By: Diane Benjamin
I emailed with the reporter of the Chicago Tribune story today. Without him, you never would have known the City was allowing you to be ripped off.
Joe Mahr gave me a little more history of spiking. The law disallowing employees to spike their salary in the final 3 months of employment goes clear back to 1963. He said employees have been working around the law ever since to get their pensions up. The 2012 law finally set a threshold allowing IMRF to collect from local government, thus sharing the cost of increased pensions that nobody had paid for.
Here are a few visuals from openthebooks.com . It’s easy to see why the retirement fund had to collect more to cover future pension expenses:
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