MAYOR LIGHTFOOT, SUSTAINABLE COLA PENSION BENEFITS AND THE PENSION BETRAYAL OF THE IFT’S DAN MONTGOMERY.
Chicago Mayor Lightfoot caused some concern yesterday when she spoke of “unsustainable” COLA benefits for retired public employees of the city when she sat down with editors from Crain’s Chicago Business.
It is hard to know what she actually said since Greg Hinz didn’t quote her except to put quotation marks around the word, “sustainable.” He does quote the mayor as saying paying the COLA benefits would be a “tough slog.”
Later her office issued a statement walking all that back. But, too late. Any mention of cutting pension benefits will prompt an immediate response from retirees.
Including from me.
I tweeted: “Changes to current retirees and employees COLA? Not unless she can get 8 Supreme Court members (or at least 5) to change their minds. Not going to happen.”
I don’t know what the Mayor actually said to Crain’s editors. Maybe somebody has the transcript and can share.
Let’s deal with what we do know.
The current benefits, including the 3% COLA increases, are protected contractually CONTINUE READING: Mayor Lightfoot, sustainable COLA pension benefits and the pension betrayal of the IFT’s Dan Montgomery. – Fred Klonsky
