in IL government.
This looks like ‘full pay’ to most residents of Illinois…
https://www.taxpayereducation.org/wp-content/uploads/2021/06/2021-top-100000.pdf
I’m guessing those are under tier 1. The reason tier 2 is coming up is it was indexed at less than inflation while social security is indexed to inflation. For local governments to substitute a pension in place of SS the pension plan needs to meet minimum benefits…and it looks like tier 2 is now failing that test. If IL doesn’t do anything, the feds could force all tier 2 members into SS…which wouldn’t be a bad thing. The problem for politicians is the federal government would send IL a bill to make them whole under SS. Long term it… Read more »
Why did these union officials endorse state legislators that voted to pass tier 2 for the last 15 years if they’re so upset by tier 2
The article states they opposed it. Most of the unions did not endorse the changes and were not included in the process.
They should go back to whatever they did for Tier 2 so they can pass more reform without the union.
You completely missed his point.
In all seriousness, you clowns that vote thumbs down lack the ability to argue intelligently so all you do is vote thumbs down. Cowards.