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The governor issued a veto late Friday on a three-page bill that would have allowed State Treasurer Michael Frerichs to create an investment pool for nonprofits and labor organizations. The treasurer would then be able to invest it in the same way he invests state treasury funds. In vetoing it, Pritzker said he had concerns extremist groups with nonprofit arms could also benefit from the pool.
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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