-- Connecting the dots between our economy, government and business --
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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Allowing Tier 2 teachers to retire earlier will solve the teacher shortage?! Teachers retiring now in their mid to late 50s with full pension benefits is one of the reasons there is a teacher shortage. The current rule states Tier 2 members may retire at age 62 with at least 10 years of service, but will receive retirement benefits reduced 6 percent for every year the member is under age 67. I could see them removing the retirement reduction penalty after 62. But I doubt that would help. If the main driver for folks entering the teaching profession is early… Read more »
Well, well, well, if it isn’t the consequences of my own actions.
Better benefits, what the hell more do you want, one big thing you superintendents can do, pay for your own damn pensions and healthcare.
Those Sups make BIG BIG money. A crappy degree from National Lewis University and they are making $250k a year plus benefits and the pension. I have zero respect for superintendents, literally zero. The rest of us bust our behinds to attend the best schools possible in highly competitive environments; but the Sups graduate with advanced degrees from Degree Factories, and leech hundreds of thousands a year off the tax payer.
Scum, all of them scum.