Thursday, September 15, 2016

This is How You’ll Bail out Municipal Pension Funds

Wolf does it again.  What.A.Mess
Property owners have already been whacked by a record property tax increase passed last October. It came on top of a reassessment of property values. So the property tax bills this year have jumped on average by 13%.

Phone users get to prop up the Laborers’ Retirement fund, expected to become insolvent “by 2029.” It covers about 5,000 current and retired laborers. So proceeds from the 911-surcharge increase from $2.50 a line to $3.90, imposed in 2014, or about $40 million a year, will be redirected to the fund. The city will also shuffle an extra $30 million a year from city funds covering the operation of O’Hare and Midway airports, water and sewer construction, and the like into the fund.
That last sentence about "shuffling" funds from airport operations. So the city infrastructure and airports will suffer so these pensioners can live the life of Riley.

You wait until we read of a jet that ran off the runway and killed several passengers due to poor runway maintenance due to underfunding.

We already have history in Chicago with EL-Trains derailing due to lack of maintenance and the woman with the cracked skull from falling pieces of Union Station.

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