Looks like someone is finally doing a decent bit of reporting over at the Tribune instead of being Rahm's, Madigan's and Shortshank's bitches:
- When Chicago aldermen floated a proposal in 1987 to boost their city pensions dramatically, Mayor Harold Washington's administration dismissed it as an arrogant ploy that lacked even a cursory cost analysis.
Three years later, the proposal still didn't have a price tag. But records show that the new mayor,Richard M. Daley, helped push it through the state Legislature anyway.
Now a Tribune/WGN-TV investigation reveals how much those lucrative pensions could end up costing taxpayers.
Wait....so it isn't the teachers, firefighters, cops and other city workers sucking the budgets dry?
- An analysis of pension fund documents for 21 aldermen who retired under the plan shows they are in line to receive nearly $58 million during their expected lifetimes, though contributions and assumed investment returns are predicted to cover just $19 million, or a third of that sum.
Awfully convenient that they get to vote on their own golden parachutes. Go read it all