Monday, January 27, 2020
State pension crisis
Rhode Island Supreme Court Shows Illinois The Way On Pension Reform
The Contract Clause does not spell doom for a constitutional amendment. Rhode Island indicates it would work.
Special Report: Illinois state pensions: Overpromised, not underfunded
Illinois’ pension crisis is the result of overpromised benefits, not underfunding by taxpayers.
Overpromising has crippled public pensions: A 50-state survey
Uncontrolled growth in pension promises is wreaking havoc on state budgets and taxpayers alike.
Illinois constitutional pension amendment is long overdue
Illinois no longer has any excuse for not amending its constitutional pension protection clause.
Where Illinois’ skyrocketing pension promises came from
The rapid growth in pension promises came from new, more generous pension benefits and actuarial changes.
Janus v AFSCME and the truth about Illinois pensions in one graphic
AFSCME’s promotion of uncontrolled pension promises made a ruling like Janus v AFSCME inevitable.
Understanding the numbers behind Illinois’ dramatic pension shortfall
Illinoisans’ pension burden is far bigger than the often-cited $130 billion in unfunded pension debts.
A booming market can’t save Illinois pensions
Illinois’ pension crisis is so bad only real reforms can save worker retirements.
Illinois pensions sink during record bull market run
– Illinois’ pension health has worsened even though it’s a boom market. Imagine what a recession will do.
Moody’s vs. Illinois politicians: $100 billion difference in pension debts
– Moody’s recently released what fiscal realists would say is the true estimate of Illinois’ unfunded state pension liability – $234 billion.
Every Illinoisan Must See These Two Charts In The Wall Street Journal
– For the state, about 25% of revenue now goes towards pensions and other debt, but that would jump to over 50% if proper amounts were being paid.
Chicago’s pension crisis
“Wealthy” Chicago households on the hook for up to $2 million in debt each under progressive approach to pension crisis
If politicians put the burden on households earning $200k+, they’ll owe more than $2 million in government retirement debts each.
Ignoring the elephant in the room: Sun-Times advice to Chicago Mayor Lightfoot skips pension reform
The Sun-Times ignores the elephant in the room – structural pension reform. There’s no fixing Chicago’s problems until pension costs are addressed.
Lightfoot wants state taxpayer bailout of Chicago pension debts
Lightfoot wants the state to take over Chicago’s pension debts and merge them with other state pension plans.
Chicago’s pension funds looking more like a collapsing Ponzi scheme
If you look at Chicago’s collapsing demographics and consider how they’re threatening the solvency of the city’s government-run pensions, you can’t help but call it a Ponzi scheme.
A more likely reason Rahm Emanuel dropped out: the Chicago time bomb
Chicago is a ticking financial time bomb and Emanuel jumped ship just in case it goes off.
$125,000: The pension debt each Chicago household is really on the hook for
Chicagoans are stuck with a massive pile of overlapping pension debt they cannot afford.
Latest Bad Pension Idea: Transfer Midway Airport, Chicago Assets to Pensions
– Transferring ownership to pensions wouldn’t improve the city’s position by a dime.
How Emanuel is misleading you on the city’s debt
– City officials use budget gimmicks to make Chicago finances look better. Meanwhile, Chicagoans are even worse off.
Chicagoans, pensioners: Beware a stock market shock
– Moody’s worries that major stock market drops will damage pension funds’ limited liquidity. Chicago’s pension funds can’t afford another drop in assets.
Chicago’s Proposed $10 Billion Pension Obligation Bond
Chicago’s pension bond scheme: What an honest press conference with Emanuel might look like
How reporters should react to Chicago’s proposed pension bond scheme.
Emanuel’s misleading pension bond presentation to Chicago aldermen
The presentation has no mention of risk. No stress tests. And no details of how “savings” are generated.
Rahm Emanuel’s latest can kick: Borrow $10 billion for Chicago pensions
– Chicago wants to borrow $10 billion for pensions. It’s gambling on the market with taxpayers’ dollars.
Liquidation Sale. That’s How To Think About Chicago’s Proposed Pension Bond
– Chicago is looking around to hock whatever it has and borrow even more than $10 billion for its pensions.
Chicago CFO’s Stupendously Bad Timing On Her Last Pension Bond
– The CTA had awful timing on its bond. The lesson: you just don’t know how pension obligation bonds will turn out.
Downstate pension crisis
Harvey, the first domino in Illinois: Data shows nearly 400 other pension funds could trigger garnishment
– Harvey can’t pay its bills due to pensions, other cities will follow.
Beyond Harvey: Many Illinois municipalities running out of options
Local police and fire pension costs are bringing cities to the brink of insolvency.
Second domino falls in Illinois: North Chicago revenues garnished for pensions
North Chicago is the second city to have money intercepted to pay police and fire pensions.
Why a bankruptcy option for municipalities is essential
– Bankruptcy for municipalities is a last resort, but it’s the only option offering hope to Illinois’ most distressed communities.
“Nobody is winning; everybody is losing” Wirepoints testifies before the House Committee on Cities and Villages
Mark Glennon and Ted Dabrowski joined Rep. Jeanne Ives on May 8th, 2018 to testify in front of the Cities and Villages Committee of the Illinois House of Representatives.
Other pension pieces
There’s No Legal Reason Not To Pursue A Constitutional Amendment For Pension Reform
Reform opponents say it’s a waste of time to pursue a constitutional amendment. They’re wrong.
Want to Fix Illinois Teacher Shortage? End the Tier 2 Pension Rip-Off
Younger teachers be damned. We have a bigger priority: More pension spiking.
Emanuel’s call for a constitutional amendment shouldn’t be narrowly construed
Kudos to Emanuel for calling for a constitutional amendment for pensions. Illinois needs a broad amendment if it hopes to fix the pension crisis.
Gov. Jim Edgar’s starring role in Illinois’ pension crisis: It’s bigger than just the “Edgar Ramp”
The bipartisan compromises Edgar championed are responsible for turning the state’s pension problem into a full-blown crisis.
Shut down Illinois lawmaker pensions: They’re already bankrupt
Politicians have run their pensions into the ground. GARS is basically insolvent and requires an annual bailout by taxpayers to stay afloat.
To all legislative candidates: Show leadership by refusing a legislative pension
All legislative candidates and newly-elected legislators should pledge they will not accept a legislative pension.
Martwick’s reckless proposal to borrow $107 billion in Illinois pension bonds
– Rep. Martwick wants taxpayers to borrow a massive $107 billion to fill up the pension funds.
Retiree health insurance
Illinois’ other debt disaster: $73 billion in unfunded state retiree health insurance benefits
– Illinois owes another $73 billion in retiree healthcare debt and doesn’t have a single dime set aside to pay it.
Kanerva v. Weems: A staggering pension decision
– The Illinois Supreme Court has elevated subsidized health insurance for public employees to a constitutionally unalterable pension obligation.
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