Mayor Lightfoot’s pension handoff proposal – Crain’s

According to knowledgeable sources in Chicago and Springfield, after weeks of preliminary maneuvering the mayor is pitching nothing less than a state takeover of the city's cash-short pension funds, which under current law will require upward of $1 billion in new city tax hikes over the next three years to reach a path to full actuarial funding. Her proposal would consolidate city pension money with smaller downstate and suburban pension funds in a new statewide system. In some cases, those non-Chicago funds are even worse off than the city's.
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Rick
4 years ago

It looks like her choice was between two different kinds of “can kicks” go to the bond market year to year, or just kick Chicagos garbage onto the state. I guess it isn’t good enough for people to just leave Chicago to escape their problems.

m.
4 years ago

people who step in s**t are advised to stay in one place & not spread it around

NB-Chicago
4 years ago

this is a bombshell!! wow Lightfoot admitting city pensions ( and hence city fiances) are hopeless. But she’s still not disclosing what gigantic debt north of $700 mil (started as $500mil) payment for this year rahm was hiding?..whats being hidden? in addition how will city/ state ever combined/consolidate all those thousands of different phone-book thick pension deals–each on with there own different spike deal, sweeteners, etc?? would seem impossible without trampling on some members sacred not to be diminished const grantee? any attempt will be law suite/ grievance filing mess (lawyers will $$love$$.)

NB-Chicago
4 years ago
Reply to  NB-Chicago

And still no city cafr ( no cc or state cafr either)–as a chicago home owner–WHAT ARE THEY HIDING!!!

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