8 thoughts on “Forbes post, “Whew – Illinois Is (Probably) Not Going To Bail Out Chicago’s Pensions”

  1. Enjoyed your article.
    One thing I thought was missed was the fact that Illinois is RAPIDLY DEPOPULATING!
    In the last 4 years, Illinois’s population has dropped by nearly 160,000. I think its entirely possible that Illinois could lose up to 500,00-600,000 more people in the next 8-10 years.
    Is assumed population loss, used in the current actuarial calculations?

  2. There will be neither a Constitutional Amendment nor any reduction in benefits, nor will any Federal Judge allow Chicago or Illinois to declare bankruptcy of any type. You may be a great actuary, but you do not understand the politics or the law. Both Chicago and Illinois will be forced to raise taxes and cut services. A fifth-grader can fix this problem; it’s just not politically popular to stand for higher taxes and service cuts. Only a wealthy guy like Pritzker can dare attempt this. Madigan will be the useless tool in the way forward, it’s not the demand that the workers get what they bargained for.

  3. As if we didn’t have enough to worry about…lol
    anything having to do with Chicago or Illinois is hard to calculate. i don’t know if it is okay or not but i wanted to ask a question. Let’s say that you were in the military and retired from the military. You then commence work at an IMRF employer. You are Tier 1. You foolishly leave the employer just seven months shy of eight years. As a military retiree (not currently working for an IMRF employer), are you able to ask for credit for your service and buyback seven months so that you can start getting that pension as well? I saw something a while ago. Or do you have to work for an IMRF employer to earn your seven months?

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