How did that happen?
There should be no such thing as a government pension.
Clearly, Daley was embracing the Greek mythology of Economics.
One last good vestige of our federal system — the states and localities are on their own with their debt.
(Not to say the RINOQs won’t bail them out.)
I couldn’t read then entire article because the site wants me to sign up, but from the excerpt, I have to wonder with all of the people in CPS why wasn’t anyone concerned about it at the time? Why weren’t they vigilant?
I believe when a private company doesn’t fund a pension plan for a decade, they don’t call it a “holiday” they call it “illegal”.
-- Ayn Rand
One thing that isn’t mentioned in most of these stories is that the teachers don’t make any contributions to their pensions either. Both are required to pay 9% of salary to the pension fund, but the city agrees to pick up 77% of the teacchers share. So the next time you see a teacher complain that they paid into their pension remember that they paid in 2% of their salary and expect to receive 75% of salary in pension at 55.