Consolidation danger
Contrary to the enthusiasm for pension consolidation expressed in this paper's Oct. 15 editorial, I have a different opinion. Yes, there will be some cost reductions and perhaps higher returns. However, there is a real danger that pension costs will rise exponentially.
We have seen this before. Illinois consolidated all but Chicago's school district pensions years ago. As an unintended side effect, schools began the habit of giving teachers salary bumps in the last few years before retirement.
This would and did increase teachers' pensions, but "won't cost the district because the state will be paying the pension." We have seen how that turned out. Let's not make the same mistake again.
Herm Faubl
Huntley
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