Home Illinois News Don’t count on that government pension – Opinion – Chicago Tribune Don't count on that government pension - Opinion - Chicago Tribune April 21, 2017 4 Share on Facebook Tweet on Twitter Comment: Solid advice from Terry Savage. ShareTwitterEmailPrintGoogleFacebook Read Article Sort by: newest | oldest PaulIt seems more and more of the mainstream media are running more pieces about public pensions. Seems to signal that a widespread collapse is on the horizon. Another good article that sheds light on the problem. Now the next question will there be the political will to prosecute those responsible. 2 months 6 days agoj.a.herzrentMost arrangements are structured so that public officials end up making the final decision. For example, the actuary suggests a range of assumptions and the governing body selects the assumption to be used. (Example, how much return will be realized on our pension fund?) The public officials generally have statutory immunity from prosecution or civil liability. The actuaries have something in their engagement contract relieving them or indemnifying them from responsibility. Furthermore, the damage caused to taxpayers by years of malfeasance and cronyism is beyond the ability of any culpable party to pay out of his or her own pocket. If self-enriching corruption occurred (as happened in… Read more »2 months 6 days agoPaulWe must prosecute otherwise there is no end to the madness. I’m pretty sure the government can go after them (the administrators of these plans) under the directors and officers insurance policies. Also the honest service s fraud, RICO statutes, etc. The system is on the verge of collapsing and most of the retirees don’t even know it’s coming. 2 months 6 days agoj.a.herzrentI have researched this extensively and invite you to do the same. As a starting point, have a look at Bay City Police and Fire Retirees v. Bay City Police and Fire Retirement System Board Michigan Court of Appeals – Decided: August 24, 2006 (2006 Mich. App. Lexis 2604). The Michigan Court of Appeals held that the Retirement Board is protected by governmental immunity against breach of fiduciary duty claims related to the Board’s investment of plan assets. This was a case involving civil liability for imprudent investment of 20% of plan assets in a security that proved to be of no value and that was an… Read more »2 months 6 days ago wpDiscuz Recent Wirepoints Originals Speech Muzzlers Triggered: Chicago’s Theater Community On The Attack – WP Original June 21, 2017 Together we make great theater -- unless you disagree with us, in which case you're a bigot. New Study Details How Pensions Exploit New And Younger Teachers – Wirepoints Original June 14, 2017 Illinois gets an 'F' as you'd expect, but we have plenty of company on this. Why You Shouldn’t Believe The Illinois Budget Deficit Numbers Released This Week – Wirepoints Original June 11, 2017 True numbers are 2X or 3X worse and show the genuine bind Illinois is in -- not just an ego clash between Rauner and Madigan. Wait for July To Downgrade Illinois Bonds To Junk — For The Subprime Anniversary – WP Original June 9, 2017 And a look ahead for the near term. Would Congress Authorize Bankruptcy for Illinois and Other States? Yes, Inevitably. – Wirepoints Original June 4, 2017 All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident. -Arthur Schopenhauer. And thanks to ZeroHedge for republishing this article. COGFA: State of IL Revenue Up In May But Still Down For Year – WP Original June 4, 2017 Up 7% for the month but still down 3.5% for the year-to-date. Great Speech By Rep. Jeanne Ives On ‘Union Thugs’ Vandalizing Construction Site of a State Rep. They Don’t Like – WP Original June 2, 2017 And shame on most of the Illinois press for ignoring this crime. Video: IL State Senator, Clueless About Bill He Sponsors, Blames Questioning On His Mexican Heritage – WP Original June 1, 2017 Truth is, most of the rest of the legislature doesn't know what the bill does either. It still passed. Same with most of what they rushed through this week. Skim through this database of City of Chicago salaries (and don’t vomit) – WP Original May 31, 2017 Names, titles, salaries and more.