The Illinois Policy Institute has a useful site. "WirePoints" and Mike Glennon use them a lot. Here's more detail on Brandon Johnson. He is right now a 'double dipper' as he is a Cook County Board Commissioner and also draws a $100k salary from the Chicago Teacher's Union!!
Thanks for the link -- I did have some thoughts in reading the various items, but I want to wait to see who the final winner/loser is before I make further comments. Because I have a feeling certain things may not come out in the ways various players "plan".
- Full funding just means those who made the promises are paying for the promises they made. If you've underfunded, that means you're expecting somebody in the future to step in to pay for benefits accrued in the past... and those somebodies may not appear.
Look to the future: that said, I went to look at the most recent IMRF actuarial report I could find, and my, there's some interesting stuff in there. I believe I will do a post on that. Thanks for bringing that to my attention.... I see how this could be a strain. Some of the programs in there look quite reasonable.... but SLEP, yeah, I see how that's a strain.
Anyway, given what you say I may do a couple different pieces to show there is no good way out here.
If you want to defund pensions, then change the laws and don't make the promises in the first place.
As it is, they did make these promises.
They can stop the bleeding by saying "well, we're not promising anymore", but promising benefits and not paying for them is simply lying.... though we should be used to people in government lying at this point.
But yes, this is why I have been using multiple methods of showing the cash going out the door. To many people it's all number games. Why can't they just make promises and make up how much money should be put in the funds? The benefits will always be paid!
The Illinois Policy Institute has a useful site. "WirePoints" and Mike Glennon use them a lot. Here's more detail on Brandon Johnson. He is right now a 'double dipper' as he is a Cook County Board Commissioner and also draws a $100k salary from the Chicago Teacher's Union!!
https://www.illinoispolicy.org/chicago-teachers-union-affiliates-put-over-2-3m-in-brandon-johnson-campaign/
Thanks for the link -- I did have some thoughts in reading the various items, but I want to wait to see who the final winner/loser is before I make further comments. Because I have a feeling certain things may not come out in the ways various players "plan".
One short response, and one look to the future:
- Full funding just means those who made the promises are paying for the promises they made. If you've underfunded, that means you're expecting somebody in the future to step in to pay for benefits accrued in the past... and those somebodies may not appear.
Relevant post:
https://marypatcampbell.substack.com/p/classic-stump-public-pensions-primer-273
Look to the future: that said, I went to look at the most recent IMRF actuarial report I could find, and my, there's some interesting stuff in there. I believe I will do a post on that. Thanks for bringing that to my attention.... I see how this could be a strain. Some of the programs in there look quite reasonable.... but SLEP, yeah, I see how that's a strain.
Anyway, given what you say I may do a couple different pieces to show there is no good way out here.
If you want to defund pensions, then change the laws and don't make the promises in the first place.
As it is, they did make these promises.
They can stop the bleeding by saying "well, we're not promising anymore", but promising benefits and not paying for them is simply lying.... though we should be used to people in government lying at this point.
But yes, this is why I have been using multiple methods of showing the cash going out the door. To many people it's all number games. Why can't they just make promises and make up how much money should be put in the funds? The benefits will always be paid!
..;.. (until they won't be)
It's easy for me to talk -- I'm in New York.
It's ultimately up to those in Chicago and Illinois... if anybody is left. ;)