Illinois Budget Mess Spurs Biggest Pension Fund Withdrawal Ever – Bloomberg

The State Employees’ Retirement System on Wednesday asked the Illinois State Board of Investment for $100 million on Nov. 10, and another $125 million on Dec. 10 to pay for retiree benefits in the next two months, according to Tim Blair, the system’s executive secretary. The request for cash from the investment board is the largest in the system’s history.

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‘Super Chapter 9’ Bankruptcy: Start Following the Debate – WP Original

  By: Mark Glennon*   If you haven’t followed Puerto Rico’s financial crisis, serious debate now focuses on authorizing it to file a “Super Chapter 9” municipal bankruptcy. As a territory, Puerto Rico currently cannot file under the Bankruptcy Code. That can be changed easily by Congress with the President’s signature, however. They can also change Chapter 9 of the Bankruptcy Code to make it a faster, firmer and more predictable route to a robust recovery.   And the Bankruptcy Code, it’s widely accepted, trumps state limitations on impairing pension obligations. Federal power to make and change bankruptcy law is

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