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. 3 months 5 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 »3 months 5 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. 3 months 4 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 »3 months 4 days ago wpDiscuz Recent Wirepoints Originals Education Funding Bill is a Monstrosity of Unknown Proportions – Wirepoints Original July 25, 2017 Shame on everybody who has let SB1 get as far along as it has with such little understanding, Republicans and Democrats alike. Rauner’s New Staff, Extremism and the Stockholm Syndrome – Wirepoints Original July 20, 2017 That which can't pass the establishment in the General Assembly and its enablers in the press is "too radical" for Illinois. The Importance of Being Scared (in Illinois) – WP Original July 12, 2017 "If you are protected from dark things then you have no protection of, knowledge of, or understanding of dark things when they show up.” New Financial Statements: Cook County Bleeding Red Worse Than Ever – Wirepoints Original July 11, 2017 And check out the ten-year record of huge losses. Outrageous Giveaway to Muni Bond Buyers Hidden in Massive Budget Bill – Wirepoints Original July 11, 2017 We are being looted. The muni bond industry is going all out to keep raising the credit card limit and sucking every ounce of blood out to ensure it gets repaid. The Many Ways Illinoisans Won’t Pay Higher Taxes – Wirepoints Original July 6, 2017 It's not just that people are moving out. Progress for Illinois? Here’s a Small Hint. – Wirepoints Original July 6, 2017 Read this and guess where it's from. Most House Members Don’t Know What’s in the $36 Billion Spending Bill Passed – Wirepoints Original July 3, 2017 "We have no idea what's in it." - House Minority Leader Jim Durkin With All Reforms Now Off the Table, Illinois Faces Disaster No Matter What – WP Original July 2, 2017 Illinois has a financial crisis, not a budget crisis.