The Pension Heist: How politicians raid retirement funds to enrich their corporate masters

“Meanwhile in Chicago, Democratic Mayor Rahm Emanuel is expected to propose similar cuts to municipal employees’ retirement benefits. Yet Emanuel, fresh off pleading poverty to shutter schools, is championing a $300 million spending spree on corporate subsidies, including a massive giveaway to a private university for the construction of a basketball arena. That’s just one part of his city’s notorious and burgeoning “shadow budget,” the mayor’s secret slush fund of taxpayer money designated for corporate subsidies.”

The Pension Heist: How politicians raid retirement funds to enrich their corporate masters
pando.com

Let’s say that as a condition of your employment, your company agreed to pay you a set retirement benefit from its retirement fund, with the implied understanding that the company would…