Chicago’s pension debt soars to $37 billion, at just 26% funded

thecentersquare ^ | 07/15/2024 | Glenn Minnis

[citizen]

"Greatly increase the mandatory contributions current employees make to the pension fund. I know of one state fund (not Illinois) that did that to right itself."

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I used to live in Georgia. Georgia converted from a traditional pension plan to individual 401k 30-some years ago.

[Liz]

Folks used to retire on half pay. And that made sense. The house is paid off. The kids are out on
their own. You’ve got Medicare and Social Security, plus a little something saved over the years.

Then the pension formulas were changed. It is now quite possible for a government employee
<><>to retire on a pension of more than what was earned while working
<><>there’s double and triple pension dippers.
<><>the popular process of promoting workers to higher paying positions just before they retire.
<><>note: retirement pay is doled out for decades based on final paycheck.

[bert]

Or, more to the point, maKe the “poor” pay their fair Share.

A free ride is not “fair’

[VideoDoctor]

Chicago will eventually SINK ITSELF!

[coalminersson]

15-20 years ago it became obvious public employee pensions were not sustainable. But pressure and bribes from unions have kept the system about the same.

Any governmental agency and public officials who didn’t move their pension to more responsibility of the employee is now grossly negligent and criminally liable.