The expedited hearing is good news. It means the state will know specifically what it can do to address its $111 billion unfunded pension debt sooner rather than later.
The list of reasons for denying government workers the benefits of 401(k)-style plans in favor of politician-controlled pensions is short at best, and it’s growing shorter every day.
Utah’s pension funds had a 50 percent chance of becoming insolvent by 2028 prior to the state’s reform plan. The chance dropped to 10 percent after the state greatly improved the solvency of its pension funds with 401(k)-style reforms.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.