Courtesy of Mish.
Want to retire at age 58? With Full benefits? When Private sector workers do not qualify for full Social Security benefits until age 67?
Who doesn’t?
Hey, no problem. Just work for the Chicago park district (or countless city police and fire departments).
Retirement for Chicago Park District Employees, With Full Benefits: Age 58
Please consider the November 7th article Parks and Wrecks by the Illinois Policy Institute.
The Illinois General Assembly today approved a pension bill that requires taxpayers to pay an additional $75 million into the Chicago Park District pension fund in addition to tripling the taxpayer contribution to the troubled pension fund.
Make no mistake: This bill is bad for workers and taxpayers. It will most likely result in higher taxes and fees for city residents, but no greater level of retirement security for park district workers.
The Chicago Park District has more than $1.4 billion in official debt. This includes $40 million in debt related to retiree health care, $426 million in pension debt and $944 million in other long-term debt.
Private sector workers do not qualify for full Social Security benefits until age 67; the retirement age for the majority of Chicago Park District workers, under this bill, would be 58. Any pension reform bill must match the government retirement age to the private sector retirement age to fix the system.
The bottom line is that with today’s actions, lawmakers in Springfield cemented tax and fee increases on Chicago residents. They are continuing to paper over the city’s pension problem and refusing to tackle it head on.
Reflections on Chicago’s Second Triple-Notch Bond Downgrade in Six Months
Also consider Chicago’s triple-notch credit downgrade
Pension costs are already unraveling the state’s finances. Now it’s the city of Chicago’s turn.
The city’s out-of-control pension liabilities and “accelerating budget pressures associated with those liabilities” has resulted in another credit downgrade by Moody’s Investors Service….
