Municipal group looking to extend ramp for Illinois’ local public safety pension payments – Center Square

In Springfield, Alderman Joe McMenamin said it might not be popular, but officials need to rework union contracts to address benefit costs, something he said pushing the pension ramp out ten years won’t solve. “We’re in an absolute mess on pension financing...It’s almost like we’ve waited too long to properly fix the problem. We’ll kick the can down, kick the can again.”
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Kay Saroski
5 years ago

“it”s almost like it is too late?” Wow! That helps explain why Illinois is in such a mess. It was too late 15 years ago when they actually could have addressed the problems. No tax money? Cut away at the benefits! Feel the pain like the rest of the “little people” in the state had to do long ago.

Fed up neighbor
5 years ago

Bankruptcy now enough of this crap the problem cannot be fixed, even a 5th grader can understand the mathematics.

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

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.

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