-- 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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I am guessing when concluding that residents of Dundee Township in Kane County are making payments to eight pension plans, the author was looking at her property tax bill, which lists “pension” as a line item. The pension line items on the property tax bill are only for the IMRF pension fund. IMRF is one of 18 pension funds in the Illinois Pension Code. With the caveat that Downstate Police and Downstate fire, instead of 2 pooled pension funds, are about 600 individual pension funds per taxing district). Here are the pension funds not included on property tax bills. This… Read more »