AvgGuyIA
Gold Member
How about they reset the pensions to match the pension benefits of industries in Chicago and discontinue pensions for new hires. If the pension document has something like the words "the city reserves the right to change these benefits anytime" then they can get away with it.I'll hazard a wager that Chicago will be the first U.S. city to go Full Paris Is Burning in the U.S. due to this:
But in a luncheon address to the City Club of Chicago, Bill Daley argued that the $42 billion in unfunded pension liabilities at the local level — $35,000 for every Chicago household — will require the next mayor to consider the previously unthinkable.
“We must find new revenues and everything must be on the table. Marijuana, casinos, commuter taxes, real estate transfer taxes and reforms to the system must all be on the table,” Daley said to the applause of his standing-room-only audience of movers and shakers....
Bill Daley opens door to commuter tax to help fund pensions