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?
I think there needs to be an investigation into how the city got into this position in the first place
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You are funny. It started twenty years ago, and every attempt was overridden. From my sources ( relatives living there), the age of low interest rates and free money caused it.
The city kept taking loans to cover the imbalance. Borrow at .5 percent interest, then 1.5 percent, then 3, etc….now with high rates the Ponzi scheme is in collapse. Now, No banks or financial institutions will roll over the debt into any new loans.
They were insolvent years ago. All Ponzi schemes eventually end.” Exhibit A” for our federal government. The massive amount our Federal Reserve prints up and loans out will also fail….as we are witnessing ( we now pay over $1 trillion to the Federal Reserve in interest payments alone).
September 30th is nearing. We shall see.
The Omaha city pension was managed by local members including one I went to school with who was a plumber. The ratio got down to around 50% before they took it away and had professionals managing it.
O work for a quasi governmental agency and while I’m on the traditional pension, workers hired after 2010 have a pension, but when they retire, they get the cash value that they then manage.
The trend towards 401ks is the right one in my opinion. You should be responsible for your retirement, not the taxpayers. That’s whose going to underwrite the raiding and pi$$ poor management of these Chicago slush funds.