Friday, October 20, 2017

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 first robin of Illinois spring – Chicago Tribune

Robin hunting season in Illinois begins.

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....

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

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

Some ugly factoids on Illinois state pensions – Champion News

http://www.championnews.net/?p=39250

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/

Pandemic of pension woes is plaguing the nation – CNBC

http://www.cnbc.com/id/100929269

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.

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

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

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

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

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

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

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

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...

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.

5 reasons the Illinois budget is in trouble – DailyHerald

http://blogs.dailyherald.com/node/7373

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/