Day: February 9, 2016

Illinois Fire and Police Pension Actuary Facing Actuarial Discipline – WP Exclusive

February 9, 2016 10 Comments

  By:  Mark Glennon*   WirePoints has learned that the Actuarial Board of Counseling and Discipline (the ABCD) recently recommended that Timothy Sharpe, actuary to dozens of troubled Illinois fire and police pension funds, be expelled from membership in the American Academy of Actuaries. If the Academy implements the recommendation, it will be very unusual since only 11 actuaries have been expelled from the Academy since 1975 and only 20 have been otherwise publicly disciplined (http://actuary.org/content/public-discipline).   The recommendation is the result of separate complaints by two actuaries, one by actuary Tia Goss Sawhney. Those complaints followed three prior complaints,

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Supreme Court Deals Setback to Obama’s Power Plant Regulations – The New York Times

February 9, 2016 No Comments

The Supreme Court on Tuesday temporarily blocked the Obama administration’s effort to combat climate change by regulating emissions from coal-fired power plants. The brief order was not the last word on the case, which is most likely to return to the Supreme Court after an appeals court considers an expedited challenge from 29 states and dozens of corporations and industry groups. Comment: Pertinent to Illinois’ pending clean energy bills — a multi-billion dollar issue for Illinois consumers.

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Wrath of Khan: The Sequel — Ex-Council IG blasts aldermen

February 9, 2016 1 Comment

What the council is doing here is completely tying his hands to make sure no one can look at what they’re doing.  Menu money and worker’s comp programs are exactly the type of programs that an IG needs to look at. That’s where the fraud and waste comes from whether intentional or not. By refusing the IG, the City Council is thumbing its nose at the taxpayers and saying they will do whatever they want. The bottom line fact is that the City Council doesn’t want oversight.”

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Fight or Flight? – WP Original

February 9, 2016 4 Comments

  By: Mark Glennon*   Boy, do I get emails here. A regular one in particular makes me squirm. It’s not any of the insults like “vulture capitalist” or “pension thief.”  Those are fine. Have at it.   It’s when I’m asked by Illinoisans, usually young ones, whether they should leave. I’m uncomfortable playing career planner, especially when financial interests have to be balanced against personal issues like leaving one’s home and family. Most importantly, there’s no single answer. But I can’t escape the question, especially when asked what I am doing.   Let’s take the economic self-interest matter first

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Chicago Teachers Union Responds to Gov. Rauner’s Attempt at State Control of Chicago Public Schools

February 9, 2016 No Comments

“Now, instead of rejecting failed policy, the governor is doubling down and holding Illinois citizens hostage with his austerity agenda, which is why we continue to call for a tax on millionaires and the wealthy, for big banks to return money stolen through toxic swap deals, and for a tax increment financing (TIF) surplus declared immediately.” Comment: And they’re teaching the kids math.

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Rich Schools Queried by Illinois’ Rep. Roskam, Other U.S. Lawmakers on Endowment Spending – Bloomberg

February 9, 2016 No Comments

Congress needs to have a better understanding of how endowment funds and “the exorbitant cost” of higher education interact, Roskam, of Illinois, said in an interview. “The status quo, in terms of the cost of higher education, isn’t working,” Roskam said. “If the tax code is having an impact one way or another, we need to understand it.”

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