I think there needs to be an investigation into how the city got into this position in the first place. How did funds earmarked for pensions end up being spent...and by whom?
All those in Blue states.....
PAY VERY CLOSE ATTENTION. When the State fails financially because of the grift, the State employees pensions evaporate.
The last treasury steal is from the ‘little people’ that supported the Democrats, when they leave them with no pensions. Just like Joe Biden tried to bankrupt the Government and destroy Social Security with illegals.
No federal funds to bail them out. Let the state, city and public sector workers eat the loss. Their irresponsible circus, their monkeys.
When you think of Chicago you immediately think about crime, but the Democrats have been f-ing a lot of other things too. It’s the same thing as has been going on in Iran. The imam’s have been obsessed with destroying the infidels that they neglected to take care of the little things, like supplying water to their country. Whoops! Maybe providing water isn’t such a little thing after all.
I’ve always thought that it would be easier to change the Illinois constitution than to pay off all the accumulated pension obligations.
The crash will be within the next 5 years or economic downturn.
I feel for the pensioners, but they probably voted Dem.
“ The Illinois Constitution does not permit cities to file for Chapter 9 bankruptcy.”
Federal law controls bankruptcies. This would be a great test case for that.
L
That almost never comes up in reports about public pension short-funding.
Once the Chicago mob get its hands on your money, you won’t get it back.
LOL!!! SHITCAGO!
There are movements to eliminate property taxes for seniors, I would vote against that (even as a senior) because of all the seniors that voted for increased taxes and out of control spending. They should not get off the hook for what they caused.
That said I would vote for ending property taxes for everyone.
This is exactly why Prop 13 in California is under constant attack by the bastards in the statehouse - it prevents them from raising property taxes to fund their lefty policies (such as health care for illegals).
“The 1978 proposition decreased property taxes by assessing values at their 1976 value, limiting the rate of taxation to 1% of the assessed value, and restricting annual increases of assessed value to an inflation factor, not to exceed 2% per year.”
The Democrats need more revenue for state pensions, illegals and to line their own pockets.
“Chicago’s Pension Funds are Nearly Insolvent – Incoming $28m Bailout”
And? What else would they expect? The joint has been run by no-class, low life, ignorant, greedy, unfit for any normal occupation, soulless, heartless, valueless, communist leaning depmocrat, criminal gangster wannabees for decades. The only thing lower on the human scale than these filthy bastards are the scum that vote for them.
“The average pension fund ideally has a funding level of around 70%”.
No, ideal is 100% or more. It is a long-term obligation and should be managed/invested ... conservatively.
If a private pension plan is under 80% funded, certain restrictions apply to it. If it is under 60% funded, more onerous restrictions apply. One of these is that no additional benefits are earned until it’s over 60%.
I work on a number of small private plans. Over the last 4 years, the lowest funding level is over 80%.
Public pensions funded by taxpayers for bloated, under worked, beauracrats should be illegal.
Fund it yourselves.
“Trump To City - ‘Drop Dead’”