Public Pensions - you want the Truth?

You want the Truth? Can you handle the Truth?--

Emanuel sends "Dear City Employee" letters on pensions - Chicago Tribune: “ . . .If we follow along the current path, we know we will confront two stark choices: either the city’s pension payments will squeeze its ability to offer the essential services that you provide, or each of our pension funds will go bankrupt, leaving you and your families without retirement security,” Emanuel wrote. The mayor announced he was sending out the “Dear City Employee” letters during a news conference following today’s City Council meeting. It came a day after Emanuel made a rare mayoral trip to the state capitol to outline his proposal to save faltering pension funds. His solution, which also would involve implementing 401-k type plans for new employees, has been met with allegations of unfairness from unions representing city employees. The unions say it’s the failure of city and state leaders to set aside enough money in retirement funds that led to a funding shortfall of $20 billion in pensions supported mostly by city property taxes. “I want everyone to know, the city employees have done nothing wrong,” Emanuel said at the news conference. The mayor also said taxpayers are not at fault, that the blame lies with legislative, union and city leaders who “year in and year out agreed to things that they knew we could not do and then didn’t pay into the system like they were supposed to.” Without naming names, Emanuel said people who held his job and were in “other positions of leadership” created the current situation. The state has nearly $80 billion in unfunded pension liabilities, the city $20 billion, threatening the financial stability of both. . . "

Again, kudos to Chicago Mayor Rahm Emanuel for telling the Truth.

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