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Johnson devising strategy to tackle pension crisis that includes ‘deferred retirement option’ – Chicago Sun-Times
The pension commission that Mayor Brandon Johnson created shortly after taking office disbanded without releasing a single report after Gov. JB Pritzker signed a police pension sweetener that, over time, will make Chicago’s pension crisis $11 billion worse. Now, the Johnson administration has asked EY, the consulting firm that recommended $1.4 billion in savings and revenue-generation options for the city to consider, to start climbing the mountain of unfunded pension debt.
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Summary and audio linked here.
Audio and summary
They better look very, very carefully at these DROP programs and what their costs are after the financial debacle involving Tier 2 pensions.
“Now, the Johnson administration has asked EY, the consulting firm that recommended $1.4 billion in savings and revenue-generation options for the city to consider, to start climbing the mountain of unfunded pension debt.”
I wonder how much of the $1.4B in saving and revenue generation ideas E&Y provided were ever implemented. From this all but forgotten savings report from E&Y, it seemed the Pinhead had sanitized it before making it public… E&Y will provide Pinhead with what he is looking for, but whether this moron will consider it is another story.
Anything with Martwick’s name on it should be DOA, because its very likely a con job to fleece taxpayers.
“Johnson devising a strategy” Those words should scare the hell out of you. Is he using finger paints or crayons? Is he eating the glue?
Johnson is an excellent math teacher. He has it all figured out. For example, 6 + 6 = 6.6
Beware! There’s lots of baloney around about how much, if any, these buyouts save. “Those types of payouts are now allowed for state retirees, and Martwick said it has reduced Illinois’ pension obligations by approximately $2 billion,” this article says. But that’s flimflam, which is standard for Martwick. Looking only at the reduction in pension liability is just part of the picture. The state has to pay for those buyouts and it has been doing that with borrowed money. There’s also an issue of whether the buyouts are declined by healthy people, which would mean the actuarial basis of the… Read more »
Very well explained because we have plenty flim-
flam politicians in Springfield.
One change – …..we have plenty flim-flam