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 201 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. 1 month 8 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 »1 month 8 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. 1 month 8 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 »1 month 8 days ago wpDiscuz Recent Wirepoints Originals J.B. Pritzker, Here’s a Simple Test of What You’re Made Of – WP Original May 29, 2017 Yes or no, J.B. Unbelievable: Illinois House Votes With Senate To Hand Over Public Assets To Bondholders – Wirepoints Original May 26, 2017 Watch the video of the bill's sponsor, Rep. Barbara Flynn Currie, lying shamelessly about its purpose. Brace for a Major Worsening in Illinois’ Fiscal Crisis – Wirepoints Original May 23, 2017 A far deeper crisis for Illinois is inevitable, we've long said, but it's now more imminent because that certainty is becoming more obvious. New Stanford Study Exposes Illinois Pensions as the Farce They Are – Wirepoints Original May 16, 2017 Using a "market value" discount rate, just to keep Illinois pensions from sinking further into debt, the state would have to contribute "well over twice of what it actually contributed." Chicago and Cook County are toast, too. Why Won’t Illinois Political Reporters Ask Meaningful Questions? – WP Original May 11, 2017 Just ask, and keep asking. It's really not that hard.