Pension Reform "Working"
If "working" means "it's going broke slower:"
- Reforms implemented three years ago to bolster the retirement plan for CTA employees are working satisfactorily so far, according to the results of a state audit released Tuesday.
The pension code requires that the funded ratio of the retirement plan not fall below 60 percent in all years through 2039. While still above 60 percent, the funded ratio decreased from 74.8 percent as of Jan. 1, 2010 to 70.1 percent as of Jan. 1, 2011...
That doesn't really solve the problem as far as we can tell. And it certainly doesn't explain the current City Administration fighting tooth and nail to purposefully underfund the pensions.
Labels: money questions