Tag: Pension Reform
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Pensioners Take Note, Municipal Bond Storm Coming
[B]ut California too is now starting to hand it to bondholders. Cities in California are now testing the limits of bankruptcy law, and not paying the debt nor the payments for retirees to the state system. Thus this article describes how the state retirement system (CALPERS) is suing to demand payment, and saying that retiree…
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Quick Pension Analysis
Ok, so I was getting asked about this the other day both in person and in the comments about why the pensions are really in such bad shape and what the latest GASB positions mean to the funds. GASB first. GASB Changes I did some poking around and the recent GASB changes really mean nothing.…
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More Bad News on the Pension Crisis
If I was Rahm I would so totally throw Daley under the bus on this issue. The debt from 10 Chicago-area pension plans swelled more than 600 percent to $27.4 billion between 2001 and 2010, according to a study released Monday by the nonpartisan Civic Federation. That’s $8,993 for each man, woman and child in…
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JP Morgan: Public Employee Pension’s Set to Explode
But they wanted to keep the story to themselves: JPMorgan recently circulated a “strictly confidential” report among leaders at the bank and with trusted hedge fund allies outside of the bank which details an impending public pension crisis. And we mean big time nastiness. Massive cuts in services will have to happen, or massive tax…
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How Retirement Benefits May Sink Illinois
We’re national news again. … Indiana’s debt for unfunded retiree health-care benefits, for example, amounts to just $81 per person. Neighboring Illinois’s accumulated obligations for the same benefit average $3,399 per person. Illinois is an object lesson in why firms are starting to pay more attention to the long-term fiscal prospects of communities. Early last…
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IL Legislators Should Give-up Pensions
Illinois lawmakers ought to give up their state pensions. Legislators are part-time employees, but they make nearly $70,000 a year and in some cases can qualify for a pension after as little as four years in office at age 62. If they were elected before 2011, they can retire at 55 and collect a pension…
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Clout Boosts Ex-Police Chief $30k per Year
The Machine taking care of its own: At first blush, a pension bill adopted by the General Assembly in 2007 seemed to have a laudable goal: extending retirement benefits to local police force employees’ widows after they remarried. But buried within the legislation was something considerably less altruistic: a provision that enabled a member of…