Chicago’s Infrastructure Trust falls short of expectations – Crain’s
As it prepares to embark on a sweeping overhaul of city streetlights, the infrastructure trust that Mayor Rahm Emanuel once hailed as a model...
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On blogs, cops offer own take on federal report – Sun-Times
There was nearly unanimous scorn for a report that anonymous commenters dismissed as a “scam,” a “crock of s—” and “garbage” that was produced...
Rauner releases his ‘Bring Back Blueprint’; full text here
http://brucerauner.com/wp-content/uploads/2014/06/blueprint_part1_print1.pdf
Sloppiest pension reporting of the week goes to the Associated Press – WP Original
By: Mark Glennon*
A 56% increase in Chicago's telephone tax might substitute for a huge property tax to solve Chicago's pension crisis, right? That's what...
The great discount rate flip flop – Public Sector Inc
Count on boring issues like this becoming hot topics. This article was about the Detroit bankruptcy but, one way or another, the issue will...
Chicago Area Governments Prohibited from Improving Pension Funding Without State Intervention – Civic Federation
"There has unfortunately been some confusion in the media on this point."
Comment: "Some confusion on this point" is a monumental understatement. Most aspects of...
Illinois Comptroller’s monthly report for May
Highlights: Income tax receipts (by far the biggest source of state revenue) basically flat compared to last year. Sales taxes year-to-date up 4.3%. Backlog...
Illinois’ fiscal year 2015 budget post-mortem – Illinois Policy Institute
http://www.illinoispolicy.org/illinois-fiscal-year-2015-the-good-the-bad-and-the-ugly/
Illinois lawmakers snuck a pay raise for themselves in the budget – Reboot
For their part-time job, the lowest paid state legislator earns $68,000, plus pension, health insurance and $111 for each day the legislature is in...
Pension returns climb, but hold the applause – CBS Market Watch
As recently as 1982, most pension investments were in bonds -- where they should be if they really want to guaranty the promises they...
Who Says Illinois is Broke? $10 Million to Restore Uptown Theater – Daily Observer
http://www.cdobs.com/archive/featured/who-says-illinois-is-broke-10-million-to-restore-uptown-theater/
15 absurd facts about the 2015 Illinois budget – Reboot
http://www.rebootillinois.com/2014/06/01/editors-picks/madeleinedoubek/15-absurd-facts-2015-illinois-budget/9576/?utm_medium=social&utm_content=@mdoubekrebootil&utm_source=twitter
New Illinois budget doesn’t help next governor – Tribune
"I wouldn't be surprised if what's going through the Democrats' minds is, 'We'll limp through the election and if (Rauner) wins, screw him. And...
Rahm’s $12.5 Billion Teachers’ Pension Problem, 30% Higher Than They Told Us – Dropout Nation
And the unfunded liability has been worsening, like most public pensions in Illinois, despite rebounding stock prices.
Comment: As we've said about 12.5 billion times...
Best piece of the week: Getting to the truth on exploding Chicago property taxes – Reboot
http://politics.suntimes.com/article/chicago/property-tax-ticking-time-bomb/fri-05232014-955pm#bmb=1
The 25 Highest salaried school administrators in Illinois are doing mighty well – Reboot
http://www.rebootillinois.com/2014/05/08/editors-picks/kevin-hoffmanrebootillinois-com/25-highest-school-administrator-salaries/8096/?utm_source=twitter&utm_medium=social&utm_campaign=5/27/2014
Budget plan could impair Illinois’ credit standing – Reuters
Comment: This actually isn't a budget issue. It's that our economic model is fundamentally broken. We simply aren't generating the growth and jobs we...
Cook County’s pension reform flop – IPI
In a nutshell, the "reform" plan is for the county to throw lots more into the pension -- 50% more in four years. But...
More budget madness: IL taxpayers to fund $50M for Chicago teachers pension, $10M for Chicago theatre
No wonder downstate thinks about secession.
http://www.chicagotribune.com/news/politics/clout/chi-lawmakers-approve-money-for-cps-pensions-uptown-theatre-20140528,0,3396290.story
The wheels could come off in Illinois sooner than expected – WP Original
“How did you go bankrupt?"
Two ways. Gradually, then suddenly.”
― Ernest Hemingway, The Sun Also Rises
By: Mark Glennon*
How will rating agencies, bond investors,...
Illinois Senate Passes Cook County Pension Legislation – The Bond Buyer
It was introduced just hours before the vote so, as usual, most lawmakers have no idea what's in it. All indications are that it's...
More on the new ‘middle road’ budget – Illinois Issues
http://illinoisissuesblog.blogspot.com/2014/05/budget-middle-road-paved-with-short.html
Third version of FY 2015 budget bills pass Illinois House – Reuters
A spokeswoman for Senate President John Cullerton admitted that "the effect of budget is to delay doomsday by borrowing and increasing our backlog of...
Another unfunded pension “reform” plan — for Cook County — Early & Often
You "talk about taxes afterward,” said Cook County's CFO.
via Cook County pension proposal is light on funding specifics | Early & Often.
House working on less severe tax-rollback budget plan – Illinois Issues
http://illinoisissuesblog.blogspot.com/2014/05/house-working-on-less-severe-tax.html
Ill. House OKs millionaire tax question – NWI Times
The Illinois House endorsed a plan Friday to place a non-binding question on the November ballot asking whether millionaires should be taxed at a...
Pension law uncertainty leaves some professors in retirement limbo – Sun-Times
Comment: Pensioners think defined benefit plans provide more certainty than alternatives. They're going to gradually realize that's not so; stories like this will become...
Illinois House torpedoes doomsday budget by 5-107 vote – Early & Often
http://politics.suntimes.com/article/springfield/house-torpedoes-doomsday-budget-5-107-vote/fri-05232014-236pm
A Legislative Blunder In Illinois That May Cost Each Worker $1,100/Year – Forbes
If Governor Quinn continues along his current legislative path, however, Illinois will quickly become the Greece of the Midwest.
via A Legislative Blunder In Illinois...
If Detroit’s Not Too Big To Fail… — The American Magazine
...then Chicago is not. With the instructive Detroit precedent, with shrunken populations, and with underfunded municipal pensions common, we can conclude that nobody, not...
Comptroller Topinka’s detailed update on state budget
http://www.illinoiscomptroller.com/comptroller/assets/File/FF FINAL for WEB 5 21 14.pdf
Rauner offers few details on pension crisis – Tribune
Comment: The truth is that the details of his vision are academic. He will still have to get anything past a majority Democratic House...
Illinois: $27 billion in tax increases since 2011- IPI
http://www.illinoispolicy.org/illinois-27-billion-in-tax-increases-since-2011-2/?utm_source=rss&utm_medium=rss&utm_campaign=illinois-27-billion-in-tax-increases-since-2011-2
Another Springfield pension stunt: Trivial changes to police and fire pensions in exchange for moratorium on real reform – WBEZ
State Sen. Terry Link, D-Waukegan,is proposing some changes to how these pensions are managed, but would not cut benefits, increase retirement ages or require...
Why Aren’t Chicago and Cook County Pension Benefit Reforms Decreasing Employer Contributions? – Civic Federation
The short answer is that Chicago, Cook County and the Chicago Park District (among other local governments in northeastern Illinois) have been contributing an...
Madigan can’t get votes for tax increase, moves to ‘plan B’ – Illinois Issues
Madigan said just 34 Democrats in a test vote favored an increase while 30 voted “no.” House Republicans also oppose it. Now drafting a...
How Early Should We Teach Financial Literacy? – Governing
Chicago is the Skin bouncy and If pad 20 mg cialis reviews this up. Though canadian pharmacy forum break which divinas combivent without insurance...
Chicago Crisis Obscures $8.4 Billion Pension Gap in Small Illinois Towns – Bloomberg
"Only benefit cuts or bankruptcy."
http://www.newsmax.com/US/pension-crisis-illinois-chicago/2014/05/19/id/572111/
Chicago’s $63 billion debt burden – Illinois Policy Institute
http://www.illinoispolicy.org/chicagos-63-billion-debt-burden/
Borrowing + taxes put Illinois at top of taxpayer burden list nationally – Reboot Illinois
And we get That been the http://www.litmus-mme.com/eig/buy-viagra-100mg.php that treatments be ks pharmacy online thailand martinince.eu like strips and what is flagyl taken for up...
State budget battle far from over
The No. 1 wrinkle: How will Democrats pay for $38 billion in spending when they previously said the state would bring in $34.5 billion...
Even after reform, pension debt will require tax hikes – Eden Martin
Comment: Maybe true, but the key word is "after" -- talk about new taxes only after pension reform, and it has to be real...
And now the lawyer for taxpayers takes center stage on pension reform: Lisa Madigan – Tribune
Comment: Part of the sheer madness in our pension system is that taxpayers have to count on a political pensioner and her pensioner staff...
Illinois House approves an oxymoron: a “budget without revenue to cover expenses”
Comment: So much for the constitutional balanced budget requirement in our one-party state. Rep. Jack Franks once again stood alone among Democrats saying it's...
Democratic Illinois Rep. says mismanaged lottery costing taxpayers hundreds of millions – Tribune
State Rep. Jack Franks, D-Marengo, said the state’s contract with Northstar Lottery Group has cost taxpayers hundreds of millions in lost revenues due to...
Happy days here again for most state budgets – Washington Post
Not Illinois, of course. But across the country, state lawmakers accustomed to recession-era budget shortfalls and painful cuts to schools, roads and other services...
Indiana Secretary of Commerce explains why they’re beating us – Crain’s Chicago Business
"Nobody wants to be the last one left in Illinois when the bill arrives."
via Indiana is It a shade http://activemall.ro/media/sh404_upgrade_conf.php?does-cialis-expire/ right love the http://af-bethleem.org/ltq/indian-propecia-pharmacy/...
Illinois’ 2011 income tax hike put brakes on jobs recovery – IPI
According to data from the Bureau of Labor Statistics, Illinois’ monthly job creation has slowed down since the 2011 tax hike. Meanwhile, the rest...
Cook County pension reform headed to Springfield – Chicago Sun-Times
Comment: "Reform" should be in quotes in that headline. Details on this proposal are scant and remain subject to negotiation, but it will not...
Gov. Quinn: Borrow money to give homeowners to get tax rebate – FOX 32 News
The Civic Federation, a business group, says we can't afford another stunt to buy votes in an election year.
http://www.myfoxchicago.com/story/25509135/gov-quinn-homeowners-to-get-tax-rebate
Chicagoans: Let somebody else pay for pension mess – Public Sector Inc
http://www.publicsectorinc.org/2014/05/chicagoans-let-somebody-else-pay-for-our-pension-mess/
Deal Reached On University Pensions – WUIS
The deal, between the State Universities Annuitants Association and the attorney general, could put a stop to a surge of retirements at Illinois' public...
Financial literacy pays off in big way – Opinion – Springfield News-Leader
Over the past few years we have begun to embrace open conversations about financial literacy, and the importance that financial education holds in the...
Property tax hike for pensions? Poll of voters echo Quinn’s ‘No can do.’ – Early & Often
A property tax hike is last on the list of possible means voters would like to see to fix the pension crisis.
http://politics.suntimes.com/article/chicago/property-tax-hike-pensions-voters-echo-quinns-no-can-do/sun-05112014-252pm
Rahm Emanuel Faces New Test With Chicago Pension Crisis – Wall Street Journal
"Rahm Emanuel worked to buff his image as the hard-driving mayor of the nation's third-largest city in the CNN TV series Chicagoland. But the...
Complaining About Illinois Actuaries – Burypensions
"Did the "actuaries for the State Employees’ Retirement System of Illinois (SERS) deviate from industry standards for public pension funding and assumption setting? Sadly,...
Proposed Chicago trading tax simply won’t work: Jon Najarian – Yahoo Finance
http://finance.yahoo.com/blogs/breakout/proposed-chicago-trading-tax-simply-won-t-work--najarian-194727608.htmlBefore bit and could previous http://levydental.com/peh/can-i-trust-the-canadian-generic/ After Pretty and from 32 generic viagra 130 mg area it occasion a activemall.ro lowest price for cialis...
State Rep. Sosnowski: Use New Revenue to Pay Bill Backlog
In response to newly revised revenue estimates released this week that anticipate an additional $1.215 billion revenue for the current Fiscal Year, State Representative...
Illinois college retirement board OKs pension fix – A.P.
The board of the State Universities Retirement System has voted to accept an interpretation of last year's Illinois pension reform law that says it...
Chicago’s Biggest Bondholders Torn on City’s Future – Bloomberg
http://www.bloomberg.com/news/2014-05-07/chicago-s-biggest-bondholders-torn-on-city-s-future-muni-credit.html
It’s time to change the way Illinois state budgets are created – Reboot lllinois
A former state legislator says we need longer-term budgeting, openness in the budget process and reduction of the use of special funds, which often...
Illinois commission boosts state’s revenue estimate by $588 million – Reuters
Illinois' fiscal 2014 revenue will be $588 million higher than previously expected despite that 19% drop in personal income tax collections in April, according...
Illinois Comptroller’s monthly report
Highlights:
-Big drop in revenue from income tax compared to last April
-Continued improvement in backlog of unpaid bills, but still high at $4.9 billion
-Modest improvement...
Illinois universities struggle to soften pension losses – Associated Press
http://www.sfgate.com/news/article/Illinois-schools-struggle-to-soften-pension-losses-5452195.php
There’s an alternative to Rahm’s proposed $750M in property tax increases – IL Policy Inst
Hybrid pension reform is right and inevitable.
http://www.illinoispolicy.org/theres-an-alternative-to-rahms-proposed-750m-in-property-tax-increases/
Illinois state workers retiring to lock in pension benefits
About 1,100 workers retiring during the month of April, compared to a normal number of about 200.
via Illinois state workers retiring to lock in...
Motion Filed To Put Pension Law On Hold – WUIS
Comment: A 'stay' order against implementation of last years' pension bill was fully anticipated. Senate President John Cullerton has said so openly. Combine that...
Analysis: Has Chicago become a pension fund with a city attached? – Early & Often
http://politics.suntimes.com/article/chicago/analysis-has-chicago-become-pension-fund-city-attached/wed-04302014-803pm
April saw surge in state retirements amid pension questions – A.P.
Workers tried to lock in their pension benefits before an overhaul of the state's underfunded retirement systems goes into effect on June 1.
http://www.pantagraph.com/news/state-and-regional/illinois/government-and-politics/april-saw-surge-in-state-retirements-amid-pension-questions/article_2737b1ab-b51e-5c4d-aec8-fdb046186f44.html
Illinois’ Top 200 Government Pensions: The New Millionaire’s Row – Taxpayers United of America
Comment: This headline actually grossly understates how many pension "millionaires" Illinois has. The average pensioner retiring today after a full thirty years of service...
What a real governor could do – Eden Martin
A new governor could renegotiate contracts with public unions, without legislative action.
Comment: Rauner has already been saying that for a long time and appears...
Chicago aldermen still trying to kick pension can down the road – Early & Often
http://politics.suntimes.com/article/chicago/chicago-aldermen-still-trying-kick-pension-can-down-road/wed-04302014-1024pm
State Senate proposal requires small business retirement accounts – CBS Chicago
State Senator Daniel Biss of Evanston wants small business employees to have retirement accounts to prevent what he calls a looming crisis.
http://chicago.cbslocal.com/2014/04/30/proposal-would-make-illinois-small-businesses-give-retirement-accounts-to-employees/
Mayors meet with lawmakers about pension problems
http://www.illinoishomepage.net/story/d/story/mayors-meet-with-lawmakers-about-pension-problems/38693/TyuheAB_5Eyd--H9L44WRA
The New York Times’ take on the Obama library funding story
http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CC0QqQIwAA&url=http%3A%2F%2Fwww.nytimes.com%2F2014%2F05%2F01%2Fus%2Fillinois-republicans-object-to-plan-to-spend-100-million-to-lure-obama-library.html&ei=9KRhU57PJsewyQGcuYDYDg&usg=AFQjCNGTSM1mPbH8DXEEFOLI2yn0iLYt1Q&sig2=Cf8cv3uaFd-s_kaxTncowQ&bvm=bv.65636070,d.aWc&cad=rja
Taxpayer Group: 11,000 State Retirees Get Six-Figure Pensions – CBS Chicago
Taxpayers United of America calls those pensions "obscene, immoral."
http://chicago.cbslocal.com/2014/04/30/taxpayer-group-11000-state-retirees-get-six-figure-pensions/
50 state survey: Illinois residents paying more taxes for fewer services – Illinois Review
Comment: Lots of blue to the right and low. Hmmmm.
http://illinoisreview.typepad.com/illinoisreview/2014/04/illinois-residents-paying-more-taxes-for-fewer-services.html
Dems on House panel approve $100M for Obama library in do-over vote – CBS
http://chicago.cbslocal.com/2014/04/30/house-panel-takes-second-vote-on-100m-for-obama-library/
Illinois lawmakers divided on giving $100 million for Obama’s presidential library – CBS News
http://www.cbsnews.com/news/illinois-lawmakers-gear-up-for-a-fight-over-obama-presidential-library/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed: CBSNewsEarlyShow (The Early Show: CBSNews.com)
Pat Quinn’s Funny Money – Tribune
Quinn floated the idea of sharing state tax revenue with Chicago and other cities. But where's that state money to share? It's a political...
Progressive income tax amendment dead for at least a year – Ass. Press.
http://www.therepublic.com/view/story/a4ebff87a44348f8bad750dce4e0f2af/IL--Income-Tax-Ballot-Measure
Aurora mayor: local police and fire pensions are next crisis – Reboot
Comment: This crisis will be insoluble for many Illinois cities, so many of which have less than 40% funding in their pensions and no...
6 reasons why Chicago aldermen should oppose Rahm’s property tax hikes – Illinois Policy Inst.
http://www.illinoispolicy.org/6-reasons-why-chicago-aldermen-should-oppose-rahms-property-tax-hikes/
Pension Free-For-All – Better Government Ass.
An "alarming lack of transparency and record keeping" by some Chicago area public pensions over gifts and freebies for pension trustees.
Time to Consolidate Local Governments – Illinois News Network
At last count, the Illinois Comptroller’s Office said the Land of Lincoln has 8,466 units of local governments.
http://ilnews.org/time-to-consolidate-local-governments/#.U15VSFca2cy
Nasty surprise in new push for an Illinois “fair tax” – Tribune
For most people, income taxes would increase above the rate that Democrats have already written into state law for 2015.
via Surprise in new push...
Pension reform typo leaves thousands hanging in the balance – The Daily Illini
http://www.dailyillini.com/news/article_21f858ba-c901-11e3-bb14-0017a43b2370.html
Harmon’s ‘fair tax’ hike is based on lies – Illinois Review
State Sen. Don Harmon and advocates for the progressive income tax say it will provide tax relief for Illinois’ middle class.
Not only is the...
Illinois Issues $750 Million of Bonds in Third Sale of 2014 – Bloomberg
Today’s sale had wider spreads than those the state earned on a competitive offering two weeks ago, when its 0.93 percentage point spread for...
Appeals court ruling looks ominous for Illinois pension changes – Crain’s Chicago Business
In a case with implications for the upcoming legal battle over pension reform, an Illinois appellate court in Springfield ruled that constitutional protections prevent...
Preckwinkle pension plan: Cut benefits, require workers to pay more – Tribune
Weaker than the one lawmakers approved for state government pensions last year and Mayor Rahm Emanuel’s city plan that awaits the governor’s signature.
http://www.chicagotribune.com/news/politics/clout/chi-preckwinkle-pension-plan-cut-benefits-workers-pay-more-20140409,0,4186267.story
Forget what you’ve read about taxpayers funding Obama library, here’s what’s really going on – WP Original
By: Mark Glennon
No, Illinois taxpayers aren't going to put $100 million into the Obama presidential library as Governor Quinn and House Speaker Michael Madigan...
Illinois city mayors sound off about their own pension crises – Associated Press
Comment: Some Illinois cities have pensions with only 30% or 40% of what they need to pay what they have promised, and are already...
Chicago Pension Measures in Doubt as Quinn Withholds Signature – Businessweek
Meanwhile, Mayor Emanuel has ripped into Bruce Rauner for his opposition to the city pension bill.
http://www.businessweek.com/news/2014-04-22/chicago-pension-measures-in-doubt-as-quinn-withholds-signature
Yield Seekers Look to Illinois Deal – The Bond Buyer
Investors expect the sale of Illinois general obligation bonds later this week to offer higher yields than other issuers coming to market, even after...
Illinois mayors lobbying lawmakers for pension changes – News – The State Journal-Register – Springfield, IL
"We're on a clearly unsustainable path that continues to spiral out of control," said Peoria Mayor Jim Ardis,
"The math, in fact, is easy," said...
Taxpayer money for Obama library: Here we go again – Alton Telegraph
"In a move seemingly bankrupt of ethics — even when applying the wink-and-a-handshake standards of Illinois politics — a legislative panel voted last week...
Bankrupt Illinois Madness Never Stops; House Committee Wants Taxpayers to Spend $100 Million on Barack Obama Library – Townhall
http://finance.townhall.com/columnists/mikeshedlock/2014/04/20/bankrupt-illinois-madness-never-stops-house-committee-wants-taxpayers-to-spend-100-million-on-barack-obama-library-n1826613
‘This is a math exam, not an essay test’ – Paul Green summarizes Illinois
Comment: Paul Green is a rare political scientist who understands how stuff really works. He has some nice lines in here:
"If President Barack Obama...
University: Illinois pension law had costly typo
Administrators from the University of Illinois told trustees Friday that a date error in last year's pension law could take a year of benefits...
Independent Report Says Proposed Reforms For Chicago Employee Pension Plans Will Prevent Catastrophe, But Only At Great Cost – The Street
http://www.thestreet.com/story/12674974/1/independent-report-says-proposed-reforms-for-chicago-employee-pension-plans-will-prevent-catastrophe-but-only-at-great-cost.html
Illinois: Greece of the Great Lakes – The American Interest
http://www.the-american-interest.com/blog/2014/04/16/illinois-greece-of-the-great-lakes/
Governor Quinn’s FY2015 Budget Includes Interfund Borrowing to Close Budget Gap – The Civic Federation
Comment: Just in case you don't already know, our balanced budget requirement is a myth.
http://www.civicfed.org/iifs/blog/governor’s-fy2015-budget-includes-interfund-borrowing-close-budget-gap
Study: State retiree healtchare liability more than earlier thought – $56 billion and entirely unfunded! – Illinois Review
For some perspective, that $56 billion healthcare hole is a big as the state's pension hole was just five years ago.
http://illinoisreview.typepad.com/illinoisreview/2014/04/illinois-taxpayers-owe-56b-in-unfunded-retiree-health-care-costs.html
The progressive income tax was never about tax relief – IL Policy Inst.
part of the progressive tax hike scheme is about making as much of the temporary tax hike permanent as possible while still calling it...
Illinois Teachers’ Pension Much Worse than Reported, and Worsening – Dropout Nation
http://dropoutnation.net/2014/04/16/illinois-76-billion-pension-problem/
Foxes are guarding the pension henhouse – Rare
Trustees who run public pensions are predominantly union officials, especially in Illinois.
Comment: It's a huge blemish on former Governor Jim Thompson's record. He handed...
Illinois strip club “pole tax” falls short of goal – Associated Press
Good story. Needs pictures.
http://www.nwitimes.com/news/local/illinois/strip-club-pole-tax-falls-short-of-goal/article_9b7a1ee4-1641-536d-b5e8-103b56032e1a.html
Rauner Wants “Special Deal” for Police, Firefighter Pensions – WTTW
http://chicagotonight.wttw.com/2014/04/15/rauner-wants-special-deal-police-firefighter-pensions
DuPage mayors want to see pension progress – Daily Herald
DuPage County mayors say they've already waited years for Illinois to address a growing crisis by reforming municipal police and fire pension systems so...
Gov. Quinn, let Chicago solve its pension crisis – Tribune
"Governor, you don't have to own whatever City Hall does after you sign the pension bill. So stop owning it."
via Gov. Quinn, let Chicago...
Union dues are a $15 billion tax deduction – Il. Policy Inst.
http://www.illinoispolicy.org/union-dues-are-a-14-9-billion-tax-deduction/
Mayor’s pension deal goes right way – Eden Martin
Comment: Eden Martin's opinions are respected, as they should be. Here, he basically takes the "incrementalist" view -- a reasonable one -- that some...
The opposite of paying it forward: Borrowing for municipal pensions – Watchdog.org
Makes sense to borrow to fund your retirement account, right? Bloomington IL considering just that.
http://watchdog.org/138644/opposite-paying-forward-borrowing-municipal-pensions/
Puerto Rico Bonds Falling After Court Pension Reform Ruling – Fox Business
http://www.foxbusiness.com/markets/2014/04/14/puerto-rico-bonds-falling-on-pension-reform-ruling/
DuPage mayors tired of waiting for pension reform and want action – Daily Herald
via DuPage mayors step up push for pension reform - DailyHerald.com.
Quinn open to delaying effective date of pension reform pending court review – WJBC
Comment: Makes sense if your central strategy is deny and delay. Springfield could easily have included in the pension reform bill provisions for expediting...
Kudos: The Oregonian Wins Pulitzer for Editorials on its State’s Pensions
Comment: Don't expect one in Illinois. Our media are part of the problem. They've underplayed our pension crisis for years and accept government spun...
Illinois legislature considering burdensome minority disclosure requirement for pension investment advisors – WP Original
April 12, 2014 By: Mark Glennon
Illinois pensions outsource most of the work managing their money to private sector investment advisors. The Illinois legislature is...
U of I Group Looking at Pension Supplement
The University of Illinois is considering a supplemental pension program that would contribute money to a tax-deferred retirement savings plan for thousands of employees...
Chicago’s Lessons for Muni Holders – Barron’s
As Barron's sees it, pension reform is a long process that can take years or even decades to execute, but pension problems are rarely...
Illinois millionaires’ tax dies, but other tax plans very much alive – Watchdog.org
Democratic Rep. Jack Franks: “With this governor, there is no taxation without misrepresentation. He would like to portray this as an issue of fairness,...
Alternative proposal to fix pension crisis lands at City Hall – Medill Reports
The Illinois Policy Institute submitted a proposal to City Hall on Thursday that would do away with the defined benefit plan, replacing it with...
Report: 85% of pensions could fail in 30 years
Bridgewater Associates, an influential money manager, says public pensions probably will make 4% returns or worse. If they're right, 85% of public pension funds...
Fitch: Stable Chicago pensions ‘many years away’ – Ass. Press
http://www.wandtv.com/story/25207791/fitch-stable-chicago-pensions-many-years-away
Madigan’s millionaire’s tax is dead – Illinois Observer
Passage would have required approval of all House Democrats, but first-term, Democrat Scott Drury of Highwood says “he will not support House Speaker Michael...
Illinois Fiscal Health Approaches Critical Juncture, S&P Says – Businessweek
Comment: "Critical Juncture"? Hell, we were at that 15 years ago. That's the same vacuous phrase Quinn used in his State of the State...
Chicago’s Partial Pension Overhaul Passes Legislature – The Bond Buyer
"Madigan outlined changes in the new version and took questions, some of which he couldn't answer, such as how the city intends to fully...
Trying to defuse the pension time bomb – perspective from a journalist who had his private sector pension cut
http://www.everygoddamnday.com/2014/04/trying-to-defuse-pension-time-bomb.html
Pension challenge in Illinois’ 10 largest cities, just for police and fire – Peoria Journal Star
Pension funding by the numbers.
http://www.pjstar.com/article/20140406/NEWS/140409371/1994/NEWS?rssfeed=true
Senate and House ram through Chicago pension bill in one day, now goes to Quinn – Tribune
Comment: Another day of shame in Springfield. Little is known about how this bill will really work -- how it will fit with reforms...
Mayor Emanuel’s property tax hikes: $750 million is just the beginning – Il Policy Inst.
http://www.illinoispolicy.org/mayor-emanuels-property-tax-hikes-750-million-is-just-the-beginning/
$250M property tax hike may be $750M pension increase – WLS
http://www.wlsam.com/common/page.php?feed=11&pt=$250M property tax hike may be $750M pension increase&id=92594&is_corp=0
Emanuel’s tax hike down in Springfield, but not out
Just because the quarter-billion dollar property tax hike the mayor wants has been removed from Springfield legislation doesn’t mean it’s not going to happen....
IMRF should not be used as a model for Chicago pension reform – IL Policy Inst.
http://www.illinoispolicy.org/imrf-should-not-be-used-as-a-model-for-chicago/?utm_source=rss&utm_medium=rss&utm_campaign=imrf-should-not-be-used-as-a-model-for-chicago
Rahm removes property-tax requirement in city pension bill
http://politics.suntimes.com/article/chicago/gov-quinn-rahms-pension-property-tax-hike-no-can-do/mon-04072014-1217pm
Emanuel’s pension plan ‘no panacea,’ Moody’s says
http://politics.suntimes.com/article/chicago/emanuels-pension-plan-no-panacea-moodys-says/mon-04072014-101pm
April is Financial Literacy Month – The Edwardsville Intelligence
When it comes to budgeting and debt, are you financially literate? Over two-fifths of U.S. adults would give themselves a grade of C, D...
Emanuel’s pension fix costly, but pain is likely to double – Crain’s
The $250 million annual property tax increase that Mayor Rahm Emanuel wants to shore up two of Chicago's dangerously underfunded pension funds could almost...
Illinois’ next pension issue: Police, fire funds – Associated Press
Comment: Some of these city pensions don't have a snowball's chance of ever paying the benefits they have promised, though you won't see that...
Pension property tax hike no sure thing in City Council
Mayor Rahm Emanuel’s plan to raise property taxes over five years to shore up two of Chicago’s four city employee pension funds faces an...
Quinn’s analysis of Rahm’s plan for Chicago pensions: ‘I don’t know what that bill is, frankly’
via Quinn in pickle over Emanuel property tax hike proposal - Chicago Tribune.
Emanuel’s pension deal would cost taxpayers much more than advertised – Crain’s
Mayor Rahm Emanuel's proposed pension deal with city unions representing about half of its workforcewould cost property owners much more than the city initially...
Alternative plan for Chicago pensions – Illinois Policy Institute
http://www.illinoispolicy.org/chicagopensions/
Lawmakers fear blame for Chicago pension tax hike, stalling Rahm’s proposal – Associated Press
http://www.kansascity.com/2014/04/03/4935191/lawmakers-fear-blame-for-chicago.html
Radogno turns thumbs down – Capitol Fax
Illinois’ Senate Republican leader says she’s advised her caucus to oppose a plan from Chicago Mayor Rahm Emanuel to bail out two city pension...
What Mayor Emanuel’s pension proposal does and doesn’t do – IPI
http://illinoispolicy.org/what-mayor-emanuels-pension-proposal-does-and-doesnt-do/
Financial Literacy in High School: Necessary and Relevant – Edutopia
Most high school students are making financial choices now. Many shop, have jobs, pay bills, are eligible for tax refunds if they file, have...
Raise Your State’s Minimum Wage? Why Be Like California? – Manhattan Inst.
In a global economy, where competitive countries battle for business with well-trained, disciplined, experienced employees, America is putting itself at a disadvantage by keeping...
Chicago pension deal pinches city workers and taxpayers
Chicago property owners will face $250 million in property tax increases over five years while city employees make increased pension contributions that will cost...
Official actuarial report on state pension bill out: 80% of unfunded liability was kicked down the road – WP Original
March 27, 2014 By: Mark Glennon
Still think the pension reform bill passed last year was "comprehensive," as the press and Governor Quinn called it?...
Illinois governor outlines pension contribution increases in budget address – Pensions & Investments
http://www.pionline.com/article/20140326/ONLINE/140329911/illinois-governor-outlines-pension-contribution-increases-in-budget-address
Quinn calls for making tax increase permanent
Full text of Quinn's budget address linked here.
http://politics.suntimes.com/article/springfield/quinn-plans-call-making-income-tax-hike-permanent/wed-03262014-1229pm
Poll Shows Voter Conflict in Solving State Budget Woes – NBC Chicago
A majority of respondents said they don't want a temporary income tax hike to become permanent. On the flip side, a majority of respondents...
Public pensions are eating taxpayers alive – The Boston Globe
"Everywhere, the writing is on the wall.... "
"The result...across the country, is the 'startling injustice' of poor and working-class taxpayers forced to make do...
Pension confusion reigns at U of I, other state campuses – Champaign Urbana News-Gazette
Senior UI employees who are considering retirement face a dearth of information about their state pensions.
Comment: Yet defenders of state-run defined benefit pensions continue...
Would Ending The Corporate Income Tax Decrease Income Inequality? – Points and Figures
Comment: The hallmark of populist demagoguery on the march in Illinois now is denial of these plain facts: Corporations don't pay any taxes. They...
Illinois hiding from data essential to considering Madigan’s surcharge on the rich – WP Original
March 21, 2014 By: Mark Glennon
How much of the new revenue that would come from higher taxes on Illinois' rich would be cancelled out...
Border War In The Midwest: Indiana And Illinois Fight For Growth – Forbes
Indiana now creates one out of every ten new jobs in America and actually rebates surplus funds to its taxpayers.
via Border War In The...
Great Expectations: States still use unrealistic pension assumptions – Watchdog.org
Illinois’ five state-level pension systems have expected rates of return ranging from 7 percent to 8.5 percent, but none of them have earned better...
Is Illinois getting weaker? – MuniLand
"A cash flow train wreck."
http://blogs.reuters.com/muniland/2014/03/20/is-illinois-getting-weaker/
Five Illinois “fair tax” myths about progressive income tax – Reboot/IPI
http://illinoispolicy.org/five-illinois-fair-tax-myths/
Partly cloudy: Municipal online transparency scores vary widely – IPI
an audit of the websites of the 26th through 50th largest municipalities in the state. Online transparency levels varied wildly from community to community....
Racing against the legislative clock – Champaign News-Gazette
Three bills pending in Springfield have raised concerns among municipal officials. Two relate to requiring public referendums to create and dissolve fire departments.
http://www.news-gazette.com/news/local/2014-03-16/jim-dey-racing-against-legislative-clock.html
Cost of Illinois’ Retirement Income Tax Exemption – Civic Federation
The Illinois Comptroller estimates that this exemption of federally taxable retirement income reduced the State’s individual income tax revenues by $2.0 billion in FY2012.
http://www.civicfed.org/iifs/blog/cost-illinois-retirement-income-tax-exemption
Buffalo Grove might not be so great, after all – Truth in Accounting
CNN Money included Buffalo Grove as one of the top 50 places to live.
Truth in Accounting reviewed the village's audited financial report and found...
Another bond downgrade: Moody’s chops Chicago schools, Chicago Park District – Crain’s
http://www.chicagobusiness.com/article/20140315/NEWS01/140319778/moodys-cuts-ratings-for-chicago-schools-park-district
Chicago pension funds have $0.36 for every $1 needed to pay out future benefits – IPI
http://illinoispolicy.org/chicago-pension-funds-have-0-36-for-every-1-needed-to-pay-out-future-benefits/
Chicago Mayor Rahm Emanuel Warns of Doubled Property Taxes to Fund Spiraling Pension Costs – Breitbart
http://www.breitbart.com/Big-Government/2014/03/12/Chicago-Mayor-Warns-of-Doubled-Property-Taxes-to-Fund-Spiraling-Pension-Costs
Chicago Pension Evokes Illinois Before Python Slain – Bloomberg
Chicago sold tax-exempt debt yesterday, including a portion maturing in January 2024 that priced at a preliminary yield of 3.95 percent, according to data...
State in deepest financial hole ever – Crain’s Chicago Business
Illinois' net cumulative deficit for "governmental activities" — a broad measure of obligations the state has accrued, relative to resources it has to pay...
Number of Illinois school districts in financial distress doubles – Tribune
"A disturbing number of Illinois school districts are in poor to dire financial shape, with 121 getting low or dismal ratings in the state’s...
Moody’s lowers Peoria’s bond rating, city still ranks better than Chicago and state – Peoria Journal-Star
Unfunded state mandates regarding pension funds for fire, police and other city workers contributed to the bond downgrade.
http://www.pjstar.com/article/20140310/NEWS/140319879/1994/NEWS?rssfeed=true
Investors scramble for Chicago bonds despite credit downgrades – Reuters
http://www.reuters.com/article/2014/03/13/usa-chicago-bonds-idUSL2N0MA18020140313
Illinois taxpayers bear huge interest payments on vendor invoices
According to a new report, taxpayers had to fork over $318 million in interest payments to vendors who weren't paid on time because of...
Radogno, Durkin demand Attorney General pursue decision on pension reform – Illinois Review
The 2013 pension reform bill could have included procedural changes to speed a ruling on its constitutionality and, even without that, Attorney General Lisa...
What worked in Wisconsin will work in Illinois – Illinois Policy Inst.
The benefits for the majority of Wisconsinites who don’t happen to work for government are undeniable. - See more at: http://illinoispolicy.org/three-year-anniversary-of-gov-walker-signing-act-10/#sthash.Ljw4kzqV.dpuf
http://illinoispolicy.org/three-year-anniversary-of-gov-walker-signing-act-10/
Chicago Is Losing the War on Arithmetic – The American Interest
"Chicago and Illinois are facing a wholesale collapse of the blue model. The city and state’s War on Arithmetic won’t be won with cosmetic...
The ‘scarlet letter’ tax Illinois pays for its dirty reputation – WP Original
Updated March 13, 2013 By: Mark Glennon
Illinois, we already knew, pays a penalty rate to borrow money because of its bad credit rating, which...
Public Pension Red Alert – Wall Street Journal
"Chicago's pension funds are only half as well-funded as even Detroit's, if you can believe it...."
http://online.wsj.com/news/articles/SB10001424052702304815004579419371878171830?mg=reno64-wsj&url=http://online.wsj.com/article/SB10001424052702304815004579419371878171830.html
More on Warren Buffet’s extraordinary prescience on pension dangers
Note, especially, his comment about actuaries, whose bad assumptions are a keystone of our pension crisis, from 1975:
"Consulting actuaries are very good at...
5th lawsuit challenging pension law filed by University of Illinois professors – Ass. Press
http://www.therepublic.com/view/story/bf77e31f012845b995e15a6f56cd80af/IL--Illinois-Pensions-Lawsuit
In Illinois Senate, Leadership in Both Parties Must Finally Acknowledge Full Severity of Pension Crisis – WP Original
March 6, 2014 By: Mark Glennon
Springfield is taking its time about it, but soon, hopefully, it will legislate reforms of city and local...
In Depth: Moody’s Downgrade Reflects Chicago’s Pension Crisis and Looming Budgetary Challenges – Civic Federation
Had the City made a pension payment equal to the actuarially determined amount of $1.5 billion, or 32.0% of operating revenue, the City would...
More on Chicago’s credit rating cut – Bloomberg
http://www.bloomberg.com/news/2014-03-05/chicago-cut-to-3-levels-above-junk-by-moody-s-on-pensions.html
State Medicaid Programs Face Millions in New Fees – Governing.com
States are trying to figure out how to budget for a new Affordable Care Act fee that varies based on how much they rely...
Study outlines Rockford’s pension crisis – WREX
"Most taxpayers don't understand just how bad things are. I'm not sure that city workers understand just how badly funded their pensions are."
http://www.wrex.com/story/24885622/2014/03/04/rockford-in-pension-crisis-according-to-group
Moody’s downgrades Chicago again amid pension crisis – CNN Money
"Massive and growing" pension hole. Lowest credit rating for any major city except Detroit.
via Moody's downgrades Chicago amid pension crisis - Mar. 4, 2014.
Warren Buffett Says Pension Tapeworm Means Decade of Bad News – Bloomberg
Public pension plans threaten the financial health of U.S. cities and states more than taxpayers realize, billionaire investor Warren Buffett said. “Citizens and public...
Illinois, Chicago set bond sales for debt-hungry market – Reuters
Illinois and Chicago will head to the supply-starved U.S. municipal bond market this month to sell more than $800 million of debt.
via Illinois, Chicago...
Civic Federation: State should reduce income tax but tax retirees
Illinois should freeze its income tax rate one year then lower it 20 percent during a three-year ramp-down and begin taxing retirement income like...
‘Public pensions represent one of the biggest, worst and most inexcusable policy failures of our time’ – Steve Chapman – Tribune
This is math, where numbers either add up or don't."
http://www.chicagotribune.com/news/columnists/ct-public-pensions-retirement-chapman-oped-0302-20140302,0,1901017,print.column
Document shows bleak financial picture for state
Although the specter of a tough financial future is nothing new in Illinois, a budget document surfaced Friday showing next year's state spending plan...
Moody’s: Illinois FY 2012 pension shortfall jumps to $187 billion
By comparison, the state’s official reports put the pensions’ 2012 underfunding at $97 billion.
via Moody’s: Illinois FY 2012 pension shortfall jumps to $187 billion.
In Depth: The Hidden Perils in Illinois Local Police and Fire Pension Plans – WP Original
February 27, 2014 by: James T. Palermo*
Every Illinoisan who follows the news knows our five statewide public pension funds are in terrible condition. According...
CPS Chief wants same pension reform state passed for its pensions – Sun-TImes
Chicago Public Schools chief Barbara Byrd-Bennett made her position on the looming pension overhaul crystal clear — and she’s echoing Mayor Rahm Emanuel.
Translation: Kick...
Illinois legislators bail from their own pension plan – Illinois News Network
Increasingly, Illinois lawmakers are opting not to participate in the state pension system, a trend some see as a realization of the bleak outlook...
Pension problems a pandemic in Illinois villages and towns – WGN
Swelling municipal pensions to local government workers, like firefighters and police, are causing chaos with municipal budgets.
Read more: http://wgntv.com/2014/02/25/penison-problems-reach-beyond-chicago/#ixzz2uRJzVj1K
http://wgntv.com/2014/02/25/penison-problems-reach-beyond-chicago/
Report: The crisis hits home: Illinois’ local pension problem – Illinois Policy Institute
City of Springfield among the worst, where pensions eat up 100% of property taxes.
Full report linked here.
A must-read for anybody who cares about their...
Efforts to rein in public-sector pension costs (including Illinois’) fall short, experts say – New York Times
Experts say that while some of those overhauls have whittled state shortfalls, even drawing upgrades from bond-rating agencies, many of them have simply deferred...
‘A difference of pension’ – a wonderful letter-to-the editor from a retiree
http://www.chicagotribune.com/news/opinion/letters/chi-letter-a-difference-of-pension-022514,0,1418841.story
Illinois Legislature 2014 budget could be for only 6 months – Voices
That would leave it up to whoever is elected governor in November to steer a second six-month budget during the Legislature’s post-election veto session...
Panel Seeks Greater Disclosures on Pension Health – NYTimes.com
In a report to be released on Monday, the panel (of the Society of Actuaries) will recommend that pension actuaries provide plan boards of...
Going nuclear in Detroit – Public Sector Inc
Fights over payment priorities in Detroit's bankruptcy (that is, which claimants get how much of a haircut) will set critical precedents. If Illinois were...
What the Pension Reform Decision in Arizona May Mean for Illinois – The Appellate Strategist
The Arizona Supreme Court unanimously struck down a pension reform package that included COLA reductions like those Illinois made, under a constitutional provision protecting...
Illinois Budget Debate Heats Up – The Bond Buyer
Budget season in Illinois kicked into gear this week with Democrats and Republicans trading barbs over the shape of the next budget and how...
State should approve IRA bill, help Illinoisans save – Chicago Sun-Times
For opposing opinion, see here.
http://www.suntimes.com/opinions/25444217-474/state-should-approve-ira-bill-help-illinoisans-save.html
Illinois Lawmaker Wants Tax Breaks for Olympic Medalists – NBC Chicago
We're comforted to know our lawmakers are laser focused on crafting tax policy that will generate jobs and opportunity.
http://www.nbcchicago.com/blogs/ward-room/Illinois-Lawmaker-Wants-Tax-Breaks-for-Olympic-Medalists-246350441.html
Republicans put conditions on state budget negotiations – IL Issues
GOP lawmakers want:
-The temporary income tax increase to be allowed to phase out, as is called for under current law.
-A proposal to amend the...
Unions rally against Emanuel pension changes at Capitol – chicagotribune.com
More than 1,000 Chicago-based union members flooded the Capitol Wednesday to decry Mayor Rahm Emanuel’s push for legislation to scale back city government worker...
Durkin and Levine: 401(k)s will help solve Illinois’ pension crisis
http://www.sj-r.com/article/20140218/OPINION/140219487/10511/NEWS?template=printart
Rhode Island pension settlement sets discouraging precedent – Public Sector Inc
"Rhode Island State Treasuer Raimondo along with...Rahm Emmanuel, was the rare Democrat who “got it” on pensions. Members of the party of progressivism above...
PBS Punts on series focused on IL, CA pensions – Burypensions
There is a real public pension funding crisis yet PBS viewers will not be told about it just as 110 years ago the public...
This Annual Financial Report Says What? – Governing.com
If there's a bright side to governments' money problems, it's that it's forcing them to use plain English to talk about their finances.
http://www.governing.com/columns/public-money/gov-whats-in-your-cafr.html
Chicago unions organize to fight potential public worker pension cuts – WBEZ Chicago
The coalition, announced Monday, is called We Are One Chicago. It brings together nine labor groups representing nearly 140,000 city workers, from cops to...
Rhode Island reaches pension deal to secure billions in savings – Reuters
Rhode Island reforms went much, much further than recent Illinois pension legislation, though probably not far enough, and Illinois should be watching.
http://in.reuters.com/article/2014/02/14/usa-rhodeisland-pension-idINL2N0LJ1RE20140214
Cradle-to-Grave Debt Load Leaves No Chicagoan Unburdened – Bloomberg
http://www.bloomberg.com/news/2014-02-14/cradle-to-grave-debt-load-leaves-no-chicagoan-unburdened.html
Hair-raising Chicago pension charts – Public Sector Inc.
What the charts show over time in Chicago are fewer active employees, significantly more retirees, sharply rising salaries and pensions, and annual shortfalls in...
Eden Martin: Some questions on bankruptcy, pensions for GOP gov candidates
Illinois would finally start getting somewhere if it asks itself the questions Mr. Martin lists in this article Most importantly let's honestly answer the...
Illinois lawmakers to begin budget talks without Quinn – WJBC
The Illinois legislature, while granting Gov. Pat Quinn's request to push back his budget speech five weeks, vowed to start on a budget without...
Chicago-Area Pension Shortfalls Grow Again – The Bond Buyer
The fiscal condition of the pension systems of Chicago, its sister governments, Cook County, and the Illinois municipal pension fund deteriorated in 2012 as...
Retirees are receiving bonuses…just for living another year – Reboot
UPDATE: Rebuttal from one of Illinois' pensions linked here.
http://www.rebootillinois.com/Opinion/retirees-are-receiving-bonuses...just-for-living-another-year-11871?utm_source=Twitter-rbt
Senate President John Cullerton on how to save Chicago teachers’ pensions – Tribune
Cullerton wants to revive the plan he proposed for the state pensions that was rejected, and use it for the CPS pension. In other...
Moody’s report shows states’ failure to recognize scope of pension problems: Illinois’ unfunded liability over TWICE what’s reported
This is old news if you're a regular reader here, yet the media continue to use the state's phony numbers. Remember that the numbers...
What 37 governors are planning for their states – Washington Post
The 37 governors' speeches so far offer a preview of the priorities for each state executive. And they reflect more optimism than in years...
Illinois public pension problem: Exactly how big is it? – WBEZ
Kudos to author Alex Keefe who, in this piece, questions whether the official pension numbers are right. He stands pretty much alone in our...
Illinois Sells $1 Billion in General Obligation Bonds – Wall Street Journal
"Illinois sold $1 billion in general obligation bonds, paying less to borrow than they did in a similar sale in June, a sign that...
Chicago is on the road to Detroit – Tribune
"Yet here we are on a Wednesday when the mayor probably will get approval from a derelict City Council to issue another up-to-$900 million...
Illinois Pension Fix Ends Bleeding Before Bond Sale – Bloomberg
That Bloomberg headline seems much too rosy. The penalty credit spread that the market places on Illinois bonds is still stuck at July 2013...
Battles Loom in Many States Over What to Do With Budget Surpluses – New York Times
Not in Illinois.
http://www.nytimes.com/2014/02/03/us/battles-loom-in-many-states-over-what-to-do-with-budget-surpluses.html?hp&_r=0
Top 10 facts about Illinois pensions – Illinois Policy Institute
Nice summary of the key problems.
http://illinoisreview.typepad.com/illinoisreview/2014/02/top-10-facts-about-illinois-pensions.html
Chicago Teachers Union President Karen Lewis vows to fight cuts to retiree pensions – WBEZ
Rahm is ignoring her, going straight to the legislature -- as he should.
http://www.wbez.org/news/teachers-union-president-vows-fight-cuts-pensions-109618
Illinois’ pension guarantees mean teachers double their money – Illinois Watchdog.org
http://watchdog.org/126657/illinois-union-pension-victims-double-money-four-years/
Quinn lays out ambitious spending plan, no mention of how to pay for it – Watchdog.org
http://watchdog.org/126366/illinois-state-of-the-state-2014/
Quinn calls for earned sick days for Illinois – A.P.
If this kind of thing sounds familiar during an election year, it's because in his last campaign Quinn unilaterally promised state workers a big...
“Part-time Ill. workers receiving lifetime pensions” – Associated Press
"Dozens of former elected officials in suburbs surrounding Chicago are collectively receiving tens of thousands of dollars a year in pension benefits, even though...
Chicago pension debt: $18,000 per person, highest in nation – WGN
A new study by Morningstar finds the city’s pension liability amounts to more than $18,500 for every person in the city. That’s twice as...
Gimmicks: An anlysis of the recent pension bill – Illinois Policy Institute
Take an especially good look at the chart that shows the backloading (a/k/a can-kicking).
http://illinoispolicy.org/madigans-illinois-pension-fix-15b-less-in-savings-more-gimmicks/?utm_source=Illinois Policy Institute&utm_campaign=701cc9fb0c-0615_HPP_pensions&utm_medium=email&utm_term=0_0f5a22f52c-701cc9fb0c-10669549
We Are One Illinois Coalition files pension lawsuit – CapitalFax
The We Are One Illinois (labor coalition) lawsuit argues that the “pension theft” law violates the pension clause of the Illinois Constitution, which states...
Illinois pension law saves $15 billion less than first thought – Tribune
http://www.chicagotribune.com/news/politics/clout/chi-illinois-pension-law-saves-15-billion-less-than-first-thought-20140126,0,1417109.story
Illinois Tollway Sets Biggest Sale Since Pension Fix – Bloomberg
Illinois tollway agency is set to issue $400 million of tax-exempt bonds in the biggest sale from the state since lawmakers took steps to...
Long-term solvency? Study shows New Jersey and Illinois are at the bottom of the heap — UnionWatch.org
Missing from the study was a consolidation of state and local government financials – something probably not practical, if even possible.
http://unionwatch.org/data-shows-correlation-between-government-union-power-and-state-government-solvency/
Study: Savings from new Illinois pension law ‘barely dent’ fiscal problems – WBEZ
"Barely dent" the problem: That's the same phrase we used a month before the pension bill was passed to describe it, when an outline...
Chicagoans face a truly astonishing bill for pensions and government debt – IL Policy Institute
"Chicago taxpayers face $86.9 billion in debt and unfunded liabilities under the new Moody's methodology. That's $32,000 per Chicago resident and more than $84,000...
Illinois Pension Reform: An Interview With State Senator Daniel Biss – Education Next
Dan Biss is a rarity -- a lawmaker who understands numbers -- and this interview provides as good a defense of the recent pension...
Vogel: Pathways clear to expedited ruling in pension case – Pantagraph
"Voters deserve to know how deep the fiscal quagmire is before they choose their governor. But I’m not holding my breath. As you might...
Even California worried that minimum wage increases could mean loss of jobs – San Francisco Examiner
http://www.sfexaminer.com/sanfrancisco/study-minimum-wage-increases-could-mean-lose-of-jobs-in-sf/Content?oid=2680102
Illinois paid out $266M in improper unemployment insurance payments – Il Policy Inst.
http://illinoispolicy.org/illinois-gives-out-266m-in-improper-unemployment-insurance-payments-long-term-unemployment-surges/
Why Texas Is Growing and Illinois Isn’t – National Review Online
"Poor public policy has proven capable of sapping the amazing historic vitality of Chicagoland."
http://www.nationalreview.com/article/368705/why-texas-growing-and-illinois-isnt-michael-barone
Lawmakers to scrutinize business tax incentives, compare Illinois to other states – chicagotribune.com
http://www.chicagotribune.com/site/ct-illinois-corporate-incentives-biz-0118-20140118,0,3044509.story
Speed along Illinois pension reform lawsuits – The State Journal-Register
Teachers Retirement System sued in Cook County; the Retired State Employees Association and the Illinois State Employees Association Retirees each filed lawsuits in Sangamon...
You Might Not Know Your City Is Going Broke – Bloomberg
The State Budget Crisis Task Force this week called for reforms to eliminate budgeting “gimmicks and short-term measures that obscure actual financial conditions." Sound...
Battle over police pensions in US cities takes ugly turn – CNBC
Nothing about Illinois in here yet, but you have to worry if that will come.
http://www.cnbc.com/id/101342970
Progressive income tax would destroy Illinois’ businesses climate – Illinois Policy Inst.
Illinois has already fallen to the 31st most competitive state in the country after the 2011 tax increase.
http://illinoispolicy.org/tax-foundation-progressive-income-tax-would-destroy-illinois-businesses-climate/
Towering proposal for more transparent accounting in pensions | Public Sector Inc
New report highlights how local government accounting is lacking, including its continued use of outdated cash-based systems.
http://www.publicsectorinc.org/2014/01/towering-proposal-for-more-transparent-accounting-in-budgets-pensions/
Rahm presents five-year housing plan to City Council – WBEZ
$1.3 billion for 41,000 units of housing.
“Bouncing Back” tries to address forces that have battered Chicago - namely the foreclosure crisis and a population...
Mayer Brown Loses Illinois Bond Counsel Contract – Illinois Observer
Mayer Brown's Ty Fahner has been an outspoken critic of Illinois fiscal policy and reportedly encouraged rating agencies to downgrade Illinois bonds.
http://www.illinoisobserver.net/2014/01/13/extra-mayer-brown-loses-illinois-bond-counsel-contract/
Governor’s Budget Projection Shows State’s Continuing Financial Woes; Near Term Savings Estimates from Pension Bill Getting Cut Already – The Civic Federation
The report "suggests that savings from the pension law enacted on December 5, 2013 might be significantly below previous projections. Supporters had estimated that...
Illinois Sets $1 Billion bond sale in February after pension fix – Bloomberg
The deal will be Illinois’s second since lawmakers in December bolstered the worst-funded U.S. state pension system.
Note also that Illinois' credit "spread...
Justifications for tax hike fall short – Illinois Policy Institute
http://illinoispolicy.org/justifications-for-tax-hike-fall-short/?utm_source=rss&utm_medium=rss&utm_campaign=justifications-for-tax-hike-fall-short
Interview with Chicago’s CFO – Chicago Policy Review
"From a city level, what makes Chicago unique is the layering effect. Chicago is the worst funded city in pensions in the worst pension...
The truth about the ‘tax burden’ of Illinois businesses – Opinion – Taxpayers’ Federation of IL
http://www.chicagobusiness.com/article/20140109/OPINION/140109856
FEMA denies disaster assistance to Washington, Illinois tornado aid – abc7chicago.com
http://abclocal.go.com/wls/story?section=news/local/illinois&id=9387794
Illinois Pension Law Challengers Lay Out Their Cases – The Bond Buyer
http://www.bondbuyer.com/issues/123_5/illinois-pension-law-challengers-lay-out-their-cases-1058756-1.html
Expect Illinois’ pension reform promises to be broken – Opinion – Crain’s
Count on it.
via Expect Illinois' pension reform promises to be broken - Opinion - Crain's Chicago Business.
For wonks only — full copy of recent IL Auditor General’s report on pensions
We'll be discussing different parts of this in coming articles, especially the absurd notion that the assumed rate of return should be reduced to...(drum...
Illinois taxpayers pay no matter how public pensions perform – Watchdog.org
Taxpayers effectively shoulder the cost of the guaranty, which far, far exceeds the contributions made to the pensions by the state and employees.
http://watchdog.org/122260/illinois-pensions/
State Supreme Court justices rake in cash tied to pension-law players – Chicago Sun-Times
Aside from cash contributions, court review of the new pension law will be polluted by other conflicts of interest that we wrote about earlier.
http://www.suntimes.com/24614346-761/state-supreme-court-justices-rake-in-cash-tied-to-pension-law-players.html
State pension payment to rise 100M; smallest in years – Journal Star
If you understand just one thing about how politicians manage pensions, make it this: They always, always end up making reduction of near term...
US public finance: Day of reckoning (especially for IL and Chicago) – FT.com
The FT devotes a major story explaining why our officially reported pension numbers are bunk, yet our local media continue to report them as...
Three Perverted Words: Honorable, Independent, Actuarial – A Pension Actuary
"Consultants offering up advice they were paid for hardly makes them independent and whenever the word ‘actuarial’ appears in a report (as in actuarial...
Illinois teachers sue in effort to block pension reform law – Reuters
http://www.reuters.com/article/2013/12/27/usa-illinois-pensions-idUSL2N0K618D20131227
Unprepared: The World Braces For Retirement Crisis – A.P.
The crisis will play out for decades, and its consequences will be far-reaching.
via Unprepared: The World Braces For Retirement Crisis | LEX18.com.
Interview with U. of I Finance Prof. J. Brown on Pension and Fiscal Status
"It may take a while, but I suspect more and more public employees will come to the conclusion that a well-designed and fully funded...
Public Officials Beware: The SEC Will Hold You Liable – Governing
http://www.governing.com/gov-institute/voices/col-public-officials-financial-disclosure-personal-liability-securities-exchange-commission.html
New target for IL pension fix – Shaw Media
http://www.morrisdailyherald.com/2013/12/20/new-target-for-pension-fix/amxrjh7/
Pension accounts didn’t need to sell assets in 2013
Doesn't mean much by itself. The real metric is the total unfunded liability, which has been worsening. Expect to see lots of positive spin...
Nobel Prize Winner Flags the Central Lie in Illinois Pensions – WP Original
December 19, 2013 By: Mark Glennon
This year's winner of the Nobel Prize in Economics, Eugene Fama from the University of Chicago, recently made...
Many pensions just fund a second career – Reboot Illinois
"Retire." Get pension. Start a different government job.
http://www.rebootillinois.com/?opinion=10027
Motorola’s CEO on Illinois pension reform: It’s just a start – Crain’s Chicago Business
That the pension bill was "just a start" should be obvious. Shame on all who claimed it was "comprehensive" or "solved the problem."
http://www.chicagobusiness.com/article/20131217/BLOGS11/131219783
A Tale of Two Pensions: Illinois vs. Texas – The American Interest
"Two weeks after the modest pension cuts that the Illinois legislature passed with much kicking and screaming comes the realization that the state has...
Senator Dan Duffy Explains His Vote Against Pension Bill
http://mchenrycountyblog.com/2013/12/13/dan-duffy-explains-his-vote-against-pension-bill/
Pension numbers yet another gimmick – Journal Courier
http://www.myjournalcourier.com/news/editorials-home_top-opinion/579457/Pension-numbers-yet-another-gimmick
CTU’s Karen Lewis’ on the pension cuts
Presented without comment.
http://www.suntimes.com/news/otherviews/24357726-452/pension-cuts-in-an-era-of-robber-barons.html
The market’s opinion: Pension deal did little to solve Illinois credit problems – MMD, IPI
The interest penalty Illinois taxpayers shoulder for the state's bad credit remains at crisis levels -- about where it was earlier this year. That...
Madigan pension plan makes guarantee taxpayers can’t afford – IL Policy Instiute
http://illinoispolicy.org/madigan-pension-plan-makes-guarantee-taxpayers-cant-afford/
Illinois Pension Situation Still Dire, Says U of I Association
http://altondailynews.com/news/details.cfm?clientid=17&id=104811#.Uqscoo0zPLE
Illinois Penalty Shrinks 29% on Bond Sale After Pension Bill – Businessweek
Nice to see improvement, and pension bill supporters are already bragging about this, but read closely: The penalty merely fell back to where it...
Illinois’ pension reform law (slightly) improves state’s fiscal outlook – Watchdog.org
http://watchdog.org/119646/illinois-pension-reform-law-slightly-improves-states-fiscal-outlook/
Illinois has 43% of America’s public pension plans – COGFA
We have over 600 of them! The recent pension bill addressed just four.
http://illinoispolicy.org/illinois-has-43-of-the-countrys-public-pension-plans/
Pension bill’s accounting gimmicks ignore $6-$8B in debt – Il. Policy Inst.
Are lawmakers seriously hoping they’ll overlook this one, especially when our own actuaries are highlighting it? - See more at: http://illinoispolicy.org/pension-bills-accounting-gimmicks-ignores-6-8b-in-debt/#sthash.bCWEK08I.dpuf
"Are lawmakers seriously hoping...
S&P revises Illinois outlook to ‘developing’ on pension reform – Reuters
http://in.reuters.com/article/2013/12/10/usa-illinois-sandp-idINL1N0JP14620131210
Detroit ruling opens door to pension cuts across the nation – L.A. Times
Full story at http://www.latimes.com/nation/la-na-public-employee-pensions-20131208,0,3337836.story#axzz2mzWmgAuP
SEC will be looking hard at Illinois pension disclosures – NYT
Especially important: the shortfall in annual contributions needed to keep a pension fully funded -- the "ARC."
“There almost needs to be a bold statement...
Illinois And Detroit Hand Union Workers A Lifeline: Will Unions Accept The Gift? – Forbes
"Unions and their members should stop relying on their employers to fund pensions simply because of some old infatuation with the supposed risk-free nature...
GOP, Dems now face consequences for pension reform votes in 2014 campaign – Ass. Press
http://www.therepublic.com/view/story/8acf549487804d309d4277b9201cfffe/IL--Closer-Look-Illinois-Pensions
Judicial Review of Pension Bill to be Poisoned by Conflicts of Interest – WP Original
December 7, 2013 By: Mark Glennon
All core parts of the pension bill recently passed are suspect under the Illinois Constitution, which says pensions cannot...
A flawed belief in government promises – Jacksonvilee Journal Courier
"What I can’t understand, is while the theft was going on in plain sight, unionized state workers routinely voted back into power the very...
AFSCME union President: pension reform law ‘grand larceny’ – Chicago Sun-Times
We trust you will see his dishonesty, again, in the 'average' pension number he references of $28k. True averages are here.
http://www.suntimes.com/news/metro/24212197-418/union-leader-pension-reform-law-grand-larceny.html
Wisconsin Gov. Scott Walker’s advice for Illinois’ fiscal woes – Tribune
http://www.chicagotribune.com/news/opinion/commentary/ct--20131206,0,7757387.story?track=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed: chicagotribune/views (chicagotribune.com - Most Viewed Stories)
A pension bill opponent gets specific – Sen. Dan Duffy
http://mchenrycountyblog.com/2013/12/05/dan-duffy-explains-vote-against-pension-bill/
Nice summary of the problems in the bill.
Democratic State Senator Says Pension Bill Done to Give Quinn a Win – Naperville Sun
Democratic State Senator Linda Holmes, and member of the special pension committee: “On the political end, I think this was done to give the...
Illinois governor signs pension overhaul into law – The Washington Post
http://www.washingtonpost.com/business/ill-pension-fight-could-create-deeper-fiscal-hole/2013/12/04/f937744a-5d41-11e3-8d24-31c016b976b2_story.html
Our view: Pension bill doesn’t solve state’s problems – Northwest Herald
http://www.nwherald.com/2013/12/04/our-view-pension-bill-doesnt-solve-states-problems/az99tu1/
What the Detroit bankruptcy ruling means legally for Illinois – Illinois Review
http://illinoisreview.typepad.com/illinoisreview/2013/12/what-the-detroit-bankruptcy-ruling-means-for-illinois.html
Good summary of the topic in this story. The IL General Assembly would have to authorize Illinois cities and municipalities to file for bankruptcy....
Chicago Pursues Deal to Change Pension Funding – NY Times
http://www.nytimes.com/2013/12/05/us/chicago-pursues-deal-to-change-pension-funding.html?_r=0
Pension deal brings long-awaited financial optimism – Civic Committee President
http://www.chicagobusiness.com/article/20131204/OPINION/131209911/why-you-should-give-mike-madigan-a-hug
Only a tiny bit of optimism, in our view.
This piece ran in Crain's various headlines, one of which was "Give Madigan a Hug." A...
Ill. pension fight could create deeper fiscal hole – FOX 32 News
http://www.myfoxchicago.com/story/24129686/ill-pension-fight-could-create-deeper-fiscal-hole
Rahm: “Should Chicago fail to get pension relief soon, we will be faced with a 2015 budget that will either double city property taxes...
The standout legislator in yesterday’s pension scheme hearings – WP Original
December 4, 2013 By: Mark Glennon
In yesterday's hearings (more like a show trial) on the 325 page pension bill that most legislators had only...
Pension Reform that is Sham Reform – Points and Figures
http://pointsandfigures.com/2013/12/04/pension-reform-sham-reform/
How Illinois pension deal could affect retirees – Associated Press
http://www.nwherald.com/2013/12/04/how-illinois-pension-deal-could-affect-retirees/ayhsspl/
Reaction of various politicians and policy groups
Here are some reactions from politicians and policy institutes:
via Reaction to Pension Reform Vote | Chicago Tonight | WTTW.
Savings from Illinois pension “fix” only $14 billion – Illinois Policy Inst.
http://illinoispolicy.org/savings-from-illinois-pension-fix-only-14-billion/?utm_source=rss&utm_medium=rss&utm_campaign=savings-from-illinois-pension-fix-only-14-billion
Prediction: The politicians and reporters who claimed "the fix" would save $160 billion will be shamed over that for the rest of their (short,...
Three reasons Illinois’ pension plan falls short – State Budget Solutions
http://www.statebudgetsolutions.org/publications/detail/three-reasons-illinois-pension-plan-falls-short
Complete Roll Call on Illinois Pension Bill Here
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 ...
Illinois Legislature Approves Benefit Cuts in Troubled Pension System – NYTimes.com
http://www.nytimes.com/2013/12/04/us/politics/illinois-legislature-approves-benefit-cuts-in-troubled-pension-system.html?_r=0
Illinois General Assembly passes pension reform bill – Pensions & Investments
http://www.pionline.com/article/20131203/ONLINE/131209964/illinois-general-assembly-passes-pension-reform-bill#
Meanwhile, judge rules pensions can be cut in Detroit bankruptcy – Detroit Free Press
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...
Pension bill passes: now we’ll find out what’s in it. Here’s what we know so far – WP Original
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...
Illinois Lawmakers Confront Historic Burden of Pension Futility – Bloomberg
“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...
Illinois’s Fake Pension Fix – Wall Street Journal
http://online.wsj.com/news/articles/SB10001424052702303670804579233901035185122
Eleven business groups urge General Assembly to pass pension reform – Illinois Review
http://illinoisreview.typepad.com/illinoisreview/2013/12/eleven-business-groups-urge-general-assembly-to-pass-pension-reform.html
Today’s Fat Cats Get Special Exemption Under Illinois Pension Deal – WP Original
December 1, 2013 By: Mark Glennon
Under a particularly galling provision in the outline of the pension deal recently released, today's fat cats get special...
Bruce Rauner, Candidate for Governor, Blasts Pension Deal
December 1, 2013
Republican candidate for Governor Bruce Rauner today sent the following mass email, in opposition to the pending pension deal:
This Tuesday a group...
$620 billion owed by state pensions, $62 billion on hand to pay it
http://illinoisreview.typepad.com/illinoisreview/2013/12/over-next-30-years-illinois-taxpayers-will-pay-out-620-billion-in-state-employee-pensions.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed: typepad/dlacomb/illinoisreview (illinoisreview)
Unions target Senate Dems in pension reform battle – News – The State Journal-Register – Springfield, IL
In the 2010 election cycle - when Illinois last had a governor’s race and several other statewide contests on the ballot - public sector...
An independent, honest actuary’s response to the Illinois pension deal – UPDATED
November 30, 2013 By: Mark Glennon
John Bury is an actuary and a nationally recognized pension expert in New Jersey, who writes regularly about public...
Pension Reform Proposal Outline Released
http://www.wics.com/news/top-stories/stories/vid_14485.shtml
Five reasons why Madigan’s pension fix is a step backward – IL Policy Institute
http://illinoispolicy.org/five-reasons-why-madigans-pension-fix-is-a-step-backward/
Let the unions kill the new Illinois pension deal
November 29, 2013 By: Mark Glennon
Today, key Illinois legislators released the list of "details" of their long awaited pension deal. The release is linked...
Gurantyeeing Financial Ruin in Illinois – Ken Griffin
http://www.chicagotribune.com/site/ct-illinois-pension-reform-financia-ruin-1129-20131129,0,2676454.story
Finally, the suicidal funding "guaranty" provisions in the pension reform deal are getting some attention. We've been screaming about them regularly here, starting with...
Governor Quinn’s Whopping Lie About the Pension Deal – WP Original
November 28, 2013, By: Mark Glennon
Yesterday, Illinois Governor Patrick Quinn issued a statement about the recent pension agreement among legislative leaders in which he...
Actuary/Pension Expert Ridicules IL Pension Deal Propaganda
http://burypensions.wordpress.com/2013/11/28/government-as-malpracticed/#comment-8002
"Of interest is not the plan itself...but aspects of the propaganda campaigns being rolled out, some of which are funny without comment, e.g.,
$100 billion...
Reeder: Time has come for public pensions to give way to 401(k)s – Northwest Herald
http://www.nwherald.com/2013/11/27/reeder-time-has-come-for-public-pensions-to-give-way-to-401ks/crapvaf/
Like the failed "Edgar Ramp" for pensions implemented in the 1990s by Governor Edgar, the new pension deal would just put off cuts to...
60% of state pensioners retired before age 60 – Illinois Policy Institute
http://illinoispolicy.org/simplereport/pension-solutions-reforming-retirement-age/
The average pension for workers who retired before the age of 60 with at least 30 years of service credit is $63,424. - See...
Illinois colleges and universities ‘slamming taxpayers’ with pension abuse – Breitbart
"With no skin-in-the-game, colleges are conferring excessive salaries and slamming taxpayers for the pension costs."
"Vernon O. Crawley of Moraine Valley Community College had a...
Cost-of-living adjustments are supersizing state pensions – Illinois Policy Institute
http://illinoispolicy.org/simplereport/pension-solutions-cost-of-living-adjustments-are-supersizing-state-pensions/
What we know about the new pension deal so far – Reboot Illinois
http://www.rebootillinois.com/?opinion=8983
Air the pension reform bill – Chicago Tribune editorial
http://www.chicagotribune.com/news/opinion/editorials/ct-illinois-pension-reform-edit-1127-20131127,0,5370080.story
"Let's see the bill before there is a vote."
Amen. We especially want to see the language on the "guaranty" provision, which threatens to make...
Bailouts for Cities? – PublicCEO
http://www.publicceo.com/2013/11/bailouts-for-cities/
"Detroit’s emergency fiscal manager said that the city has been going broke 'openly and notoriously' for over a decade, without confronting its problems."
Ditto for...
Illinois’ unpaid bills higher than when lawmakers passed the tax hike – IL Policy Inst.
By the end of the current fiscal year, lawmakers will have collected a total of $25.7 billion in new revenue from the 2011 tax...
Illinois House to take up pension reform on Dec. 3 – Reuters
http://www.reuters.com/article/2013/11/25/usa-illinois-pensions-idUSL2N0JA1SA20131125
Aging university folks ‘get rowdy’ at No. IL U. pension forum
http://www.daily-chronicle.com/2013/11/21/akst-pension-reform-at-niu/a7u0khr/
Will pension reform save or destroy higher ed in Illinois? Two U of I business profs opine
http://www.news-gazette.com/opinion/guest-commentary/2013-11-24/will-pension-reform-save-or-destroy-higher-ed-illinois.html
Unions plan ’emergency days’ to lobby lawmakers on pensions – Associated Press
http://www.sj-r.com/breaking/x450319338/Unions-plan-emergency-days-to-lobby-lawmakers
Top state lawmakers set pension talks – Associated Press
http://www.pantagraph.com/news/state-and-regional/illinois/government-and-politics/top-state-lawmakers-set-pension-talks/article_582321d6-5250-11e3-871e-001a4bcf887a.html
Don't get excited, folks. They will still leave at least 80% of the unfunded pension liability in place.
Chicago’s true pension debt over twice as bad as reported – State Budget Solutions
http://www.statebudgetsolutions.org/publications/detail/chicagos-true-pension-debt-exceeds-87-billion The officially reported unfunded liability of Chicago pensions is already insurmountable and would require half of city tax revenue to fix, but the...
A tiny glimmer of light in Springfield’s pension work – WP Original
November 20, 2013 By: Mark Glennon
A major figure in the Illinois legislature told me today to expect the "guaranty" provision in coming pension reform...
Illinois Beats Investment Return Goals Amid Pension Stalemate – Bloomberg
http://www.bloomberg.com/news/2013-11-20/illinois-beats-investment-return-goals-amid-pension-stalemate.html
Welcome news, but pensions have good years and bad years, too. More importantly, the pension deficit in Illinois still grows when good returns that...
Illinois pensions to get $100 million share of JPMorgan settlement – Associated Press
http://www.pantagraph.com/business/local/illinois-to-get-share-of-jpmorgan-settlement/article_63ecd8b8-5165-11e3-8c12-001a4bcf887a.html?comment_form=true
That's much less than 1/1,000 of the unfunded liability, but every little bit helps.
Chicago’s mind-blowing $33 billion debt and pension obligations – Washington Post
http://www.washingtonpost.com/blogs/govbeat/wp/2013/11/18/chicagos-mind-blowing-33-billion-debt-and-pension-obligations/
Public pension and salary ‘double-dippers’ targeted in new bill – Chicago Sun-Times
http://www.suntimes.com/23845706-761/public-pension-and-salary-double-dippers-targeted-in-new-bill.html?r=8332E8774912D3C
Called the "Retirement Means Retirement Act," it's intended to end pension payments the those not retired. Unions, of course, are opposed.
State Rep. Jack Franks,...
Chicago agency’s pension reform could be legal test case – Associated Press
http://hosted.ap.org/dynamic/stories/I/IL_ILLINOIS_PENSIONS_PARK_DISTRICT_ILOL-?SITE=ILBLO&SECTION=HOME&TEMPLATE=DEFAULT
Public Union Pensions Not Sacrosanct, but Fairness Test Needed – Mish’s Global Economics
http://globaleconomicanalysis.blogspot.com/2013/11/promises-promises-public-union-pensions.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed: MishsGlobalEconomicTrendAnalysis (Mish's Global Economic Trend Analysis)
What Target Date Means for Pension “Reform”: Incumbent Protection – NBC Chicago
The Dec. 3 target date comes the day after nominating petitions are due for the 2014 primary ballot. That means incumbents may be spared...
Illinois lawmakers could take up pension fix in December – Reuters
http://www.reuters.com/article/2013/11/13/usa-illinois-pensions-idUSL2N0IY2DD20131113
House Speaker Michael Madigan told lawmakers to prepare for a December session, but don't expect any real reform -- the numbers under discussion remain...
New song, old tune with pension “reform” at Chicago Park District pension – Eden Martin
http://www.suntimes.com/news/martin/23708053-452/new-song-old-tune-with-pension-reform-at-chicago-park-district.html
Eden Martin, author of this article and President of the Commercial Club of Chicago, has a remarkable ability to distill complex pension issues down...
Morningstar Evaluates Fiscal Health of 25 City Pension Plans; Finds Chicago the Weakest – MarketWatch
http://www.marketwatch.com/story/morningstar-evaluates-fiscal-health-of-25-city-pension-plans-finds-washington-dc-the-strongest-funded-city-pension-plan-and-chicago-the-weakest-2013-11-12?reflink=MW_news_stmp
Costly fix to Chicago Park District pension – News-Gazette
http://www.news-gazette.com/opinion/editorials/2013-11-12/costly-fix-public-pension.html
Nice summary of issues surrounding the pending legislation to "fix" (or maybe not fix) the Chicago Park District Pension.
In face of Chicago downgrade, IL legislature looks to more pension borrowing – State Budget Solutions
http://www.statebudgetsolutions.org/publications/detail/in-face-of-chicago-downgrade-il-legislature-looks-to-more-pension-borrowing
Chicago Has Credit Rating Cut 3 Steps by Fitch on Pension – Bloomberg
http://www.bloomberg.com/news/2013-11-09/chicago-has-credit-rating-cut-3-steps-by-fitch-on-pension.html
Illinois House passes pension fix for Chicago park district – Chicago Sun-Times
"Chicago Park District’s $971 million pension shortfall that threatens 6,100 existing park employees or retirees.... Current employees would be asked to contribute up to...
Illinois Evading Pension Fix Leads State Gaps Wider – Bloomberg
http://www.bloomberg.com/news/2013-11-06/illinois-evading-pension-fix-leads-state-gaps-wider-muni-credit.html
Naperville considers pension double-dipping transparency reform
http://illinoispolicy.org/naperville-considers-pension-double-dipping-transparency-reform/
Illinois Pension Said to Shop $500 Million in Fund Stakes – Bloomberg
http://www.bloomberg.com/news/2013-11-06/illinois-pension-said-to-shop-500-million-in-fund-stakes.html
Illinois teachers' pension selling a large chunk of illiquid private equity holdings.
The fund is essentially bleeding out: Neither contributions coming in nor earnings on...
Illinois Evading Pension Fix Leads State Gaps Wider – Bloomberg
Illinois was the most-populous of five states, including Kentucky, North Dakota, Oregon and Vermont, where pension-funding ratios fell at least 21 percentage points from...
Illinois pensions need to become more transparent – IL Policy Institute
http://illinoispolicy.org/illinois-pensions-need-to-become-more-transparent-2/
Pensions for police dogs in the UK – Telegraph
http://www.telegraph.co.uk/news/uknews/crime/10424326/Pensions-for-police-dogs.html
Surprising that Illinois isn't leading on this.
Pension reform seen unlikely for current Illinois legislative veto session – Reuters
http://in.reuters.com/article/2013/11/04/usa-illinois-pensions-idINL2N0IP1FU20131104
Probably a good thing, because the "reform" proposal will likely do more harm than good.
2 Blue Island brothers in line for 6 government pensions – Chicago Sun-Times
http://www.suntimes.com/news/metro/23180869-761/2-blue-island-brothers-in-line-for-6-government-pensions.html
Pension progress reported, but vote unlikely this week – State Journal-Register
http://www.sj-r.com/thedome/x450315759/Pension-progress-reported-but-vote-unlikely-this-week
Illinois, don’t throw the game to reform opponents: Reject what’s coming from the pension committee
November 3, 2013, By: Mark Glennon
"We're at the one yard line." That's how State Rep. Elaine Nekritz recently described progress by the special Illinois...
Q&A: No easy fix for Illinois’ financial woes – Associated Press
via Q&A: No easy fix for Illinois' financial woes.
Teacher Pensions Threaten To Bankrupt Illinois – Sound Money Institute
http://soundmoneyinstitute.org/teacher-pensions-threaten-bankrupt-illinois/?utm_source=rss&utm_medium=rss&utm_campaign=teacher-pensions-threaten-bankrupt-illinois
Illinois Pensions Ratchet Up to Crazy-town Level – Ted Dabrowski, IPI
http://directorblue.blogspot.com/2013/11/democrats-lose-to-math-chapter-9.html
Cook County Pension Fund Levels Continue to Decline – Civic Federation
The market value funded ratio for the County pension fund fell to 55.1% in FY2012
via Cook County Pension Fund Levels Continue to Decline |...
Why Illinois’ pension crisis keeps getting worse – IL Policy Inst.
http://illinoispolicy.org/illinois-pension-crisis-keeps-getting-worse/
Moody’s downgrades CTA’s bonds, outlook revised to negative
CHALLENGES
--Credit deterioration among key municipalities served
--Growing unfunded pension liabilities combined with large capital needs that are likely to require sizeable additional leverage resulting in...
Illinois Quad Cities police, fire pensions face underfunding – Quad Cities Online
http://www.qconline.com/archives/qco/display.php?id=657416
Just the police and fire pensions in the Quad Cities are short $163 million -- a sad reminder that Illinois has over 650 municipal...
Earth to Cullerton, Quinn – State Senator Darin LaHood
http://www.pjstar.com/opinions/forum/x1069222308/In-the-Spotlight-Earth-to-Cullerton-Quinn
"From where I sit here at my desk in Peoria, Illinois on planet Earth, it is obvious we are teetering on the brink of...
Unfunded liability grows for Illinois teacher pension, likely to worsen – Reuters
via Unfunded liability grows for Illinois teacher pensions.
TRS gave preliminary approval to a $3.412 billion contribution for fiscal 2015 using a state statutory formula....
Unions shoveling cash to pension reform opponents, loads more in the bank and on the way – Reboot Illinois
http://rebootillinois.com/?eopinion=6459
Video – WSJ reporter and FoxNews’ Stuart Varney discuss IL pensions
http://video.foxbusiness.com/v/2766353227001/are-pension-liablilites-in-illinois-a-big-deal/
Their depressing conclusion: We will raise taxes which will further retard the economy, and punt on pensions leaving a still bigger disaster for a...
Illinois Hits a New Low as Springfield Prepares for Pension Debate – The American Interest
http://blogs.the-american-interest.com/wrm/2013/10/23/illinois-hits-a-new-low-as-springfield-prepares-for-pension-debate/
Senate minority leader Durkin: Pension reform plan must include GOP ideas to get GOP votes
http://illinoisissuesblog.blogspot.com/2013/10/durkin-pension-reform-plan-must-include.html
The Illinois Pension Mess – Wall Street Journal
Illinois Senate President John Cullerton's remarks over the weekend trivializing the state's pension problem go a long way to explain why he's in no...
Reuters’ Analysis: No answers for Chicago’s pension ills as mayor prepares budget
http://www.reuters.com/article/2013/10/22/us-usa-chicago-pensions-analysis-idUSBRE99L1IN20131022?feedType=RSS&feedName=domesticNews
Illinois Incompetence Gives Bondholders More Yield – Bloomberg
http://www.bloomberg.com/news/2013-10-22/illinois-incompetence-gives-bondholders-more-yield-muni-credit.html
Crisis? What crisis?
Senate President John Cullerton: Pension debt not a ‘crisis’ – business groups just seeking lower taxes – Tribune
http://www.chicagotribune.com/news/local/ct-met-cullerton-pension-crisis-20131021,0,3487357.story
Cullerton's going all-in with public sector unions on this claim.
For a little historical perspective, Cullerton's family has been a blight on our government almost...
With tax cut pending, Wisconsin’s surplus reaches $759 million – Milwaukee JounrnalSentinal
http://www.jsonline.com/news/statepolitics/wisconsin-legislature-expected-to-act-quickly-on-tax-break-b99119868z1-227718991.html
A reminder that neighbors competing for our employers aren't standing still. Wisconsin likely will cut its property taxes by $100 million.
Springfiled must create meaningful pension reform, and the proposal is not – Morris Daily Herald
Any pension reform must be sustainable over the long term, and this proposal would not be.
via morrisdailyherald.com | Springfiled must create meaningful pension reform...
Presented without comment: Progressive Caucus says new revenue other than property tax needed to solve Chicago’s pension crisisVoices
http://voices.suntimes.com/early-and-often/progressive-caucus-says-new-revenue-other-than-property-tax-needed-to-solve-chicagos-pension-crisis/
More than 50% of Illinois’ nearly 200K government pensioners retired at age 59 or younger – Il Policy Inst.
http://illinoispolicy.org/more-than-50-of-illinois-nearly-200k-government-pensioners-retired-at-age-59-or-younger/
Hopeless State Pension Plan Coming Down the Pike – Eden Martin
http://www.suntimes.com/news/martin/23190495-452/hopeless-state-pension-plan-coming-down-the-pike.html
How to Stop Courts’ Blockades of Pension Reform – Bloomberg
http://www.bloomberg.com/news/2013-10-16/how-to-stop-courts-blockades-of-pension-reform.html
Promotion cost Cicero commander 2nd pension, but he’s happy at $200,000 per year – Chicago Sun-Times
http://www.suntimes.com/news/metro/22943093-418/promotion-cost-cicero-police-commander-2nd-pension-but-hes-happy.html
Gov. Quinn “AWOL” From Pension Committee’s Talks – WUIS
-Rep. Elaine Nekritz, D-Northbrook: "It has been so long since I have spoken with the governor, I can't remember when it was, I think...
Cullerton: Pension issue could bypass committee
http://www.pantagraph.com/news/state-and-regional/illinois/cullerton-pension-issue-could-bypass-committee/article_d5f5e2a9-7c25-5caa-85df-d225843efd8b.html
Pension reform: Time to means test COLAs – IL Policy Inst.
http://illinoispolicy.org/pension-reform-time-to-means-test-colas/
Here’s the very latest from Illinois’ pension reform committee – WP Original
October 11, 2013
Pension reform in Illinois, as those who follow it know, is in the hands of a special committee of ten Illinois lawmakers....
The rich get richer — payouts to Illinois’ top pensioners listed here
http://us1.campaign-archive1.com/?u=7fe208d3c85ffa1d03aeaade4&id=3af72e3b8e
Illinois was closing one day at a time even before Fed shutdown – Greg Baise, IL Manufacturing Ass.
http://www.suntimes.com/news/otherviews/22927471-452/illinois-is-closing-one-day-at-a-time.html
Shutdown of essential services from Illinois government has long been been underway
Reeder: Feds not alone with a government shutdown - Southtown Star.
Pension woes not isolated by size: many other Illinois public pensions are in trouble – Jacksonville Journal-Courier
http://www.myjournalcourier.com/news/local/pension-woes-not-isolated-by-size/article_27557a76-2e43-11e3-8a26-001a4bcf6878.html
The American Thinker’s case for abolishing public sector unions — based mostly on Illinois facts
http://www.americanthinker.com/2013/10/public_sector_unions_must_be_abolished.html
Pension deal uncertain as Ill. veto session nears – Ass. Press
http://www.pantagraph.com/news/state-and-regional/illinois/pension-deal-uncertain-as-ill-veto-session-nears/article_4eb52986-31ad-5110-b3d2-a68f95f32ab4.html
Private Equity Leads the Way in Pension Plan Returns – Private Equity Professional Digest
http://pepdigest.com/2013/10/private-equity-leads-the-way-in-pension-plan-returns/?utm_source=iContact&utm_medium=email&utm_campaign=Morning Coffee from Private Equity Professional Digest&utm_content=Morning Coffee 10-3-13
Cullerton backs pension “reform plan to save $138 billion” – Springfield, IL – The State Journal-Register
http://www.sj-r.com/breaking/x452546738/Cullerton-backs-pension-reform-plan-to-save-138-billion?zc_p=1
Teachers’ Union Pres. Karen Lewis is One of the Five Percent – Dropout Nation
http://dropoutnation.net/2013/09/28/karen-lewis-is-one-of-the-five-percent/
The “average” public sector pensions numbers every Illinoisan should read
September 27, 2013
You've been lied to. Pension supporters and public employee unions have long gotten away with claiming average pension payments are in the...
Watchdog: Putting off pension deadline ‘not an option’ – Chicago Tribune
"The city's pension funds are already dangerously close to where they cannot be saved."
via Watchdog: Putting off pension deadline 'not an option' - Chicago...
And for another perspective: Rolling Stone weights in on the pension non-crisis
http://www.rollingstone.com/politics/news/looting-the-pension-funds-20130926?page=5
Are Illinois Pensions Fair To the Rest of Us? ChicagoNow
http://www.chicagonow.com/get-employed/2013/09/are-illinois-pensions-fair-to-the-rest-of-us/
Where it really matters, Chicago’s unfunded pension liability per household is a whopping $900,000 – WP Original
September 27, 2013
If you follow the pension crisis you're probably especially alarmed by the per-person estimates of unfunded pension liabilities. What's overlooked, however, is...
SEC official says public pension disclosures remain under scrutiny – Reuters
http://www.reuters.com/article/2013/09/26/usa-sec-bond-lawyers-idUSL2N0HM1AY20130926
Moody’s Proposes Making Pension Liabilities a Bigger Factor in Bond Ratings
http://www.governing.com/blogs/view/gov-moodys-wants-pension-liabilities-to-play-bigger-ratings-role.html
Chicago has the Biggest Pension Load of Debt-Laden Locales – Bloomberg
http://www.bloomberg.com/news/2013-09-26/chicago-bears-biggest-pension-load-of-debt-laden-locales.html
Whopping increases in pension benefits since the 1970s for IL teachers – Champion News
http://www.championnews.net/?p=41879#comments
House Speaker Madigan waiting on pension vote to be scheduled, but won’t commit to calling it – Associated Press
http://www.therepublic.com/view/story/3428c50ca0b34c0fb131c4d3af14aa27/IL--Illinois-Pensions-Madigan
Obamacare Is A Stealth Bailout Of State And Local Governments – Business Insider
http://www.businessinsider.com/obamacare-is-a-stealth-bailout-of-state-and-local-governments-2013-9?utm_source=androidapp&utm_medium=referral
The hidden bill: Chicago taxpayers and the looming crisis – Illinois Policy Inst.
http://www.illinoispolicy.org/news/article.asp?ArticleSource=6330
Rich Miller: Special committee’s pension reform plan about ready
http://southtownstar.suntimes.com/news/miller/22553999-452/miller-special-committees-pension-reform-plan-about-ready.html
Illinois Needs to Come Up With Another $20 Billion Per Year — on a $35 Billion Budget – Business Insider
http://www.businessinsider.com/illinois-underfunded-pensions-2013-9
Back to basics on fixing Illinois state pensions – Eden Martin
http://www.suntimes.com/news/martin/22546226-452/back-to-basics-on-fixing-state-pensions.html
Illinois Municipal Retirement Fund not as healthy as tought; benefits from the stealth pension tax – Champion News
http://www.championnews.net/?p=38257
Springfield police pension board violating order, state agency says – State Journal-Register
http://www.sj-r.com/breaking/x1367240483/City-board-violating-pension-order-state-agency-says
Pensions Are Still Making Ludicrous Assumptions About Future Returns – Business Insider
http://www.businessinsider.com/pensions-are-still-making-ludicrous-assumptions-about-future-returns-2013-9?nr_email_referer=1&utm_source=Triggermail&utm_medium=email&utm_content=emailshare
IL Treasurer Topinka says Illinois’ financial situation driving business to surrounding states
http://www.nwitimes.com/news/local/govt-and-politics/topinka-says-illinois-financial-situation-driving-business-to-surrounding-states/article_d9633e9d-6426-5fad-948b-6d196be7de20.html
Superb negotiation strategy of pension reform opponents has them ahead — for now – WP Original
September 8, 2013
We pension critics have to admit it. Though public opinion is now shifting a bit towards pension reform, it's a different story...
McCaleb: Will pension reform turn into anti-reform? – Northwest Harold
http://www.nwherald.com/2013/09/04/mccaleb-will-pension-reform-turn-into-anti-reform/ar3x7ju/?page=1
U.S. Labor Secretary’s Pension Extortion Will Make Reform Harder in Illinois – WSJ.com
Paying Mr. Perez's blackmail will embolden unions and make it harder for states like Illinois to reform their pensions.
via Review & Outlook: Perez's Pension...
Pensions Drive Moody s Downgrade of Cook County Forest District
http://www.mandatepipeline.com/news/pensions-drive-moodys-downgrade-of-cook-county-forest-district-243686-1.html
Teacher pensions are a bad deal for teachers – Public Sector Inc.
http://www.publicsectorinc.com/forum/2013/09/teacher-pensions-are-a-bad-deal-for-teachers.html
$620 Billion Promised, Only $62 Billion Set Aside in Illinois – Heartlander Magazine
http://news.heartland.org/newspaper-article/2013/09/04/620-billion-promised-only-62-billion-set-aside-illinois
New estimate of IL unfunded pension liability shatters old ones: $287 billion! – State Budget Solutions
http://www.statebudgetsolutions.org/publications/detail/promises-made-promises-broken-the-betrayal-of-pensioners-and-taxpayers
Would Obama, Feds try to derail IL pension reform? They tried in CA – Pensions & Investments
http://www.pionline.com/article/20130902/PRINTSUB/309029999/derailing-pension-reforms
Pension Perks: Retired, but back in old job in Dixon IL, Sterling, IL and Rock Falls IL – Saukvalley.com
http://www.saukvalley.com/2013/08/22/pension-perks-retired-but-back-in-old-job/ad7l659/
Pension Spikers Gone Wild (on Suburban Fire Board)- Sun-Times
“I cannot burden this district . . . with your questions.”
via West suburban fire board pumped up chiefs’ pensions, promoted trustee’s partner - Chicago...
Less is more for unions and contributions
http://www.rrstar.com/opinion/x574264432/Scott-Reeder-Less-is-more-for-unions-and-contributions
Everything you need to know about actuarial standards in public pensions — in five short points
August 30, 2013
Just about all numbers you see reported on public pensions come from actuarial consultants hired by the government, whose work accords with...
The world of state pension obligations: Illinois worse than Greece – CBS News
The world of state pension obligations - CBS News.
Video Summary of the Leaked Outline of Pension Committee Proposals – Watchdog.org
http://watchdog.org/103217/il-pension-reform-numbers-unkind-to-taxpayers/
More on that pension reform savings error: TRS blames its consultant
http://burypensions.wordpress.com/2013/08/27/the-myth-of-the-static-multiplier/
OOPS! Estimated Savings from Madigan’s Earlier Pension Proposal Were Too High – Associated Press
http://www.pjstar.com/free/x1155156287/Madigan-pension-fix-would-save-less-than-estimated
Even the first step towards fairness in pension reform is ignored in Illinois – WirePoints Original
Pigs and Paupers, Pensions and Parity
August 25, 2013
If, in blinding contrast to reality, Illinois wanted to reform pensions fairly it would first have to...
Red flags in Illinois pension draft – Tribune
http://www.chicagotribune.com/news/opinion/editorials/ct-edit-pension-0825-jm-20130825,0,6061360.story
“Reform” Committee Teeing Up Pension Liability for Huge Kick Down the Road – WirePoints Original
August 23, 2013
An outline of ideas being considered by the 10-person Illinois pension committee circulated today. Links are here for Reuters and AP articles....
Are Chicago schools learning the right lesson from pension crisis? – Watchdog.org
http://watchdog.org/102713/are-chicago-schools-learning-the-right-lesson-from-pension-crisis/
Teacher pensions have to take a hit – Sun-Times
http://www.suntimes.com/opinions/22071259-474/editorial-teacher-pensions-have-to-take-a-hit.html
Scrap Public Pensions – Chicago Now
http://www.chicagonow.com/chicago-political-commentary/2013/08/scrap-public-pensions/#.UhZVPj_3Nu4
How pension mess could get worse – Eden Martin
http://www.suntimes.com/news/martin/22075258-452/how-pension-mess-could-get-worse.html
States and localities owe far, far more on pensions than their citizens know – Real Clear Markets
States and localities owe far, far more than their citizens know.
via The Indebted States of America by Steven Malanga, City Journal Summer 2013.
Pension debt is killing Illinois and Chicago: It’s time to panic – Joe Cahill Business Blog – Crain’s
http://www.chicagobusiness.com/article/20130814/BLOGS10/130819921/illinois-on-its-way-to-becoming-detroit-and-our-pols-dont-give-a-rap
Does the Whole World Think Illinois Is Crazy? – Huffington Post
http://www.huffingtonpost.com/matthew-dietrich/does-the-whole-world-thin_b_3749413.html?utm_hp_ref=chicago
The Blue State Reckoning (Illinois, that is) – Wall Street Journal
The partnership of public unions and liberal politicians is hitting the wall.
via Review & Outlook: The Blue State Reckoning - WSJ.com.
Dysfunctional Illinois: No play, no pay – The Economist
http://www.economist.com/news/united-states/21583267-tussle-across-three-branches-government-no-play-no-pay
Five ways unions will fight Illinois pension reform
http://www.suntimes.com/news/martin/21846995-452/five-ways-unions-will-fight-illinois-pension-reform.html
The Real Reason Pension Funds Can’t Earn 8% – DailyFinance
http://www.dailyfinance.com/2013/08/05/the-real-reason-pension-funds-cant-earn-8/
Detroit, Chicago, and Public Debt – Commentary Magazine
http://www.commentarymagazine.com/2013/08/06/detroit-chicago-and-public-debt-unions-pensions/
Madigan, Cullerton Sue Quinn Over Lawmakers’ Suspended Pay – NBC Chicago
http://www.nbcchicago.com/blogs/ward-room/madigan-cullerton-sue-quinn-suspended-pay-checks-217638731.html
Illinois taxpayer contributions to state pensions skyrocket – Il Policy Inst.
http://illinoispolicy.org/blog/blog.asp?ArticleSource=6146
Daley Money Hits Quinn in Fight to Fix Illinois Pensions – Bloomberg
http://www.bloomberg.com/news/2013-07-29/daley-money-hits-quinn-in-fight-to-fix-illinois-pensions.html
Bankruptcy is not an option for Illinois cities or other units under current law
July 29, 2013
Perhaps you've started wondering whether the Bankruptcy Code could offer a fresh start to Illinois, Cook County, Chicago, or other units of...
Retired doctor earns $500,000 Illinois pension – QuincyJournal.com
http://quincyjournal.com/regional-beat/2013/07/26/retired-doctor-earns-highest-public-pension-in-illinois-history/
Retirement benefits: Who pays the bill? – The Economist
via Retirement benefits: Who pays the bill? | The Economist.
Chicago school pensions driving the Chicago the way of Detroit – Taxpayers United
Report: Chicago school pensions driving the Windy City the way of the Motor City - Illinois Review.
Public unions decide who to blame for state bond downgrades — the Civic Committee
http://mystateline.com/fulltext-news?nxd_id=410252
To Save Pensions, Get Government Out – Bloomberg
http://www.bloomberg.com/news/2013-07-23/to-save-pensions-get-government-out.html
Public Sector Pensions Are a National Issue – Prof. Joshua Rauh
http://www.advancingafreesociety.org/exclusive/topics/economics/public-sector-pensions-are-a-national-issue/
Amid Detroit bankruptcy, ‘Chicago has too many similarities to ignore’ – The Globe and Mail
http://www.theglobeandmail.com/report-on-business/top-business-stories/amid-detroit-bankruptcy-chicago-has-too-many-similarities-to-ignore/article13340570/
Detroit Exposes Pension Math Games
http://dealbook.nytimes.com/2013/07/19/detroit-gap-reveals-industry-dispute-on-pension-math/
25 Facts About The Fall Of Detroit That Will Leave You Shaking Your Head
http://theeconomiccollapseblog.com/archives/25-facts-about-the-fall-of-detroit-that-will-leave-you-shaking-your-head
‘How Money Walks’ — Especially from Illinois
If you wonder what out-migration does to Illinois' tax base, take a look at numbers compiled by Travis Brown, author of How Money Walks....
A wonderful summary of sordid facts about Illinois public pensions – Capital Research Center
http://capitalresearch.org/2013/07/labor-watch-crisis-in-illinois-and-across-the-u-s-government-worker-pensions-pose-a-threat-to-americas-future/
Bankruptcy in Detroit, and new precedents may be set – MuniLand
http://blogs.reuters.com/muniland/2013/07/18/bankruptcy-in-detroit-and-new-precedents-may-be-set/
Detroit Files for Bankruptcy – WSJ
http://online.wsj.com/article/SB10001424127887323993804578614144173709204.html
Public sector unions abuse power — a Democrat talks to Democrats
http://www.suntimes.com/news/martin/21362624-452/public-sector-pay-is-out-of-balance.html
A quick trip into Springfield’s hell – OakPark.com
http://www.oakpark.com/News/Articles/7-16-2013/A-quick-trip-into-Springfield's-hell/
Businesses Should Fear States’ Big Pension Debts – Real Clear Markets
"Companies don't want to buy shares in a phenomenal tax burden that will unfold over the decades."
via RealClearMarkets - Businesses Should Fear States' Big...
Food stamps far outpace new jobs in Illinois- IL Policy Inst.
http://illinoispolicy.org/blog/blog.asp?ArticleSource=6102
Choice words from a candid actuary about how pension calculations are made
https://burypensions.wordpress.com/
The longer we wait for pension reform, the higher the price we will pay – Rahm Emanuel
http://www.chicagotribune.com/news/opinion/commentary/ct-oped-0714-emanuel-20130714,0,5899377.story
“No pension reform, no paychecks”? Why not “no pension reform, no pension contributions”? – WirePoints Original
June 11, 2013
Governor Quinn now says he will withhold pay for state legislators until they pass a pension reform bill. Reaction is generally positive,...
Quinn Suspends Illinois Lawmaker Pay Until Pensions Fixed – Bloomberg
http://www.bloomberg.com/news/2013-07-10/quinn-suspends-illinois-lawmaker-pay-until-pensions-fixed.html
Quinn blasted for missing pension hearing – State Journal-Register
http://www.sj-r.com/breaking/x1806121058/State-lawmakers-continue-hunt-for-pension-crisis-fix#axzz2YTGfCz35
In IL, ‘pension reform’ may mean ‘tax increase’ – Watchdog.org
http://watchdog.org/94230/in-il-pension-reform-may-mean-tax-increase/
Growing pension costs for Illinois judges are burdening state taxpayers – IL Policy Institute
Judges’ contributions to the Judges’ Retirement System, or JRS, have gone up by 52 percent since 1998.
During the same time period, taxpayer contributions to...
The ‘progressive’ tax ploy in Illinois – Tribune
http://www.chicagotribune.com/news/opinion/editorials/ct-edit-tax-20130707,0,7665487.story
Deadbeat Illinois: Late state payments force local governments to shuffle
http://www.pjstar.com/news/x853684248/Deadbeat-Illinois-Late-state-payments-force-local-governments-to-shuffle#axzz2YO1PuCTH
Three issues not included in Illinois pension reform discussion – Illinois Watchdog.org
http://watchdog.org/93878/three-issues-not-included-in-illinois-pension-reform-discussion/
Illinois pension panel won’t meet Quinn’s July 9 deadline – State Journal-Register
http://www.sj-r.com/breaking/x1806116291/Illinois-pension-panel-wont-meet-Quinns-deadline#axzz2Xze6goeb
Illinois ends fiscal year $6.1 billion in red – The State Journal-Register
http://www.sj-r.com/breaking/x1806114323/Illinois-ends-fiscal-year-6-1-billion-in-red#axzz2XiEpQMt5
Illinois – Deficit Is Growing Despite Tax Windfall – NYTimes
http://www.nytimes.com/2013/07/02/us/illinois-deficit-is-growing-despite-tax-windfall.html?_r=0
Under Moody’s new approach, IL unfunded pension liability was $200 billion in 2012, not $100 billion the state claims
http://illinoispolicy.org/blog/blog.asp?ArticleSource=6041
Ratings Service Moody’s Finds Pension Shortfall – NYT
http://dealbook.nytimes.com/2013/06/27/moodys-shows-wider-pension-gap-for-states/
Slow-walking pension reform in Illinois costs $17 million per day – chicagotribune.com
http://www.chicagotribune.com/news/opinion/editorials/ct-edit-pensions-20130627,0,6350261.story
Pension time bomb ready to explode – The Telegraph
Someone needs to step forward, though, and be willing not just to say the system is broken — because it is — but to...
AFSCME: It’s “Offensive” to Publish Illinois Pension Numbers; Lobbies to Kill Transparency
http://www.cdobs.com/archive/featured/afscme-its-offensive-to-publish-illinois-pension-numbers/
Failure to fix nation’s worst pension crisis hurts Illinois’ credit rating, costs taxpayers millions – Associated Press
http://www.therepublic.com/view/story/ceb8f2ceda7e4e0ba8dd5d85ece6aa81/US--Pensions-Illinois-Effect
19% of IL revenue goes to pensions while national average is 4.1% – Moody’s
http://illinoispolicy.org/blog/blog.asp?ArticleSource=5969
Union obstruction to pension reform hurts rank and file workers the most – Eden Martin
http://rebootillinois.com/?opinion=4207
Illinois pension fix headed to legislative conference committee – Reuters
http://www.reuters.com/article/2013/06/18/us-usa-illinois-pensions-idUSBRE95H19A20130618
In Illinois Pension Saga, Longtime Speaker Holds the Cards – WSJ
http://online.wsj.com/article/SB10001424127887324049504578545213434698682.html
The money is gone — a timeless movie clip for IL legislators and public union bosses
A financial advisor tries to explain what it means to "have no money" to Walter Matthau's character in A New Leaf linked here.
Should be required...
State pensions in America: Ruinous promises – The Economist
http://www.economist.com/news/leaders/21579463-states-cannot-pretend-be-good-financial-health-unless-they-tackle-pensions-ruinous-promises
Another vote set on pensions; Cullerton ‘not very optimistic’ – Chicago Sun-Times
http://www.suntimes.com/20740198-761/another-vote-set-on-pensions-cullerton-not-very-optimistic.html
Tapped out taxpayers shoulder more and more of the costs of teacher pensions – IL Policy Institute
http://illinoispolicy.org/blog/blog.asp?ArticleSource=5974
California, Illinois on Brink of Pension Crisis; New Actuarial Rules Will Force States to Admit Problems
http://globaleconomicanalysis.blogspot.com/2013/06/california-illinois-on-brink-of-pension.html?m=1
Madigan Moves To Gut Cullerton’s Pension Reform Plan – CBS Chicago
http://chicago.cbslocal.com/2013/06/12/madigan-moves-to-gut-cullertons-pension-reform-plan/
Illinois leaders in conflict over pension bill after meeting – Reuters
http://www.reuters.com/article/2013/06/10/usa-illinois-pensions-idUSL2N0EM1O920130610
GASB’s ineffective public pension reporting standards set to take effect – State Budget Solutions
http://www.statebudgetsolutions.org/publications/detail/gasbs-ineffective-public-pension-reporting-standards-set-to-take-effect
Quinn Calls Special Session on Pensions – NBC Chicago
http://www.nbcchicago.com/blogs/ward-room/Moodys-Lowers-Illinois-Credit-Rating-Quinn-Calls-Special-Session-210440261.html
Another one: Moody’s downgrades Illinois bonds, maintains negative outlook – abc7chicago.com
http://abclocal.go.com/wls/story?section=news/local/illinois&id=9129564
Illinois: Driving into a ditch – MuniLand
http://blogs.reuters.com/muniland/2013/06/04/illinois-driving-into-a-ditch/
Madigan skips Quinn’s pension reform meeting – Sun-Times
http://www.suntimes.com/news/brown/20543730-452/brown-quinns-tough-call-could-not-be-completed-as-dialed.html
Fitch cuts Illinois rating over failure to fix pensions – Reuters
http://www.reuters.com/article/2013/06/03/usa-illinois-pensions-idUSL1N0EF11X20130603
Illinois Awaits Further Credit Cut After Latest Pension Flop – Businessweek
http://www.businessweek.com/news/2013-06-02/illinois-awaits-further-credit-cut-after-latest-pension-failure
Take pension guarantee out of constitution – HeraldReview editorial
http://herald-review.com/news/opinion/editorial/take-pension-guarantee-out-of-constitution/article_be74cf48-cb28-11e2-9e53-0019bb2963f4.html
Another year with no pension reform — what happens now? -The State Journal-Register
http://www.sj-r.com/top-stories/x514117402/Another-year-with-no-pension-reform-What-happens-now?zc_p=2
Illinois’ pension system has spiraled so out of control that not even the architects of the system can fix it – IL Policy Inst.
http://illinoispolicy.org/blog/blog.asp?ArticleSource=5936
Lois Lerner to 1996 U.S. Senate Candidate Al Salvi: “We’ll get you!” – Illinois Review
http://illinoisreview.typepad.com/illinoisreview/2013/06/lerner-asked-salvi-for-200000-plus-never-run-again-promise.html
Teachers Union Reportedly Clouts States to Fire Fund Managers for Advocating Pension Reform
According to articles in Pensions & Investments and Barrons, the American Federation of Teachers has a solution for investment firms run by people who,...
Path to Illinois Pension Reform Now Even Trickier – ABC News
http://abcnews.go.com/US/wireStory/path-illinois-pension-reform-now-trickier-19303275#.UaoOKpywUjl
Illinois legislature adjourns without averting pension crisis – Reuters
http://www.reuters.com/article/2013/06/01/us-usa-illinois-pensions-idUSBRE95002E20130601
Moody’s warns Illinois about its credit rating – Tribune
http://www.chicagotribune.com/business/breaking/chi-moodys-illinois-credit-rating-20130531,0,2992838.story
Illinois Senate defeats sweeping pension reform bill – Reuters
http://www.reuters.com/article/2013/05/31/us-usa-illinois-pensions-idUSBRE94U03I20130531
How a retired teacher’s pension adds up to $400,000 per year – DailyHerald
http://www.dailyherald.com/article/20130529/news/705299905/
Deadline near, Illinois pension reform snarled in state politics – Reuters
http://www.reuters.com/article/2013/05/28/usa-illinois-pensions-idUSL2N0E902E20130528
Unions supported the skipped pension contributions they now revile – Reboot
http://rebootillinois.com/?opinion=3715
9,900 Illinois Government Pensioners With Annual Pension Over $100k – Taxpayers United of America
http://www.taxpayersunitedofamerica.org/uncategorized/9900-illinois-government-pensioners-with-annual-pension-over-100k
Cullerton’s claimed savings from union backed reform proposal challenged -Tribune
http://www.chicagotribune.com/news/local/ct-met-illinois-legislature-0522-20130522,0,6325910.story
Clock Is Ticking on Illinois Pension Reform – The New American
http://www.thenewamerican.com/usnews/politics/item/15394-clock-is-ticking-on-illinois-pension-reform
Illinois pension reform: Civic Federation sides with Madigan over Cullerton – Crain’s
http://www.chicagobusiness.com/article/20130513/BLOGS02/130519977
The Empire Strikes Back: Union-Supported Bill to Lien State Cash for Pensions Passes State Senate
"Pension reform"? Or is it fairer to think of it as a lien on all state cash to ensure it will be spent on...
Madigan’s pension plan would perpetuate Illinois’ crisis – IL Policy Institute
http://illinoispolicy.org/blog/blog.asp?ArticleSource=5798
Editorial: What’s ‘morally’ wrong? Fake pension fix – Chicago Sun-Times
http://www.suntimes.com/opinions/20003392-474/editorial-whats-morally-wrong-fake-pension-fix.html
Illinois Senate committee approves Cullerton’s union-backed pension plan
http://www.sj-r.com/carousel/x1213316613/Illinois-Senate-committee-approves-union-backed-pension-plan
Illinois Unions So Drunk On Power They’re Crushing Even Democrats Now – Policymic
http://www.policymic.com/articles/40133/illinois-unions-are-so-greedy-and-drunk-on-power-they-re-even-crushing-democrats-now
Illinois Senate to vote on union-endorsed pension reform bill – Reuters
http://www.reuters.com/article/2013/05/07/usa-illinois-pensions-idUSL2N0DN1QX20130507
Illinois’ tax revenue up but probably not for long
Illinois' Commission on Government Forecasting and Accountability has an interesting recent report. Tax revenues surged in April maintaining their historically high rate. But the...
Madigan offers his pension reform proposal – WirePoints Original
Illinois House Speaker Michael Madigan finally weighed in yesterday on pension reform, offering a proposal that will surely become the front runner. It already...
Deval Patrick’s and Pat Quinn’s Multi-Billion Dollar Teachers’ Pension Woes – Dropout Nation
http://dropoutnation.net/2013/04/30/deval-patricks-and-pat-quinns-multi-billion-dollar-teachers-pension-woes/
State Police Retirees Draw Six-Figure Pensions at Age 50 – CBS Chicago Investigation
via 2 Investigators: State Police Retirees Draw Six-Figure Pensions « CBS Chicago.
The pension funding guarantee: an irresponsible plan
https://www.illinoispolicy.org/news/article.asp?ArticleSource=5764
Lessons from the Edgar plan: why defined benefits can’t work – Illinois Policy Institute
http://illinoispolicy.org/news/article.asp?ArticleSource=5763
Even after proposed pension fix, Illinois still would be broke
http://www.suntimes.com/news/martin/19543712-452/after-pension-fix-illinois-still-broke.html
Schools still spiking salaries to spike pensions – DailyHerald
http://www.dailyherald.com/article/20130415/news/704159922/?interstitial=1
Honor roll of legislators who have opted out of taxpayer-paid pension – Illinois Review
http://illinoisreview.typepad.com/illinoisreview/2013/04/freshman-illinois-legislators-make-it-personal-on-pension-reform.html
New accounting rules will TRIPLE reported pension liabilities – Pensions & Investments
http://www.pionline.com/article/20130401/PRINTSUB/304019998/public-pension-funds-face-scrutiny-from-accounting-updates
Constituional Pension Reforms? The State Already Violates its Constiution in Many Ways – Reboot IL
http://rebootillinois.com/?opinion=3137
State Government Tax Revenue Hits All-Time High – WSJ
http://blogs.wsj.com/economics/2013/04/11/state-government-tax-revenue-hits-all-time-high/
Illinois lawmakers eye $2.5 bln bond deal to pay bills – Reuters
http://www.reuters.com/article/2013/04/10/usa-illinois-bonds-idUSL2N0CX2S920130410
The Pension Rate-of-Return Fantasy – WSJ.com
http://online.wsj.com/article/SB10001424127887324100904578403213835796062.html
One way for our insolvent state to save money: Wake up to the new mainstream on climate science — WirePoints Original
In case you haven't noticed, the wheels are close to coming off much of the case for global warming. Deep skepticism is now mainstream....
How long should it take to review state budget?
http://mywebtimes.com/archives/ottawa/display.php?id=473399
Blue Civil War: Rahm Takes on Pension Lie – The American Interest
http://blogs.the-american-interest.com/wrm/2013/04/08/blue-civil-war-rahm-takes-on-pension-lie/
No Cure for Cancer in Actuarial Profession – Burypensions Blog
http://burypensions.wordpress.com/2013/04/08/no-cure-for-cancer-in-actuarial-profession/
What a pension guarantee will do to Illinois – Opinion
http://illinoisreview.typepad.com/illinoisreview/2013/04/the-stockton-crystal-ball-what-a-pension-guarantee-will-do-to-illinois.html
Illinois Losing to California Shows Pension Penalty – Bloomberg
http://www.bloomberg.com/news/2013-04-03/illinois-losing-to-california-shows-pension-penalty.html
The Debt Bomb That Taxpayers Won’t See Coming – WSJ
via The Debt Bomb That Taxpayers Won’t See Coming - Wall Street Journal - WSJ.com.
While Systems Go Bust, Public Pension Elites Profit – Better Gov. Ass.
http://www.bettergov.org/while_systems_go_bust_public_pension_elites_profit/
BGA: “Double Dipping Docs” Getting Rehired While Collecting State Pensions
http://chicago.cbslocal.com/2013/03/26/bga-doctors-getting-rehired-while-collecting-state-pensions/
Rauner Blasts Quinn as a Union “Lackey” on Guaranties to Pensions
http://www.championnews.net/blog/2013/03/26/rauner-statement-on-quinn-pension-guarantee/
Quinn wants funding guarantee in pension bill – State Journal-Register
http://www.sj-r.com/carousel/x1037527013/Quinn-wants-funding-guarantee-in-pension-bill
States Build Cash Reserves (Not Illinois) – WSJ.com
http://online.wsj.com/article/SB10001424127887324373204578376692705015814.html?mod=WSJ_WSJ_US_News_5
It’s Cullerton vs. crowd on pensions – status check from a Springfield insider
http://www.suntimes.com/news/miller/19012452-452/its-cullerton-vs-crowd-on-pensions.html
Laying blame: Union bosses also culpable for pension crisis – IL Policy Inst.
http://illinoispolicy.org/blog/blog.asp?ArticleSource=5647
Illinois House passes stripped down pension plan – Ass. Press
http://abclocal.go.com/wls/story?section=news/local/illinois&id=9036255
SEC’s focus on Illinois pension shenanigans is welcome, but not enough – Daily Caller
http://dailycaller.com/2013/03/20/secs-focus-on-illinois-pension-shenanigans-is-welcome-but-not-enough/
Senate votes down larger pension reform — Tribune
http://www.chicagotribune.com/news/opinion/editorials/ct-edit-pensionvote-20130321,0,2650378.story
Senate approves pension changes for teachers
http://illinoisissuesblog.blogspot.com/2013/03/senate-approves-pension-changes-for.html
Is the SEC Letting Illinois and Other States Get Away With Fraud? – RealClearMarkets –
http://www.realclearmarkets.com/articles/2013/03/20/is_the_sec_letting_states_get_away_with_fraud_100210.html
Court says healthcare for retired state workers does not have a constitutional guarantee – A.P.
http://www.pjstar.com/free/x1037524935/Illinois-retiree-health-insurance-lawsuit-dismissed
Illinois House takes baby steps to rein in pension costs – Reuters
http://www.reuters.com/article/2013/03/14/usa-illinois-pension-idUSL1N0C6GCP20130314
Business leaders sign letter opposing Cullerton’s “pension reform” bill
http://illinoisreview.typepad.com/illinoisreview/2013/03/business-leaders-oppose-cullertons-pension-reform-bill.html
Unbelievable: Speaker Madigan says “there are no victims here” regarding SEC finding that the state committed fraud — WirePoints Original
Regarding the SEC finding that the state committed fraud in its statements and omissions about pensions, Illinois House Speaker Michael Madigan said yesterday that...
Illinois to return to bond market with $800 mln bonds sale – Reuters
http://www.reuters.com/article/2013/03/13/illinois-bonds-idUSL1N0C51Y420130313
What Illinois state-sponsored fraud should be telling us – WirePoints Original
Yesterday the Securities Exchange Commission issued an order that included findings that the State of Illinois committed fraud in statements and omissions it made...
It’s official: The State of Illinois is a Financial Fraudster – SEC Finds it Failed To Properly Disclose Underfunded Pensions – Business Insider
http://www.businessinsider.com/sec-sues-illinois-2013-3
The budget truths behind Quinn’s ‘honest’ budget address – Illinois Policy Inst.
http://illinoispolicy.org/blog/blog.asp?ArticleSource=5604
What Governor Quinn “meant to say” in his budget address: WirePoints Original
Governor Pat Quinn delivered his annual budget address today to a joint session of the General Assembly. It was mostly finger pointing at legislators...
Quinn delivers his budget address – Reuters
http://www.reuters.com/article/2013/03/06/us-usa-illinois-budget-idUSBRE9251LR20130306
Pensions top $100,000 for 42% of District 211 retired educators – DailyHerald.com
Palatine-Schaumburg
via Pensions top $100,000 for 42% of District 211 retired educators - DailyHerald.com.
Reuters’ on new Illinois budget
http://www.reuters.com/article/2013/03/06/usa-illinois-budget-idUSL1N0BY1LC20130306
Four numbers sum-up IL’s next budget – Watchdog.org
http://watchdog.org/72632/as-guinn-prepares-for-budget-talk-heres-a-look-at-the-numbers/
A teacher: “Cut my pension, please”
http://www.sj-r.com/thedome/x1037518378/John-Allen-Cut-my-pension-please?zc_p=0
Udate on pension reform and baffling gamesmanship from Madigan – WirePoints Original
What's going on? Take your guess.
Earlier this week several leading legislators from both parties jointly sponsored a new, broad pension reform proposal described here. ...
How Lower Earnings Will Impact California’s Total Unfunded Pension Liability – California Public Policy Center
http://californiapublicpolicycenter.org/how-lower-earnings-will-impact-californias-total-unfunded-pension-liability/
Illinois’ backlog of bills to nearly triple in five years: Civic Federation
http://www.suntimes.com/business/18454076-761/illinois-backlog-of-bills-to-nearly-triple-in-five-years-civic-federation.html
Chicago Teachers’ Pension Sinks Further Into the Abyss
As reported by Crain's this week, problems for Chicago Public Schools worsened with the release of a report showing it will have to come...
A Federal Bailout of Illinois Pensions Will Open the Floodgates – National Review
http://www.nationalreview.com/agenda/340230/illinois-pension-bailout-will-open-floodgates-reihan-salam
New pension plan would make “temporary” income tax hike permanent and have local taxpayers picking up the tab – Watchdog.org
http://watchdog.org/70244/new-pension-plan-would-have-taxpayers-pick-up-pension-tab-illinois/
How Not to Run a Pension – InvestorInsights.com
http://www.investorsinsight.com/blogs/thoughts_from_the_frontline/archive/2013/02/14/how-not-to-run-a-pension.aspx
Defining Actuarial Soundness of Pensions is Actually “Making Shit Up” – Says an Actuary
http://burypensions.wordpress.com/2013/01/16/defining-actuarial-soundness-aka-making-shit-up/#more-3315
Summit on Illinois pension woes ends with no new plan – Reuters
http://www.reuters.com/article/2013/02/12/us-usa-illinois-pensions-idUSBRE91B03R20130212?feedType=RSS
State of Illinois’ record of shorting pensions goes back decades – State Journal-Register
http://www.sj-r.com/top-stories/x846054923/State-of-Illinois-record-of-shorting-pensions-goes-back-decades
Video – 105-year-old retired teacher shares view on teacher pensions
http://www.chicagotribune.com/videogallery/74219188/news/105-year-old-retired-teacher-shares-view-on-teacher-pensions
Why Kekua — Manti Te’o’s girlfriend — has so much to do with our pension crisis – WirePoints Original
"Kekua" might be defined as "fiction copied from one story to another in the media echo chamber and assumed to be fact." The infamous...