Screw the New Hires
The lavish pensions that City Hall has been known for may become a thing of the past for new city employees.
Newly hired employees would shift to the 401(k) plans favored by private industry -- instead of the "defined benefits" enjoyed by their older co-workers -- under a plan being pushed by the head of Mayor Daley's pension reform commission.
Sources said the two-tiered pension system is the painful solution favored by Chicago's former chief financial officer Dana Levenson.
We'll admit to being in the dark for a lot of this bean counting. Someone will really have to explain the entire thing to us over the course of implementation. We do know that chronic mismanagement and the City failing to meet it's obligations are the primary causes of the troubles. But that is typical of the Machine ever since it's inception - screw the cogs in the Machine as long as the votes get counted. They'll bleed each and every one of us to keep Machine ticking.