Monday, December 5, 2016

Texas legislature agrees to bailout Illinois unions

Dallas Texas city politicians put a big wrinkle into the national fabric when they frigged the city pensions.  That makes them first in line for the old  Magic Walrus bailout.  So, when Illinois comes to the Swamp,what do the Texans tell them?  "Sure, Texas is a bailout nation, a drunk with a credit card, an empire of welfare bums"

Pension Board Chairman Sam Friar said he was happy to work with the city but called the [claw back] proposal a "non-starter." And although he and Rawlings both say they want to work together, the city's stance will almost certainly lead to a showdown at the state Legislature next year. Pension officials hope active police and firefighters will vote to support a package of benefit cuts that they believe will pass legal muster.
Friar believes it's illegal to penalize members for benefits they've already received and accrued.
"This is the one issue that we're just not going there," Friar said. "We will not do it. The pension board — we will just not go there. ... You cannot put toothpaste back into the tube."
Ultimately, the Legislature is the biggest unknown. The pension system is governed by state law, not city ordinance. The City Council has four of 12 seats on the board but otherwise has no real power over the fund even though taxpayers have been paying more than $110 million into the pension system each year.

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