The SEC reviewed the Illinois pension debacle and the only word they could come up with for it was “fraud”. Even the Tribune was forced to report that it wasn’t greedy public workers, but the deliberate malfeasance of governors and legislators, many of whom are still in office. I refuse to accept my $28,000 pension payout in 2025 would be something you could consider extravagant.
“The SEC order details how, beginning 19 years ago, Illinois pols laid the foundation for today’s pension mess — evidently so they could keep spending what should have been pension fund contributions on other things. But the agency doesn’t have jurisdiction over most of that chicanery; as an agency official put it, “The SEC is not involved with whether the state is doing a good job or bad job in terms of managing its pensions.”
“Shortly thereafter, Mr. Rauner “sent a check for $200,000. Another check, for $100,000, came just before the election,” the paper said. And something else happened, too. After Mr. Rendell was elected governor, “the state doubled its stake” in investment funds handled by GTCR LLC, picking up management of an additional $116 million in pension funds worth more than $4 million in fees.”
“In a detailed report and at a press conference today, Senate Republicans headed by Leader Christine Radogno said whatever Chicago doesn’t get in pension aid, it more than gets back by grabbing an oversize share of funding through poverty, early-childhood, property tax limitation and corporate income tax replacement programs.”
“For the second time in two years, Chicago Mayor Rahm Emanuel’s legislative desires are being brought to the Illinois General Assembly by right wing Republican legislators. The last time, it was State Rep. Tom Cross who introduced legislation that tried to change all Chicago public workers pension boards to seven members, four appointed by Rahm. This time it’s State Rep. Darlene Senger who is trying to get the “Parent Trigger” into Illinois. Senger is from Naperville, which is unlikely to ever face “parent trigger.” So, once again, the target is Chicago’s public schools.”