Day: December 3, 2013

Complete Roll Call on Illinois Pension Bill Here

December 3, 2013 No Comments

Roll Call on the Pension Vote HOUSE 53 NAYS Y Acevedo Y Andrade Y Anthony Y Arroyo N Beiser Y Bellock N Bost Y Bradley N Brady N Brauer N Brown N Rosenthal Y Sandack N Scherer Y Schmitz Y Senger Y Sente N Sims N Smiddy N Smith N Sommer N Sosnowski Y Soto N Stewart Y Thapedi Y Tracy N Tryon Y Turner N Unes Y Verschoore Y Walsh Y Welch Y Wheeler Y Williams Y Willis Y Yingling Y Zalewski Y Mr. Speaker Y Drury Y Dunkin Y Durkin Y Evans Y Farnham Y Feigenholtz Y Manley

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Meanwhile, judge rules pensions can be cut in Detroit bankruptcy – Detroit Free Press

December 3, 2013 No Comments

http://www.freep.com/article/20131203/NEWS01/312030080/Judge-Steven-Rhodes-pensions This ruling is not directly pertinent to us because Illinois and its large cities cannot file bankruptcy, but it sends a national message. “A new Detroit is born today,” one commentator wrote. Will the fresh start of bankruptcy combined with extraordinarily low prices and a state budget in surplus lead to a boom?  We’ll see.

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Pension bill passes: now we’ll find out what’s in it. Here’s what we know so far – WP Original

December 3, 2013 1 Comment

  December 3, 2013 By: Mark Glennon   The pension bill has passed both houses and will be signed by Governor Quinn.   Savings from the bill will be material but hardly “comprehensive” or “sweeping” as many have claimed, eliminating at the most 20% of the official $100 billion unfunded pension liability, and that’s undisputed. Expect that percentage to turn out much lower. Proponents focus on claims the bill will save $160 billion over thirty years, which the media are reporting as fact. It’s not, and it’s the wrong way to measure the impact. Remember that the total funded and

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Illinois Lawmakers Confront Historic Burden of Pension Futility – Bloomberg

December 3, 2013 No Comments

“You don’t get an upgrade on the basis of this any time soon, even if it was to pass easily in a vote tomorrow or later this week.” A spokesman for Governor Quinn also said the state doesn’t expect an improved credit rating at once, but that lawmakers can stop the persistent cuts. via Illinois Lawmakers Confront Historic Burden of Pension Futility – Bloomberg.

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City pension changes no-go, lawmakers say – Tribune

December 3, 2013 No Comments

http://www.chicagotribune.com/news/local/ct-city-pensions-met-1203-20131203,0,5727946.story Remember, the vote today is on the state’s five pension funds, but Illinois has over 600 other municipal pension funds including Chicago’s, virtually all of which are in the tank.

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