Skip to comments.Bankrupt Illinois Cities Forced To Cut Services To Fund Pensions
Posted on 09/22/2019 7:53:21 AM PDT by DUMBGRUNT
On Tuesday, the East St. Louis firefighter pension fund demanded that Illinois Comptroller Susana Mendoza intercept more than $2.2 million of East St. Louis city revenues so they could be diverted to the pension fund.
The fund trustees said the city shorted firefighter pensions by $880,000 in 2017 and another $1.3 million in 2018. Under a 2011 pension law, the state comptroller gained the powers to intercept city revenues on behalf of police and fire pension funds shorted by their municipalities.
(Excerpt) Read more at moneymaven.io ...
Swirling around and down here in DuPage county.
Here we go.
Soon we’ll all be working paying taxes getting little or no services, so that gov workers can retire on 6-figures at age 55.
Lake County here. I feel our pain bro.
A resident sez...
“My house burned down and the fire department didn’t even bother showing up!”
“But their pensions are safe...”
I’d feel sorry for public employees, but I know too many.
And with only one exception, they don’t care how much pain they cause taxpayers.
They want what they’ve been promised, no matter how unrealistic, and they’ll happily beggar the people they purport to serve in order to get it.
The typical result of LIB/DIM policies. Oh, well. Told ya.
Gov Fatso kind of forgot to pay his nonunion plumbers!
Seems clear, the plumbers are the same ones that called the newspapers.
As I understand it, Illinois public pensions are protected by the state’s constitution. The state or city cannot unilaterally lower pension payouts. On top of that, many cities have not paid into the pension fund as they should have. Only solution is to raise taxes and lower services. Oh, the state constitution could be modified but do you think democrat politicians are going to do that? So the taxpayers are well and truly stuck.
And we knew that there was not in the nineteen sixties.
Like Social Security, public pensions are in most cases a ponzi scheme.
During my youth the Tulsa Tribune and The Tulsa World debated the matter continually.
Only the ones who can't vote with their feet...
You can’t break the already existing contracts, because if you did, no one would ever believe you again about the new ones. Aside from the fact that it is illegal.
We have an MTA crisis in New York, with huge numbers of people getting to work late too often, while the pensioners are allowed to keep getting their huge pensions based on a lot of overtime. It’s a vicious circle.
Twice in the last few weeks it has taken me two and a half hours to get home on the buses. At least with the buses you are not stuck underground.
Makes sense, till they have to cut pensions to fund services.
Anyone here getting any "services" that their grandparents weren't getting 60 years ago when even New York State didn't have a sales tax?
(Source: Illinois Constitution.) SECTION 5. PENSION AND RETIREMENT RIGHTS Membership in any pension or retirement system of the State, any unit of local government or school district, or any agency or instrumentality thereof, shall be an enforceable contractual relationship, the benefits of which shall not be diminished or impaired. Illinois Constitution - Article XIII - ilga.gov www.ilga.gov/commission/lrb/con13.htm
Sure you can. And that is exactly what is going to happen.
There is not enough money in the entire State economy to pay those pension claims. Multiply that by pension insolvency in a dozen other States and there will be no Federal bailouts either.
After the politicians have totally screwed taxpayers and crashed the State economy, they will send out token payments in cash, and some kind of unbacked script for the rest. The pensioners may get ten cents on the dollar for their claims.
Well, you didn’t include the rest of my sentence in your quote. I gave the two reasons that prevent this.
Of course the state or city “can” physically or legislatively do whatever it wants and then get sued.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.