A group of Chicago unions, including AFSCME Council 31 and the Chicago Teachers Union, have sued the city over a recent attempt to reform two of the city’s four pension funds.
Allegheny Technologies is making the switch to a 401(k)-style plan despite the fact that the company’s defined-benefit plan is currently 87 percent funded. Regardless of how well funded some defined-benefit plans can be, the plans are no longer affordable or sustainable.
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.
The “gift room” scandal, a botched police raid and a smokestack implosion underscore how the head of Chicago’s Law Department, also known as the corporation counsel, too often lacks independence from the mayor’s office. Chicago’s corporation counsel is appointed by the mayor and can be removed at the mayor’s discretion. Experience in other major cities...