Restructuring the CTA's Pension Plan
From Dennis Byrne over at Heartland Institute dated August 1, 2007 (?). Wonder if the Mayor is sending Springfield a message here.
A groundbreaking effort to switch a public employee pension system from a defined benefit plan to a defined contribution plan is underway in Chicago.
The Chicago Transit Authority wants to follow a growing trend in the private sector toward a 401(k)-type retirement system in which the employer and employee make regular contributions into a retirement account controlled by the employee. Supporters say this approach can save taxpayers money while still providing solid retirement income for state workers.
A CTA spokeswoman said Chicago Mayor Richard M. Daley, the state's most powerful Democrat, has signed on to the retirement restructuring.
3 comments:
The Constitution Pension Guarantee, when combined with Illinois too numerous taxing bodies, sleepwalking electorate, and gerrymandered and controlled legislators, is nothing more than a license to steal, and lo-and-behold, the state is bankrupt.
Yes, we need to go to defined contribution, and triple-yes, the Constitutional Convention is necessary to wipe out the current pension guarantee.
Of course, all who relied on it must remain whole, regardless of how complicit they were in this legalized thievery.
Wasn't Victor Reyes on the CTA board while he was representing a half a billion in lobbying interests before the CTA (including JC Deceaux)?
Isn't that a conflict of interest?
Are his HDO convicted felons like Gil Valadez (drug dealer and informant) still working at the CTA? among others
How did Kruesi get such a sweet pension deal? what a lying scumbag
CTA is a joke
It is corrupt
bad service
all political
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