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Keyword: pensions

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  • Editorial: Look out, taxpayers: When governments have more pensioners than employees

    02/17/2019 4:39:15 AM PST · by george76 · 44 replies
    Chicago Tribune ^ | 7/15/2019
    For each active worker, four pensioners. For 169 governmental bodies, the numbers are lopsided. In some cases hundreds — and in Chicago’s case, thousands — more retirees are drawing from a fund than active workers are paying into it. Even in a small suburban district such as the Arlington Heights Park District, 432 retirees are pulling from that district’s pension fund with only 103 active employees paying into it. In the city of Chicago, according to the treasurer’s numbers, the gap is smaller in percentage terms, but in terms of the gap, more dramatic. Including Chicago Board of Education administrative...
  • By the numbers: Illinois receives ‘F’ grade on national ranking of states’ fiscal health

    01/01/2019 3:38:08 PM PST · by george76 · 53 replies
    Watchdog News ^ | Dec 31, 2018
    Illinois ranked No. 48 in an analysis of the state’s ability to pay all of its bills, including public employers’ pension benefits, according to a new ranking of the states’ fiscal health by Truth in Accounting (TIA). Illinois was found to be short $216.1 billion to pay its bills ... The amount of the state’s shortfall in funding to pay off its bills amounts to $50,800 per taxpayer
  • City Planning staffer rakes in more than $300K thanks to 'double-dipping' (NYC)

    12/15/2018 7:11:30 AM PST · by george76 · 16 replies
    Crain's New York Business ^ | December 14, 2018 | WILL BREDDERMAN
    One of the architects of Mayor Bill de Blasio's housing plan is living well at the taxpayer's expense... Anita Laremont, the executive director of the Department of City Planning, as one of four civil servants raking in more than $300,000 this fiscal year thanks to special permission to receive both a public paycheck and public-pension payments. Waivers granted under Section 211 of New York's Retirement and Social Security Law are supposed to allow the state and local governments to attract and retain employees younger than 65 ... the real number of high-earning double-dippers may be considerably greater because waivers are...
  • Daley Pension Debacle: Where Did $54 Million Go?

    12/07/2018 11:27:47 AM PST · by PBRCat · 8 replies
    The Chicago Sun-Times ^ | December 6, 2018 | Tim Novak
    If there ever was any hope that five Chicago city workers pension funds would make any money by investing $68 million with then-Mayor Richard M. Daley’s nephew and one of his key political supporters, it didn’t last long. Only months after the deals were made a dozen years ago, problems began to emerge. The nephew, Robert G. Vanecko, and his partner Allison S. Davis, a developer who gave campaign money to Daley and was appointed by the mayor to the Chicago Plan Commission, started investing in a series of property deals that, by the time the last of them are...
  • Top Democratic lawmaker says NJ’s a mess: ‘I’m not raising taxes — I’m done’

    11/18/2018 6:41:11 PM PST · by Coleus · 59 replies
    nj1015.com ^ | 11.11.18 | David Matthau
    TRENTON — The state's top Democrat in the Legislature wants New Jersey voters and taxpayers to rise up and say: We're mad as hell and we're not gonna take it anymore!  State Senate President Steve Sweeney, D-Gloucester, who assembled a bipartisan economic and fiscal policy work group that issued recommendations this summer for pension and budget reforms, said that it’s become crystal clear that changes must be made because “our pension and health care system is not sustainable anymore, and raising taxes in this state is not the answer. This is a state that has a tax problem.”He said state...
  • Illinois' highest paid superintendent fired after misconduct investigation

    10/31/2018 11:14:31 AM PDT · by DUMBGRUNT · 3 replies
    Chicago Tribune ^ | 31 Oct 2018 | Zak Koeske
    According to Paraday’s own calculation of payment due after retirement — which included three unused personal days, 532 unused sick days and 350 unused vacation days multiplied by his nearly $2,000 per diem rate — the district owed him $1,757,229.45, documents show. Paraday allegedly permitted himself to accumulate compensatory time without limit for any day in which he worked more than eight hours, despite his contract not allowing for the accrual or use of comp time. Since fiscal year 2006, when he started as superintendent, Paraday had used 2,484.65 hours of comp time, or the equivalent of 310 days, records...
  • When The U.S. Goes Bankrupt, Here’s Who Gets Out With The Least Pain

    10/25/2018 12:08:14 PM PDT · by SeekAndFind · 74 replies
    The Federalist ^ | 10/25/2018 | Lewis M. Andrews
    According to a recent estimate, the combined pension hole of all U.S. states and cities is now equal to the world’s fourth-largest economy, Germany. Also, Medicare has no money in eight years. By Lewis M. Andrews The problem of a government overcommitted to entitlement spending is one of the most predictable crises in American history. Neither of the two largest federal entitlement programs are on sound footing, according to their own trustees. The most recent report on Social Security predicts insolvency in just 16 years. For Medicare, researchers are predicting just eight more years of runway––three years earlier than previously...
  • Debt time bombs ticking all over America — BLUE states are worse off

    09/25/2018 6:37:44 AM PDT · by SleeperCatcher · 21 replies
    The National Sentinel ^ | 9/25/18 | USA Features
    Democratic ‘Leadership’: States and cities around the country are facing $1.5 trillion in debt, though Democrat-run blue states and cities are by far the worst off, according to a new report. Truth in Accounting, a Chicago-based group that studies the financial condition of states and produces an annual “Financial State of the States” report, looks at long-term obligations such as pension benefits and health coverage for retirees. Then, the organization compares obligations with projected state revenues. This year the organization found that 40 states did not have enough income to meet present and future financial obligations.
  • Russian Communists announce Coalition governments with Nationalists in 3 Regions

    09/24/2018 2:09:39 PM PDT · by CondoleezzaProtege · 18 replies
    Moscow Times ^ | Sept. 24, 2018
    The Russian Communist Party has announced it will form a coalition government with the nationalist Liberal Democratic Party (LDPR) in three regions where Kremlin-backed candidates suffered rare gubernatorial election defeats over the past week. Incumbents from the ruling party in the Far East Khabarovsk region and central Russia’s Vladimir region lost gubernatorial runoffs to LDPR on Sunday. Candidates from the Communist Party and A Just Russia will compete for the governor’s seat in the Siberian republic of Khakasia on Oct. 7 after its governor’s withdrawal from the race. “We will now form a coalition government in Khabarovsk, Vladimir and Khakasia,”...
  • Chicago Pension Fiasco: $54 Million Lost on Deal With Daley Nephew and Ex-Obama Boss

    09/16/2018 12:55:23 PM PDT · by PBRCat · 43 replies
    The Chicago Sun-Times ^ | September 16, 2018 | Tim Novak
    A dozen years ago, five financially strapped city of Chicago pension funds invested $68 million in a shaky real estate deal put together by a former boss of President Barack Obama and a nephew of Mayor Richard M. Daley. It was a high-risk investment. Allison S. Davis — a longtime Daley ally who once headed a small Chicago law firm that gave Obama his first job out of Harvard Law School — and Daley nephew Robert G. Vanecko even warned in the prospectus that the pension funds could lose their entire investments. But, with Daley in office and three top...
  • Will the next mayor get Chicago its cut of a booming economy? (Rahm was the greatest!)

    09/09/2018 9:22:46 AM PDT · by Libloather · 17 replies
    Chicago Tribune ^ | 9/09/18 | Editorial Board
    **SNIP** What keeps the city afloat, and allows it to maintain a robust jobs-based economy, is the ability to borrow money and deliver services. Only cities that manage their finances responsibly can hope to woo the bond market, and that’s what Emanuel has done. In municipal bond circles, he’s seen as a trusted partner whose departure is unsettling. “I’ve been pretty impressed with the mayor,” Howard Cure of Evercore Wealth Management told The Bond Buyer, an industry publication. “He inherited a very structurally weak budget and I think he’s made a lot of improvements and is striving to achieve structural...
  • Pension Tick-Tock: State systems’ liabilities continue to increase, even in a booming economy.

    08/16/2018 8:44:24 AM PDT · by SeekAndFind · 17 replies
    City Journal ^ | 08/16/2018 | Steve Malanga
    When financial markets cratered in late 2007, state pension officials assured lawmakers and the public that the damage to government retirement funds was only temporary. Pension funds are long-term investors, their story went, and pension systems would recover as soon as the market did. When lawmakers in Montana, for instance, asked the state treasurer whether they should be worried about the government’s ability to meet its retirement obligations, he confidently advised them to “go fishing” instead. They should have ignored him and taken action to bolster the state’s pension system, which has never recovered from the market crash. Montana’s retirement...
  • Xcel ratepayers would get a bum deal under Colorado Energy Plan

    08/04/2018 11:47:24 AM PDT · by george76 · 13 replies
    Colorado Politics ^ | August 2, 2018 | Amy Oliver Cooke
    Late last summer, and with great fanfare, Xcel Energy announced its proposal to close the Comanche I & II power units in Pueblo a decade ahead of schedule. They offered as replacement the euphemistically titled “Colorado Energy Plan” , a massive $2.5 billion fuel-switching scheme to move its Colorado customers away from baseload, reliable hydrocarbons in favor of intermittent renewables. ... the Minneapolis-based monopoly utility will force captive ratepayers to cough up at least another $287 million. That’s on top of the modeling errors we already found in their accounting, and Xcel acknowledged. In other words, ratepayers will pay higher...
  • Taxpayers in these BLUE states are about to be destroyed thanks to massive debt

    07/29/2018 11:08:09 AM PDT · by SleeperCatcher · 40 replies
    The National Sentinel ^ | 7/29/18 | USA Features
    Other People’s Money: The Left-wing establishment press has found a new Democratic darling — avowed socialist Alexandria Ocasio-Cortez, whose running for Congress in New York City — but to be honest, the party has been trending that way for years. The evidence can be found in the way blue states have been run — into the ground, financially speaking. Several of them are facing massive debt thanks to mostly over-promised pensions approved by Democrats that have drained state bank accounts and are set to saddle taxpayers living in them with hundreds of billions of dollars in new taxes.
  • The $36 billion multiemployer pension time bomb is almost ready to go off

    07/25/2018 6:59:45 PM PDT · by E. Pluribus Unum · 16 replies
    Daily Torch ^ | 07.25.2018 | Robert Romano
    114 out of the nation’s 1,400 multiemployer pension plans covering 1.3 million workers are underfunded to the tune of $36.4 billion, with plans expected to start going insolvent in the next 5 years or so, an Aug. 2017 analysis by Cheiron has found. This is the end result of unsustainable collective bargaining arrangements between unions and employer, creating defined benefit pension plans that promise retirements far in excess of what could be justified by monthly contributions and market returns. If these had been investment products, surely the Securities and Exchange Commission might have investigated for fraud. But because they were...
  • It’s Time to Rethink America’s Failing Highways

    06/18/2018 8:13:18 AM PDT · by Tolerance Sucks Rocks · 80 replies
    National Review ^ | June 12, 2018 | Robert Poole
    Here are two recent events you might have missed: In March, House speaker Paul Ryan was widely quoted as saying, “The last thing we want to do is pass historic tax relief and then undo that, so we are not going to raise gas taxes.”The next month, in California, Republicans submitted 54 percent more than the required signatures to put on the November ballot a measure that would repeal the 2017 state law increasing gasoline and diesel taxes. Meanwhile, roads in Los Angeles are in such bad shape that it costs the average driver $892 a year in additional vehicle...
  • Broward Teachers Union pressuring state officials to end gun manufacturer contributions (Florida)

    06/15/2018 3:10:08 PM PDT · by 2ndDivisionVet · 13 replies
    WSVN-TV ^ | June 15, 2018 | Joel Franco
    TAMARAC. FLA. (WSVN) - - The Broward Teachers Union, state representatives and Marjory Stoneman Douglas High School parents and students held a joint press conference, Thursday afternoon. The union called for Florida Gov. Rick Scott to force the state pension board to stop investing teacher retirement fund contributions in three firearm manufacturing companies. “You have turned our teachers retirement fund into blood money,” said Meiling Hoshing, Marjory Stoneman Douglas student. “No teacher wants your unhealthy decisions on their soul.” One of the firearm companies receiving a bulk of the funds manufactures the AR-15 rifle, the weapon used in the Marjory...
  • Connecticut labeled “untruthful” for hiding $10 billion in retiree healthcare costs

    05/20/2018 10:03:30 PM PDT · by george76 · 16 replies
    Yankee Institute for Public Policy. ^ | May 18, 2018 | Marc E. Fitch
    Connecticut’s official balance sheets will be noticeably worse next year due to changes in how the state reports its retiree healthcare liabilities... Truth in Accounting issued Connecticut a failing grade based on its 2017 Comprehensive Annual Financial Report and said the state is “hiding” $10.4 billion in retiree healthcare debt. “Connecticut’s financial condition is not only concerning, but also misleading as government officials failed to disclose significant amounts of retirement debt on the state’s balance sheet,” the report says. “As a result, residents and taxpayers have been presented with an inaccurate and untruthful accounting of the state government’s finances.” According...
  • Jack up property taxes for pensions, say three Chicago Fed economists

    05/15/2018 2:03:25 PM PDT · by InvisibleChurch · 128 replies
    Chicago business ^ | May 14, 2018
    Illinois homeowners, who already pay some of the nation's highest property taxes, should pay about 40 percent more for the next three decades to wipe out the state's crippling pension debt, according to a trio of economists at the Federal Reserve Bank of Chicago. The economists argue that paying off the state's $129.1 billion in unfunded pension obligations cannot be done with revenue from new taxes such as a tax on marijuana sales or on financial transactions. Would you pay 40 percent more in property taxes if it would wipe out the state's crippling pension debt? Yes No See results...
  • Worst Idea in Illinois: Statewide Property Tax (to pay for unfunded pensions)

    05/14/2018 11:28:59 AM PDT · by doug from upland · 51 replies
    cdobs.com ^ | 5-2018 | Mike Glennon
    An audible gasp went out in the breakout room I was in at last month’s pension eventcosponsored by The Civic Federation and the Federal Reserve Bank of Chicago. That was when a speaker from the Chicago Fed proposed levying, across the state and in addition to current property taxes, a special property assessment they estimate would be about 1% of actual property value each year for 30 years. Evidently, that wasn’t reality shock enough. This week the Chicago Fed published that proposal formally. It’s linked linked here. It surely ranks among the most blatantly inhumane and foolish ideas we’ve seen...