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Keyword: teacherspensions

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  • Chicago pension fiasco: $54M lost on deal with Daley nephew, ex-Obama boss

    09/14/2018 8:32:22 AM PDT · by george76 · 19 replies
    Chicago Sun-Times ^ | September 14, 2018 | Tim Novak
    Vanecko and Davis. Their firm made millions in fees even as retirement plans for teachers, cops, other Chicago city workers suffered big losses. A dozen years ago, five financially strapped city of Chicago pension funds invested $68 million in a shaky real estate deal put together by a former boss of resident Barack Obama and a nephew of Mayor Richard M. Daley. It was a high-risk investment. Allison S. Davis — who once headed a small Chicago law firm that gave Obama his first job out of Harvard Law School — and Daley nephew Robert G. Vanecko even warned in...
  • CPS needs $596M, not $129M, to finish year, top mayoral aide says ( Chicago )

    05/10/2017 3:45:08 AM PDT · by george76 · 15 replies
    Chicago Sun-Times ^ | 05/09/2017 | Santiago Covarrubias
    It's going to take much more money to keep Chicago's schools open through June than previously revealed, top Emanuel budget aide Carole Brown says. The Chicago Public Schools actually need $596 million to keep schools open the rest of the school year, and not just the $129 million officials have publicly discussed, a top aide to Mayor Rahm Emanuel said Tuesday. ... Brown said all options are on the table to find the cash needed to stave off an early closing of schools that CPS CEO Forrest Claypool has warned might be needed but that Emanuel has ruled out to...
  • THE WATCHDOGS: Generous pension benefits only one part of state, city financial crisis ( Chicago )

    05/18/2015 7:03:55 AM PDT · by george76 · 13 replies
    Chicago Sun-Times ^ | 05/17/2015 | Chris Fusco, Dan Mihalopoulos and Patrick Rehkamp
    One of every four retired workers from the state of Illinois, the city of Chicago and the Chicago Public Schools is getting a pension of more than $60,000 a year. That’s 80,365 people in all. For 13,240 of them, those checks provide a yearly income of $100,000 or more, a Chicago Sun-Times/Better Government Association analysis of pension records has found. An additional 20,004 have pension incomes totaling between $80,000 and $100,000 a year. ... the root of the problem is that government officials kept promising lifetime benefits to workers — and, in many cases, to their surviving spouses should they...
  • TEACHER'S PENSIONS

    04/22/2015 7:22:46 AM PDT · by knarf · 40 replies
    self ^ | April 22, 2015 | knarf
    I've done a lot of thinking about this and I'd like feed back