Two bills, House Bill 3474 and Senate Bill 2574, would tilt the power of the Illinois Municipal Retirement Fund and the Teachers Retirement System boards, respectively, in favor of the unions. But that tilt could cost retirees.
Everyone in Illinois better wake up and look at seemingly innocuous amendments like this. These boards control billions and billions of dollars invested in all kinds of complicated investments. We need to look at who the unions elect–both employees and annuitants. Third grade teachers. Union business agents. Geography teachers. Barely a single one over the last thirty years has any experience whatsoever in managing money. Maybe nice people but totally out of their league. If you attend trustee meetings (which almost never have an outsider in attendance), it is appalling what they spend their time on. How long is the… Read more »
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Everyone in Illinois better wake up and look at seemingly innocuous amendments like this. These boards control billions and billions of dollars invested in all kinds of complicated investments. We need to look at who the unions elect–both employees and annuitants. Third grade teachers. Union business agents. Geography teachers. Barely a single one over the last thirty years has any experience whatsoever in managing money. Maybe nice people but totally out of their league. If you attend trustee meetings (which almost never have an outsider in attendance), it is appalling what they spend their time on. How long is the… Read more »