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.
Mark,
is there anyway to have this article published by you on wirepoints, cannot access account I’m not a Crain’s subscriber, if not any thoughts to what is going on. Thank you
Here’s an earlier article that describes pretty much the same thing with no paywall: https://www.ai-cio.com/news/chicago-pension-president-decries-boards-culture-racism-sexism/
Thank you
I highly doubt there is a conservative or Republican involved in any way with the pension fund operation. Who knew that progressives were so racist?
With Crain’s you can typically hit “reader view” in your browser before the page fully opens.
Thank you
Working for a pension fund must be the easiest gig. Wined-and-dined by investment firms and hedge funds every day. Outsource tough decisions to financial advisors. Follow the same investment mix every other pension fund uses.
What do any of those board member do on ctu pension fund or on any of illinois other rediculous +600 pension funds other than collect salaries (not sure if they get benefits?) ultimately on the tax payers dime? How is ctu pension performing in the pandemic? Oh, sorry fogot, doesn’t matter because the payouts are gaurenteeted ultimately by us chump taypayers
And if your not getten enough from your part time pension board gig flr supposedly meeting a couple times a year –then fill a sexual harassment/ racial discrimination lawsuit, sure madigans trail lawyer buddies will be glad to lend a helping hand…and besides, nobody cares anyway because ultimately it all comes out of tax payers pockets
Why should the Teachers expect honesty and efficiency among their own? Thieves steal from other theives. Bust all Teachers unions.
They are stealing the money as fast as possible.
Teachers and not your friend when it comes to money.
It is all about your money.
Get ready for some HUGE TAX INCREASES.
The real answer is there is very little money left and the poor honest hard working taxpayer will have to make up the shortage. No chance in Hell they will take a cut in pension payouts.
“Shut Up and Pay Your Taxes”.