SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
CapitolFax.com
To subscribe to Capitol Fax, click here.
Preckwinkle says Quinn “noncommittal” on her pension reform bill

Thursday, May 22, 2014

* From yesterday

Several dozen unionized Stroger Hospital employees descended on a Cook County board meeting Wednesday, expressing their displeasure with President Toni Preckwinkle’s pension-reform plan, which is expected to surface soon in Springfield.

As county hospital workers waited their turn to address the board, the echoes of an overflow crowd could be heard chanting “save our pensions” from a hallway outside the boardroom. […]

When asked what her thoughts on the workers concerns were, Preckwinkle said she was obligated to revamp county pensions.

“In 2034 it runs out of money. And then there’s no pension for anybody,” she said.

The county’s pension accounts — which are about 54 percent funded — are not as severely underfunded as the city’s.

* She’s in Springfield today lobbying for her pension bill

“We put this together, because we knew if we didn’t do something . . . then we’re probably going to suffer . . . downgrades in our bonds,” Preckwinkle added. “And the longer we wait, the harder it is to do, the more money is required, the more difficult it is. So we’re pushing to get something done by the end of the session.”

Doing so, in the face of so-called pension fatigue after the General Assembly recently passed bills making changes to state and city of Chicago pension plans, may be a tall order. Gov. Pat Quinn has yet to sign the bill that would make changes to two of four Chicago pension plans that are in worse financial shape than the county plan. Preckwinkle said she’s talked to Quinn.

“I’ve talked to him about the fact that we will be trying to secure passage in this session,” she said. “He was noncommittal, but I’m hopeful that he will be supportive. I think it’s no secret that this is complicated by the fact that he has a city pension bill on his desk already.”

Quinn is in a tough spot, as he mulls whether to sign a city plan that likely would lead to a $250 million tax increase over the next five years, even as he talks about granting a larger income tax break to offset property taxes for homeowners across the state.

Yeah, but he also said he was “Put on this Earth” to solve the pension problems. Now, when property taxes could rise as a result, he doesn’t wanna hear about any pension reforms.

- Posted by Rich Miller        


19 Comments
  1. - Gene Debs - Thursday, May 22, 14 @ 1:17 pm:

    The new-found motivation for dealing with a pension problem due to arrive in 2034 does not seem genuine. “The numbers indicate that we might have to cut pensions in 2034, so let’s cut them now!” Consider this. If Illinois does not do anything address its structural deficit, the state will be in a much more serious financial breakdown that will affect all state services. Most observers expect that will happen long before 2034.


  2. - DuPage - Thursday, May 22, 14 @ 1:20 pm:

    Didn’t she read the paper? She should wait until the Illinois Supreme Court decides the constitutionality of SB1. Otherwise she is wasting time and resources and political capitol on something that may be thrown out later.


  3. - Chris - Thursday, May 22, 14 @ 1:23 pm:

    “Yeah, but he also said he was “Put on this Earth” to solve the pension problems. Now, when property taxes could rise as a result, he doesn’t wanna hear about any pension reforms.”

    What IS PQ’s plan to fix the pensions? And the “much more serious financial breakdown” that Mr Debs notes?

    So far, PQ’s plan seems to be a give away of tax dollars to homeowners. Sure, it’s more of a plan than Rauner has offered, but I’m not sure that it is a *better* plan than “nothing”.


  4. - Chris - Thursday, May 22, 14 @ 1:24 pm:

    DuPage: “Didn’t she read the paper?”

    She read the part that said she might beat Rahm for Mayor.

    If she can get her (possibly unconstitutional) bill signed before Rahm gets his (possibly unconstitutional) bill signed, then she looks like someone more able to git’r'dun than Rahm.


  5. - MOON - Thursday, May 22, 14 @ 1:25 pm:

    GENE

    The problem exist’s today.
    In 2034 “it runs out of money” according to Preckwinkle. That is a lot different then what you concluded. Or would you rather wait until there is no money and then address the issue?


  6. - OneMan - Thursday, May 22, 14 @ 1:27 pm:

    Do the cook county property tax bills break out the taxes you pay to the various pension funds?

    Would be curious how those rates compare to what I pay in dogpatch


  7. - Anonymous - Thursday, May 22, 14 @ 1:28 pm:

    She has thousands of non-union employees. She has never reached out to them. Not once. Kinda silly when you learn over 800 are attorneys.


  8. - VanillaMan - Thursday, May 22, 14 @ 1:30 pm:

    Now that is the kind of action we need in City Hall!


  9. - Chris - Thursday, May 22, 14 @ 1:36 pm:

    “Do the cook county property tax bills break out the taxes you pay to the various pension funds?”

    Yes, partially. Don’t see my current one handy, tho. Know that (in Chicago) it does NOT break about the pieces to the various muni pensions, but just one big chunk.

    So we see Cook County, MWRD, Forest, City Parks, Schools, Community College, and City, with the total levy and the portion to pensions.


  10. - Rhino Slider - Thursday, May 22, 14 @ 1:42 pm:

    I am well aware this completely lacks sensitivity, but I must admit to a certain amount of amusement with Chicago and Cook pension problems. Both have been complete cesspools of patronage and their respective corruption, so it feels like poetic justice that the people who ultimately caused the problem will have to suffer the consequences.

    I just wish karma was more swift to the big dogs.


  11. - RNUG - Thursday, May 22, 14 @ 2:08 pm:

    - DuPage - is on target if she is not running for mayor.

    - Chris - is right if she is running for mayor.

    In either case, she would be better off sitting down again with the various employees / retirees and trying to work out a compromise …


  12. - Chris - Thursday, May 22, 14 @ 2:28 pm:

    “so it feels like poetic justice that the people who ultimately caused the problem will have to suffer the consequences.”

    How do you figure? They’re all retired collecting their pensions and will mostly be dead before the funds actually run out of $$.

    The people who will “suffer the consequences” are the ordinary tax payers.

    Sure, say what you want about ‘getting the government you deserve’, but that’s just facile.


  13. - Anonymous - Thursday, May 22, 14 @ 3:01 pm:

    How can a pension fund run out of money if there are contributors (current workers)and (the key) contributions from the county?


  14. - Name/Nickname/Anon - Thursday, May 22, 14 @ 3:05 pm:

    They are spending a lot more than they are bringing in, eventually they run out.


  15. - Anonymous - Thursday, May 22, 14 @ 3:31 pm:

    They can run out of money because contributions are being skipped and that’s not an option that can be exercised by employees.


  16. - Precinct Captain - Thursday, May 22, 14 @ 4:02 pm:

    ==Do the cook county property tax bills break out the taxes you pay to the various pension funds?==

    If you look up a property on the Treasurer or Assessor’s website, you can see the breakdowns to taxing districts for your taxes, but not by pension fund. They do include pension fund data. However, looking at old tax bills that are paid, there is a “pension” number, but I can’t find an explanation of what it actually means and whether it is the amount that went into pensions from your bill. I’ve included a couple screenshots.

    http://imgur.com/bH0PQeS
    http://imgur.com/p91BrM1


  17. - Precinct Captain - Thursday, May 22, 14 @ 4:05 pm:

    ==you can see the breakdowns to taxing districts for your taxes, but not by pension fund. They do include pension fund data.==

    I should have written this better. The bills include pension fund data such as how big it one fund is and its funded/unfunded percentage. You can see how much of your taxes are going to specific government bodies, but you cannot see how is going into pensions from your taxes. As I wrote in the earlier comment, there is a pension number that you can see on older tax bills, but I’m not sure what it actually means.


  18. - Just The Way It Is One - Thursday, May 22, 14 @ 9:48 pm:

    I think his “put on this Earth” remark applied to IlliNOIS’ Pension Crisis because that’s what he was fighting to do for so long…not so sure he meant that statement to automatically apply to all sorts of OTHer large units of Government, like Chicago and Cook County, however, who respectively caused their OWN messes on the Pension issue–particularly the City…!


  19. - Not So Innocent Bystander - Thursday, May 22, 14 @ 11:40 pm:

    No payments have been skipped by Cook County. The alleged shortfall is the result of revised actuarial calculations based longer life expectancies and a significantly more pessimistic view of future returns on investments. It is unclear where these new actuarial guidelines came from or how they compare to the City’s or the State’s.

    Also, unlike the City and the State, Cook County employees do not participate in Social Security, so the pension is the only source of retirement income. Because timely pension payments are necessary to continue its exemption from Social Security, the County cannot miss any payments without incurring a significant penalty from the federal government. In contrast, because both the City and the State participate in Social Security while also promising generous pensions, they have been able to skip pension payments with impunity.

    Any valid comparison between the State and County pension systems should factor in the County’s saving of the employer-side Social Security payment.


Sorry, comments for this post are now closed.


* Question of the day
* *** UPDATED x2 - GOMB, COGFA stand by projections *** Rauner issues his own stopgap deficit projection
* More horrible pension news
* Dealing with the "Rauner question"
* Caption contest!
* *** UPDATED x1 - Ad already on the air *** Oppo dump!
* GOP chairman says Rauner criticism "drives me crazy"
* The power of the cyber
* Edgar, Kennedy take turns whacking Rauner, Trump
* New AFSCME TV ad: "Rauner is so far disconnected from how real people live"
* SUBSCRIBERS ONLY - Supplement to today’s edition
* SUBSCRIBERS ONLY - Today's edition of Capitol Fax (use all CAPS in password)
* Yesterday's blog posts

Support CapitolFax.com
Visit our advertisers...

...............

...............

...............
<


Search This Blog...

Search the 98th General Assembly By Bill Number
(example: HB0001)

Search the 98th General Assembly By Keyword

  
* iOS 10 share nearing half as it overtakes iOS 9
* BlackBerry QWERTY phones still ahead says CEO
* LG V20 pre-orders in US begin with B&H on October 2
* Skype for iOS Devices Updated With Siri and CallKit Support
* App Store Search Ads Go Live October 5, Developers Now Able to Purchase Ad Spots
* SoundCloud may be acquired by Spotify
* GoTenna Mesh evolves off-grid network to extended ranges

* White Sox-Rays delayed twice due to rain
* White Sox and Rays delayed due to rain
* Ventura declines comment on expiring contract
* Anderson flirts with cycle as Sale wins 17th
* Sale accomplishes mission in possible last start
* Anderson flirts with cycle as Sale wins 17th
* Gonzalez looks to get back on track vs. Rays

...............


Main Menu
Home
Illinois
YouTube
Pundit rankings
Obama
Subscriber Content
Durbin
Burris
Blagojevich Trial
Advertising
Updated Posts
Polls

Archives
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
April 2005
March 2005
February 2005
January 2005
December 2004
November 2004
October 2004

Blog*Spot Archives
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005

Syndication

RSS Feed 2.0
Comments RSS 2.0
WordPress

Loading


* Ralph Martire: A useful exercise in defending t.....
* Bernard Schoenburg: GOP attacks DelGiorno for p.....
* Mitchell: Chicago State University needs to cle.....
* Audit: College of DuPage severance outpaces sim.....
* Illinois sets sale of up to $1.7 billion of bon.....
* Editorial: Equal opportunity for all voters alw.....
* Illinois House Revenue Committee Holds Hearing .....
* Rauner administration says budget deficit is $2.....
* Rauner, legislative panel have $2.4-billion def.....
* Rauner Continues Denying To Comment On Presiden.....


* Prosecutors work on global sex trafficking cases in Hawaii
* Despite harsh reviews, Trump resists new debate approach
* Man charged in murder for which another served prison time
* Famed Tal's Hill to be removed from Minute Maid Park
* Chicago teachers set Oct. 11 strike date if deal not reached
* Man who spent decades in prison gets $15 million settlement
* Despite harsh reviews, Trump resists new debate approach
* CPS hiring review follows arrest of teacher with past record
* Audit: College of DuPage severance outpaces similar deals
* Regulators: Doctor concocts vaccines with cat saliva, vodka

* State: Chicago-area doctor puts cat saliva in vaccines
* Diagnosed concussions among Illinois youth up 83 percent
* Federal judge OKs improvement plan for Illinois child agency
* Audit: College of DuPage severance outpaces similar deals
* Doctor subpoenaed in Illinois medical marijuana investigation
* IMA says workers' comp reform, broader sales tax base will help manufacturing jobs
* Former Gov. Edgar, Chris Kennedy both oppose a Trump presidency
* Edgar, Kennedy both oppose a Trump presidency
* Data shows just 86 freshmen enrolled at Chicago State
* Data show just 86 freshmen enrolled at Chicago State

* Chicago Teachers Union sets Oct. 11 strike date
* The best gender-neutral restroom signs we've seen
* Sears, Claire’s at high risk in Fitch study of retail failures
* Senate passes bill for stopgap spending, Zika
* Sandwich chain Cosi files for Chapter 11 bankruptcy


* Man critically wounded in West Englewood shooting
* Petition: Preserve evidence of CPS teacher’s bathroom videotaping
* 970 new Chicago Police officers will need 600 new squad cars
* 2 murders in 1 basement apartment; family looking for answers
* CPD releases sketches of severed head found in park lagoon
* Man critically wounded in South Chicago shooting
* Man shot, seriously wounded in West Garfield Park
* Whole Foods’ opening a celebration for Englewood community
* Welcome, rookie: LB Nick Kwiatkoski eager for another shot
* Sneed: Trump pumps up the room in Bolingbrook fundraiser


* Windsor school 'tasting menu' a big hit with students
* Police shooting victim in San Diego area was pointing e-cigarette, officials say
* Matt Szczur's 1-in-80,000 long shot
* Cops release sketches of person whose head was found in lagoon
* Judge sentences former Lake Station mayor to 4 years in prison: 'Shame on you'
* FDA approves 'artificial pancreas' to manage diabetes
* Emanuel wants to borrow an additional $25 million for 600 new cop cars
* Lincoln-Way union leader: District needs compliance officer
* VW plots Beetle for the electric-car era to overcome scandal
* Robin Ventura mum on staying with White Sox; report says it's up to him


The widget AQL4JYGHIY powered by Feed Informer does not exist.


* Bernard Schoenburg: GOP attacks DelGiorno for pension he now won't get
* Eugene Robinson: Clinton delivers a beat-down
* Ralph Martire: A useful exercise in defending the indefensible
* George Will: Donald Trump's rise reflects America's decay
* State: Chicago-area doctor puts cat saliva in vaccines
* Diagnosed concussions among Illinois youth up 83 percent
* Federal judge OKs improvement plan for Illinois child agency
* Audit: College of DuPage severance outpaces similar deals
* Doctor subpoenaed in Illinois medical marijuana investigation
* IMA says workers' comp reform, broader sales tax base will help manufacturing jobs


* LIVE! IlliNOISE Night
* Farmers harvesting in a hurry to beat flood
* Road Closure: East Street
* Bettendorf woman watches herself on 'Jeopardy!': 'I was nervous then and I'm nervous now'
* PHOTOS: Dennis School Basketball Game Celebrates Millikin Homecoming
* PHOTOS: St. Teresa Students Create Canstruction Sculpture for Food Drive
* JC Soccer: Parkland Vs. Lincoln Land
* PODCAST: SportsTalk 09-28-16
* Harrisburg murder suspect charged with attempting to kidnap state's attorney
* House approves amendment introduced by Bost to aid Len Small Levee repair


* Life sentence upheld for Arlington Heights man who killed his father
* Community service a way of life for Glenbard West football team
* Hampshire to honor Ellett on Friday
* Mundelein High's unusual schedule will end
* Demonstrators protest as Trump visits Bolingbrook

* House lawmakers overcome hurdle on key tra...
* Rodney Davis talks funding with Bloomingto...
* The agency that fought Illiana gets a new ...
* Rep. Dold takes educational cruise down Ch...
* Lawmakers decry high turnover rate of VA h...
* CBD Oil, and politics
* Simon considering state Senate bid
* Killer Congressman Tom MacArthur trying to...
* Shutdown? State may not notice
* Rep. Bob Dold

* Kewanee airport to get federal grant for r......
* $1.7 million in grants to Illinois organiz......
* Peoria Police receive grant for laser scan......

* Obama headlining fundraiser for Duckworth ......
* Mark Kirk Doubles Down on Tammy Duckworth'......
* Mark Kirk Doubles Down on Tammy Duckworth'......

* Wall Street CEO Pay Graphic
* CTU Sets October 11 Strike Date
* Random thoughts. Crash.
* Blues people (an art project).
* Man Wins $15 Million Wrongful Conviction Settlement In Chicago Heights
* Federal Judge Approves Of Illinois DCFS Changes
* Cartoon of the Day - 9/28/16 Trump snorting at the debate
* Cartoon Of The Day
* AFSCME Launches New Ad Amid Stalled Contract Talks With Rauner Administration (VIDEO)
* Report: U.S. Taxpayers Subsidized $725 Million In Wall Street CEO Bonuses In The Last Four Years


* First 2016 Human West Nile Virus Deaths in Illinois
* Schools Encouraged to Participate in International Walk to School Day on Oct. 5
* Governor Rauner Cuts Ribbon for Grand Opening of Obed and Isaac's Peoria
* Governor Rauner Encourages Illinoisans to Serve Those Who Served
* Governor Rauner Proclaims First Gold Star Family Day in Illinois




      Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller