Local school districts should pay teacher pension costs: poll (Chicago: sale, rental)

[Vlajos]

http://www.chicagobusiness.com/artic...ion-costs-poll

makes a lot of sense to me

[chet everett]

V:
You should read the comments to that article! Most responders are a WAY MORE clued in than the reporter, really sad how little effort people are putting into this. It is a HUGE mess and has the potential to really hit people in the pocketbook VERY badly.

The problem is in some ways simple -- the current situation was NOT created overnight, nor was there some nefarious plot cooked up to screwover anyone. The various pensions SYSTEMS funded by the State of Illinois have not only the same kind of problems as pension plans once funded by firms from IBM to local businesses BUT ALSO were mismanaged by corrupt buffoons that would gladly throw huge upfront fees to outside advisors for utter non-performance. While there is some truth to the assertion that leaders from a whole lot of political factions contributed to the mess, the reason there is no agreement on a solution is because the various defenders of the status quo are not going to be able to see past the losses that they'd have to own up to. And don't forget that the CTPF has its own army of lobbyists that have created a whole fiction of what a wonderful job they're doing Public School Teachers' Pension and Retirement Fund of Chicago

Saddling local school districts with this problem is not a solution that will either help to fix the shortfalls in the pension trust funds NOR will it do anything to lessen the State's constitutional requirements to pay the pensions promissed.

This is all laid out -- Illinois public pensions - Sunshine Review


Surveys / polls show most respondents would like "to have their cake and eat it too" but once they learn that the Easter Bunny / Santa Claus ain't gonna fill up baskets with chocolate eggs / sugarplum but they'll see their property taxes sky rocket and the value of their homes plummett the fog sorta lifts...

[linicx]

I think its really dumb to tax retired teachers, who never received a large salary, out of their homes. Many of these educators paid into a teacher's retirement pension 30-35 years. The state turned a blind eye; now it needs to keep its end of the bargain the legislators made. Turn back the clock to the 50s and 60s and compare the salaries between Chicago teachers and, say, teachers in Pittsfield, IL. I'll bet it wasn't $5K.

[cubssoxfan]

No way! Not until the state funding and grant money gets distributed to local school districts more equitably. The "hidden" fact is although CPS funds their pensions, they get a lot more back in State funding that some who have reported on the topic say is biased in CPS favor. Many Downstate and in the burbs recognize this and see this as another "soak the taxpayer" move by Lord Madigan and his cronies who want to tax us more instead of tackling real reform to fix the State's march towards bankruptcy.

[linicx]

Cubs I'm not too sure the state has ever been terribly transparent about all its income from all its sources including, grants, trusts, sale of state property etc., or its dispersal of all funds. Smart phones for instance are taxed at 15%. What exactly is the income from gas, oil and coal, professional licenses and certificates? Rental income from state lands and buildings? Revenue from hunting, fishing, car registration and renewals, CDL and Driver's licenses and renewals? How much is borrowed at what interest? Total amount of grant money received?
Let's see it. I would like to know what a forensic auditor would say.

What are the "unpadded" expenses? Since we have this terrible problem with pensions lets start with the Legislators. They should have a smaller salary and we should look at their pension too. They will vote themselves another fat raise in January. They make enough money to fund their own retirement IRA and sensible investments, too. The fatted calf is dying. It is time the legislators that created this mess feel it too.
I love the guys in the $1K suits and Gucci shoes who tell me how they feel my pain.

(The same for DC. Our forefathers did not get paid, did not gridlock for years, and never dreamed the legislators today would have lifetime pensions after one term.)