Chicago Mayoral Race: Good Luck Dealing With the Pensions

In this episode, I commiserate with the poor sucker who wins the Chicago mayoral race, and has to deal with the pension disaster coming their way. Also, RIP for Laurence Msall, who had been President of the Civic Federation of Chicago for 21 years and died too young. STUMP - Meep on public finance, pensions, mortality and more is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Episode LinksLaurence MsallStatement on the Passing of Civic Federation President Laurence Msall, 1962-2023The members and staff of the Civic Federation are heartbroken to share the news of the death of our president, Laurence Msall. He passed away surrounded by family on Saturday, February 4, following complications from surgery. Our members and staff are supporting each other through this unexpected loss and taking comfort in the memories of our extraordinary leader and dear friend, who served as president of the Civic Federation for 21 years.Laurence’s contributions to the Civic Federation were immeasurable and his sudden passing comes as a devastating blow to members of the Civic Federation family. While Laurence was the Civic Federation to so many in the community, his real legacy was in helping to make the Civic Federation the indispensable voice for fiscal responsibility throughout the state of Illinois and that mission will go on through the outstanding staff that Laurence developed.Obituary for Laurence MsallIllinois Policy InstituteHERE’S A TO-DO LIST FOR CHICAGO MAYORAL CANDIDATESPensions: Support constitutional pension reform.In order to stabilize city finances, prevent further crowd-out of other city functions and secure retirements for city workers, Chicago’s mayor must support pension reform. Lightfoot recently pushed this issue as did her predecessor, Mayor Rahm Emanuel, late in his term.That will require amending the Illinois Constitution to allow for changes to the growth of future benefits. The mayor must lobby state lawmakers to place that amendment before the state’s voters.LIGHTFOOT 2ND CHICAGO MAYOR TO CALL ON SPRINGFIELD FOR PENSION REFORMMayor Lori Lightfoot Jan. 27 urged Springfield lawmakers to help reduce Chicago’s future pension woes, arguing the city can no longer afford to spend the $1.3 billion it did on public pension debt during the past four years.Lightfoot said her $16.4 billion 2023 budget prepaid $242 million in pension debt to avoid raising costs on taxpayer and avert the liquidation of assets by the municipal employees, laborers, firefighters and police pension funds. But Lightfoot said Gov. J.B. Pritzker and state lawmakers now need to act on pension reform.Public Plan Database on Chicago PensionsChicago Municipal pageContributions madeFunded ratioAll the Chicago plansOld STUMP Posts on Chicago plansApril 2017: Watching the Money Run Out: A Simulation with a Chicago Pension  April 2017: Geeking Out: Testing Chicago MEABF to Destruction  March 2019: Chicago Mayoral Race: Screwed No Matter Who You Choose, Thanks to Unfunded Pensions  STUMP - Meep on public finance, pensions, mortality and more is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to STUMP - Meep on public finance, pensions, mortality and more at marypatcampbell.substack.com/subscribe