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Editorial: Chicago´s pension reckoning
Chicago Tribune, by Staff

Original Article

Posted By:zephyrgirl, 4/2/2014 9:41:33 AM

If lawmakers in Springfield thought they maneuvered beyond the treacherous topic of pension reform with their December votes to begin rescuing the state´s floundering pension system, they thought wrong. Chicago, with its enormously underfunded pension plans, is next in line. Three years into his mayoral term — after campaigning on a promise to fix pensions — Rahm Emanuel finally is ready to file legislation that would reduce the city´s dangerously unfunded pension liabilities for municipal workers and laborers. Emanuel says he has a deal with those employees´ unions that would bring two of the city´s four funds for retirees closer

Comments:
Simply staggering how high Chicago´s pension liabilities are.

      


Post Reply  

Reply 1 - Posted by: alecto2, 4/2/2014 10:03:33 AM     (No. 9794320)

There´s only one way out of this - declare bankruptcy and cancel union contracts. Otherwise it´s a slow death. But no, the pols will continue squeezing property taxes and every other form of revenue raising gimmick. Those that can escape will get out and we´ll have Detroit redux.


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Reply 2 - Posted by: AltaD, 4/2/2014 10:06:12 AM     (No. 9794323)

Unless I missed it, this editorial is missing important information. Rahm´s proposal covers just two unions, which ones? How large are these two unions when compared to the other underfunded unions -- teachers, police, fire? And just how many public employee unions are there in Chicago?

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Reply 3 - Posted by: droopydog, 4/2/2014 10:12:27 AM     (No. 9794330)

Don´t worry, Rahm knows people in DC who have access to the money of flyover rubes in places like Texas and North Dakota and Tennessee. Sleep easy, my Chicago friends.

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Reply 4 - Posted by: berthabutt, 4/2/2014 10:23:05 AM     (No. 9794342)

No sweats for the Godfather. Obamacare is on track to thin the pension rolls. A missed appt. here, an unsigned form there; poof! You are out of compliance for your coverage and they are ´oh, so sorry´ but can´t provide you with life-saving services until an approval comes down from on high. Read yesterday about Frankie Banana´s quick demise after some ´snafus´ in his healthcare coverage. It will be repeated thousands of times by 2016.

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Reply 5 - Posted by: NYBruin, 4/2/2014 12:26:10 PM     (No. 9794509)

Would it kill the editors of the Trib to provde some facts about when public employees can retire and the kinds of payouts they receive? My educated guess is that the good citizens of Chicago would refuse a property tax increase if they knew. . .

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Reply 6 - Posted by: provide, 4/2/2014 12:49:56 PM     (No. 9794549)

Meanwhile, the governor will make more pension promises to public employees and shut out the media to hear it. I watched Desmond Tutu do this after the press left.

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Reply 7 - Posted by: Nevadadad46, 4/2/2014 1:19:18 PM     (No. 9794611)

The second the governments allowed government employees to unionize, the death knell of reasonable government was sounded. Public employees work at their own cognizance and responsibility. In other words, if you don´t like it, get a job in the private sector, then join a union or something. Public service should be a viable living, certainly. But, never a means to wealth

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Reply 8 - Posted by: KTWO, 4/2/2014 3:04:26 PM     (No. 9794772)

Nothing Rahm says publicly is likely to be true. Now he says the unions will take less?

They* aren´t awake yet and still dream that somebody, somehow, somewhere will bail them out.

Deux ex machina., aka, the Happy Ending.

They turn their eyes to Springfield and Washington. Why not ask the United Nations or the Ukraine or the World Bank? Why don´t we mint those $1t coins; isn´t Inflation a way out?

* and "They" is not only Chicago. I wish it were.







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Reply 9 - Posted by: Rabidrabbit1, 4/2/2014 3:14:00 PM     (No. 9794796)

Maybe the unions will strike and we can bring a halt to all the millions wasted on college sports [when they unionize]!

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