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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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From the 62 page State of Illinois / AFSCME contract change document (the cba has yet to be posted). “The Employer shall refer all inquiries about union membership to the Union, except that the Employer may communicate with employees regarding payroll processes and procedures.” Could the union be biased if an employee is contemplating joining or leaving the union? Thus the State of Illinois ceded power to the union in the name of employer neutrality. The State of Illinois transparency about employee rights of whether or not to join a union, and how to opt out of the union if… Read more »
The last link talks about the TRS (teachers and administrators in public schools) pension system, not the SERS (state employees) pension system.
The concept of making state mandated not actuarial annual contributions to the pension fund, to arrive at a state mandated funding percentage by a state mandated date, applies to all the state pension funds (TRS, SERS, SURS, GARS, and JRS).
It’s a joke.
AFSCME, SEIU and CTU are the three cancers that must be destroyed in Illinois. Of course Mike Madigan’s favorite ventriquilist puppet Jabba the Hutt supports them all. Once illinois is bankrupt I look forward to stepping over their begging carcasses in the street. I’ll toss them kibble of Gravy Train. it’s all that they deserve after a lifetime of stealing from the real working taxpayers of this state.
Wow, jelly belly passes all kinds of bills supposedly protecting private sector workers privacy, like biometrics law( and a $bonanza$ to the law suite industry). But hands over public sector workers privacy to afscme? Crazy,–waiting for some new janus illinois hero to appear
Moral of the story: avoid government work at all costs. Learned my lesson during my first and only Army enlistment