Fred’s Sunday week in review.

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Last night at Harish I Patel’s election rally.

In next month’s Illinois Primary, voters in one Chicago neighborhood have a choice to make that could be historic should they nominate a Muslim candidate, an immigrant from India to run for the state legislature. CBS Chicago

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“There’s a whole range of options and different ways to do this,” said Rep. Elaine Nekritz, D-Northbrook, chair of the House Personnel and Pensions Committee, which will hold a hearing Monday. “We want to explore all of those options.”

Nekritz, who helped author the pension reform plan that was ultimately struck down by the Illinois Supreme Court last year, said she believes the buyout plans would be found constitutional.

“To my mind it is clearly constitutional because the choice is completely within the control of the annuitant,” she said. “If you don’t want to do it, don’t do it. We’re not changing your benefit. We’re offering you an additional benefit, frankly.”

“Nothing here forces anyone to do anything,” agreed Rep. Mike Fortner, R-West Chicago. Journal Register

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Susan Sadlowski Garza and Theresa Mah. Sue is running for 10th ward Committeeman and Theresa is running for 2nd House District representative.

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Fed-up Fridays. Photo credit: Frank James Johnson

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6 thoughts on “Fred’s Sunday week in review.

  1. Dear Fred,
    In regards to lump sum payouts of pension benefits, future annuitants need to keep this in mind: In order for the state to reduce it’s unfunded liability, they have to get the money out of your pocket. You are agreeing to take less to get money now. How much less might be described as the proverbial “devil in the details”.

    Unless you have a short life expectancy, there is no good reason to take the deal. Your already earned pension money is being spent to provide lifetime security for you. That should be much more important to you than providing a larger inheritance. (No offense meant to the kids, but they are probably not capable of supporting you.)

    If your health is so poor that you fear not getting back the present value of what you paid in, then PERHAPS taking a lump sum is a good idea (depending on the cost to you). Otherwise, behests to children or relatives is a red herring in my mind.

    Personal control of your money should not have to be gained at the expense of giving up the already earned “backstop” of a defined benefit plan. Your survivor’s benefit provides a small hedge for “early death” risk now. My question would be, “What are you giving me that I don’t have now? Show me the numbers.”

    It is entirely possible that this proposed new “pension reform plan” is nothing more than legislating a pathway for private money managers to get their hands on your pension money. Money they can invest to earn commissions for themselves. The fact that you will get much smaller returns on your money is completely ignored. It is a a “new” benefit” for you!. How nice of them.

    The unfunded liability is lowered, a new pool of money is created for money managers to make commissions on, and and the risks are all shifted to you. What is there for them not to like?

    Really? Anyone considering such a plan needs to think long and hard before going along with such a one-sided deal.

  2. Has Hillary Clinton ever denounced Rahm Emmanuel? https://www.americarisingpac.org/hillary-clintons-support-for-rahm-emanuel-at-odds-with-82-of-chicago/
    The answer is NO! She supports him.

    Bernie Sanders has stated that he doesn’t need the support of Rahm Emmanuel. The following is from a CNN sight:
    Sanders has repeatedly called for the resignation of all Chicago leaders who were involved with keeping hidden a tape of 16-year-old Laquan McDonald being fatally shot by a police officer.

    “Like any other public official, when a police officer breaks the law, that officer must be held accountable,” said Sanders, who earlier this year endorsed Emanuel’s mayoral opponent, Jesus Chuy Garcia.

  3. I have little to add to Hugh except to say SURS offers cash now but it is a hole. This will be a serious offer but don’t forget any survivor and health benefits. Also if you have no immediate surivor three is usually something you can leave to miss or charity if you die before retirement. As I understand this I would say OK pass it.

  4. Tell us more about the House 2 race Fred. There May be a Rauner candidate in 72 in Rock Island County. But the establishment dems should win. There are two or three other downstate races I know of .San McCann in the Springfield Senate race aginst a Raunrite. A house race in EIU district and one where Edgar is backing somebody against Rauner. Any other races we sould follow?

  5. That “pension reform” (AKA pension theft, robbery of public retirees), sounds dodgy to me. Especially the part of a third party paying a lump sum and then collecting the pension from the state. Exactly how does that save the state anything? The SURS lump sum deal only refunds what the employee put in and a portion of the interest that SURS got from the employees money. The new pension reform deal would be OK if it was optional, AND paid the full value of the employees contribution plus FULL interest, plus 90% of the state’s required contributions and full interest. No middleman. Retiree insurance would stay the same. Anything less would be like the retiree being robbed. They already tried public retiree robbery and the Illinois Supreme Court shot it down.

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