Panelists argue about need to deal with insolvent public pension plans – The Bond Buyer

James Spiotto, managing director of Chapman Strategic Advisors LLC, called for a four-pronged approach that includes congressional legislation to create a new federal bankruptcy court that would handle only insolvent public pension systems. Spiotto’s plan assumes that a state or municipality has raised its taxes to the limit and all efforts at a consensual agreement with labor unions have been exhausted.

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City exceeding $250 maximum penalty against thousands of motorists, lawsuit says – Chicago Sun-Times

Mayor Rahm Emanuel’s administration was accused Tuesday of illegally assessing fines and penalties against “hundreds of thousands” of Chicago motorists by exceeding a $250 maximum established by state law. The Illinois General Assembly established the $250 ceiling for both fines and late fees in exchange for shifting vehicle violations from the courts to city hearing officers, where the burden of proof is lower. But a lawsuit filed Tuesday accuses the city of ignoring that cap for years on more than a dozen vehicle-related violations.

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Public Pension Funding Crisis: Who Was Jeremy Gold And Why Should You Care? – Forbes

 

Which leads to some peculiar outcomes, such as that reported at Wirepoints, in which the pension plan for the city of Chicago almost-magically is in a better financial position this year than last, not because of an increase in contributions or a decrease in benefits owed, but because o a new schedule of contributions which intends, by means of increases each year in the future — which may or may not actually happen — to arrive at a funding level sufficient to shed the lower discount rate requirement.

Does this sort of manipulation sound

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