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https://www.illinoispolicy.org/moodys-do...on-ruling/

http://hosted.ap.org/dynamic/stories/U/U...TE=DEFAULT

An alarming trend. So what!

Illinois State Supreme Court ruling that plans to restructure current state pensions to address gross underfunding for decades violates the Illinois Constitution.

Again, so what?

What .... is what?:
- Promises of financial commitment to state and local gov't employees
- Promises to made to fund but not funded by elected officials
- Instead these officials have spent those funds on other projects*
- Leaving those who were not promised the fin. benefit to foot the bill

* Other projects are often tied directly or not to those elected officials family, extended families, organizational affiliations and constituent personal and business interests.

This was predicted.

Will the shock waves be limited to the state's or city's residents?

Is this a trend to go along with Detroit and Greece to name two that are either in the news or of interest to Michiganders? Or are these unrelated and isolated incidents?

A sad situation.

How do you think it will turn out for retirees?

So government entities took money from the retiree pension fund and treated those like bonded funds, which should have then been amortized to repay the retiree fund?

I think it is common for pension funds to do managed investments, in fact, they count on those investments to return income to meet the obligations. But it sounds like there has been some mismanagement of those investments.

Also actuarial statisticians can very accurately predict the amount of funding required to maintain adequate contribution levels. Sounds like those levels were not maintained either.

This should have been pointed out in annual audits by accounting firms and disclosed to the benefit class members. If that was fraudulent as well this is a pretty major coordinated coverup thing. I suppose these problems have been known for years though.

(05-13-2015 06:30 PM)Dirty Ernie Wrote:  A sad situation.

I suppose these problems have been known for years though.

Oh yeah.

This is 100% on the citizens. They kept electing these clowns, taking the re-directed funding and just shrugged their shoulders. It is the Chicago, Illinois and Democrat Machine way of doing things.

I think I hear the Piper in the background. I know he isn't Pied!

Another 'Blue' state is on the rocks, so what else is new? They eventually run out of other people's money to spend.

(05-13-2015 08:45 PM)BroncoPhilly Wrote:  Another 'Blue' state is on the rocks, so what else is new? They eventually run out of other people's money to spend.

Is spend equity now a hot button issue?

Fraud and deliberate mis management of funds retirees are counting on in their senior years is the most despicable betrayal of trust I can imagine.

At a certain age, older folks just have few options, too old to be employable, some don't even have family left to help them.

Disgusting.

I always enjoyed the Greek food in Chicago

(05-14-2015 01:17 PM)bronco89 Wrote:  I always enjoyed the Greek food in Chicago

The 'Old Diana' restaurant has the best braised octopus in the Midwest.

(05-14-2015 08:16 AM)gobaseline Wrote:  

(05-13-2015 08:45 PM)BroncoPhilly Wrote:  Another 'Blue' state is on the rocks, so what else is new? They eventually run out of other people's money to spend.

Is spend equity now a hot button issue?

I used to live in Illinois. Everyone I know got out and moved to Wisconsin. Cook County is a cancer to the state.

The three states with the largest debt load is New York, California and Illinois. What makes people believe that politicians from these areas hold the answer for all of America?

Always proud to be a Bronco, RTB.

(05-15-2015 08:51 AM)acer1 Wrote:  The three states with the largest debt load is New York, California and Illinois. What makes people believe that politicians from these areas hold the answer for all of America?

Always proud to be a Bronco, RTB.

Amen, Acer. The 'Progressives' destroy everything they touch.