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Home Illinois News

The Perils of Pensions and Prosperity

Illinois Review by Illinois Review
October 27, 2022
in Illinois News
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During the city of Detroit’s bankruptcy, the state-appointed administrator sought to cut pension payments for thousands of retired city workers, in violation of Michigan’s state constitution. City retirees eventually accepted a 4.5 percent cut in benefits, in part to prevent possibly larger cuts. Many private-sector pensions are also shaky; the federal pension insurance agency is currently assisting a record number of multi-employer plans. READ MORE

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