Day: November 20, 2015

Actuary and Economist Jeremy Gold: Where Are The Screaming Actuaries? – Forbes

November 20, 2015 No Comments

“When Detroit went bankrupt in 2013, estimates of pension shortfalls multiplied overnight. The city’s regular actuarial firm had reported pension underfunding at $600 million. A special study performed by a second actuarial firm showed underfunding of $3.5 billion.” Comment: Coincidentally, we pointed out in our article yesterday that Chicago is using the same actuarial firm for 3 of its 4 pensions that Detroit used pre-bankruptcy.

Read More »

Cook County pension plan could be legally challenged: Fitch – Reuters

November 20, 2015 No Comments

“The county’s pension strategy is notable, as it includes actuarially determined funding of the pension liability, but appears to ignore the restrictions imposed by the current pension statute, leaving the county vulnerable to potential litigation from taxpayers challenging the increased payments,” Fitch said in a statement.

Read More »

‘Rahm’s Ramp’: The Madness of Chicago’s Pension ‘Reform’ – WP Original

November 20, 2015 33 Comments

By: Mark Glennon*   If you’re not exasperated  by Chicago’s approach to pension “reform,” you haven’t been paying attention.   The absurdity into which it has descended is anything but “reform.” Nothing good will come out of the Illinois Supreme Court’s decision on the reform case it heard this week. In fact, upholding Chicago’s reform law could constitutionally lock in pension funding obligations far beyond what taxpayers would endure. Here’s a recap:   On Tuesday the Illinois Supreme Court heard oral arguments in the appeal on SB1922. That law, which a trial court earlier struck down, would reduce benefits for

Read More »