Keyword: pensions

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  • Financial State of the Cities 2016

    03/17/2018 9:16:16 AM PDT · by george76 · 3 replies
    Truth in Accounting ^ | January 24, 2018
    Truth in Accounting .. based on fiscal year 2016 comprehensive annual financial reports .. found that 64 cities do not have enough money to pay all of their bills, and in total, the cities have racked up $335.4 billion in unfunded municipal debt. ... Government reports are lengthy, cumbersome, and sometimes misleading documents ... taxpayers and citizens deserve easy-to-understand, truthful, and transparent financial information from their governments. ... to balance the budget, elected officials have not included the true costs of the government in their budget calculations and have pushed costs onto future taxpayers. ... TIA was unable to rank...
  • The Great American Pension Crisis is right around the corner

    03/05/2018 7:53:26 AM PST · by SeekAndFind · 19 replies
    Credit Writedowns ^ | 03/05/2018 | Edward Harrison
    About a week ago I wrote that the potential for a state and municipal fiscal and public sector pension crisis is a defining issue for the next downturn here in the US. Global strategy and research company 13D joins me in worrying about it.Underfunded pensions mean crisis Here’s what they write: Fully-funded pensions are by their very design a mathematical impossibility —a topic we have discussed at length in these pages. In an effort to outrun their inevitable day of reckoning, these funds have assumed more risk, magnifying the likelihood of a massive unraveling. Most state pension funds now invest...
  • America's States Of (Fiscal) Siege: The Threat of Underfunded Municipal Pensions Looms

    02/07/2018 8:23:14 AM PST · by SeekAndFind · 38 replies
    IBD ^ | 02/07/2018 | Steven Malanga
    America's states and municipalities should be awash in good budget news. Unemployment remains below 5%, inflation is tame, and the stock market rose more than 20% in 2017 the ninth year of a bull market. Yet many local governments faced intense struggles last year to balance their books. Localities have confronted unrelenting fiscal pressure since 2008, a result of the weakest recovery since World War II of tax revenues combined with ever-escalating costs. Many states and localities have had to rewrite budget books in ways that leave taxpayers paying more and receiving less. "U.S. states have entered a...
  • Lawmakers consider borrowing $107B to pour into Illinois pensions

    02/02/2018 7:08:32 AM PST · by glorgau · 29 replies
    Illinois Policy ^ | Jan 31, 2018 | Joe Tabor
    Illinois state lawmakers on Jan. 30 heard a proposal to borrow more than $107 billion to fund pensions. If implemented, it would be the biggest debt sale in municipal bond market history. Lawmakers discussed the proposal in the House Personnel & Pensions Committee. The State Universities Annuitants Association, or SUAA, claims the plan will save the state $103 billion in the next 25 years. But baked into that estimate are assumptions regarding borrowing and investment returns that are by no means guaranteed. Illinois pension debt is as high as $250 billion, according to Moodys Investment Service. The SUAA plan is...
  • Your Pension Isn't Safe From NY Governor Andrew Cuomo

    01/10/2018 7:07:42 AM PST · by Kaslin · 21 replies ^ | January 10, 2018 | Nicholas Waddy
    Perceptive conservatives will have noticed by now that the self-righteousness of the left increasingly knows no bounds. To put it another way, there are very few people, companies, institutions, bureaucracies, or governments left that liberals have not excoriated, picketed, boycotted, or sued, all in an effort to extirpate from this planet whomever and whatever has the audacity to contradict them. Amusingly, this tendency towards perfectionism/sanctimony often pits leftists against one another. In the end, though, the damage that this epidemic of intolerance does to the fabric of American society is serious and lasting. Recently, New York Governor Andrew Cuomo unveiled...
  • Pension plans can't be the next big taxpayer bailout in America

    01/03/2018 11:39:33 AM PST · by Diana in Wisconsin · 16 replies
    The Hill - Opinion Page ^ | 1-3-18 | Tom Schatz
    Ten years ago, subprime mortgages went from a little-known form of lending to a precipitating cause of the international banking crisis that led to the Great Recession of 2008 to 2009. Like these mortgages, another relatively obscure financial problem could end up being the next big taxpayer bailout. Unless the funding crisis for multiemployer pension plans is addressed, the solution will look more like the savings and loan crisis of the 1980s, under which the taxpayers lost $123.8 billion. In his testimony last November in the House, Pension Benefit Guaranty Corporation (PBGC) Director Thomas Reeder wrote, Legislation is needed to...
  • Land of leaving: Moving companies rank Illinois No. 1 for outbound vans

    01/03/2018 7:38:52 AM PST · by KeyLargo · 52 replies
    Illinois Policy ^ | 1-2-2018 | Brendan Bakala
    Land of leaving: Moving companies rank Illinois No. 1 for outbound vans Studies by two major American moving companies rank Illinois as the top outbound state of 2017. On Jan. 2, United Van Lines released its 41st annual National Movers Study and Atlas Van Lines released its 2017 Migration Patterns study. United based the study on its customers household moves made in 2017, and Atlas studied nearly 73,000 interstate and cross-border relocations of household goods from Jan. 1, 2017 through Dec. 15, 2017. In both studies, Illinois was home to the highest rate of outbound moves in the nation. Uniteds...
  • Connecticut pension system worst in the nation, according to new study

    12/16/2017 5:51:05 PM PST · by george76 · 46 replies
    Yankee Institute for Public Policy ^ | Dec 14, 2017 | Marc E. Fitch
    Connecticut has the most underfunded pension system in the nation, amassing more than $127.7 billion in liabilities.. The study entitled Unaccountable and Unaffordable showed Connecticuts pension system dropping below Illinois and Kentucky when its pension liabilities were calculated with a risk-free discount rate equal to the rate of a U.S. Treasury bond. Connecticuts unfunded pension liability rose from $99.2 billion in ALECs 2016 study to $127.7 billion in 2017, leaving the pension system only 19 percent funded. The debt from the public pensions amounts to $35,721 per person in Connecticut, the second highest per capita debt in the nation behind...
  • More reform needed to curb outrageous state-pension payouts

    12/04/2017 6:26:37 PM PST · by 198ml · 4 replies
    Pittsburgh Tribune-Review ^ | 12/4/17 | Trib board
    Despite facing a shortfall of about $70 billion, Pennsylvania's public-pension systems lavishly enrich a few former state employees while most get far more modest payouts. Consider some pension-data findings from The Philadelphia Inquirer and Philadelphia Daily News. The average 2016 payout to Pennsylvania's 127,000-plus former employees or their beneficiaries was $27,722. But a separate class of Keystone State pensioners get checks that alone put them among the top tier of all income earners nationwide: Twenty collect more than $215,000 annually, while 500-plus collect $100,000 or more. Even after pleading guilty to child endangerment in the Jerry Sandusky pedophilia scandal, former...
  • Typical homeowner will pay $174 more to City Hall, Chicago Public Schools in 2018

    11/28/2017 5:13:32 PM PST · by Libloather · 18 replies
    Chicago Tribune ^ | 11/20/17 | Hal Dardick
    **SNIP** Still, thanks to previous decisions made by the Emanuel-controlled City Hall and Chicago Public Schools, the typical homeowner will have to pay $174 more in taxes next year. About $97 of that increase can be chalked up to property tax hikes, but Emanuel also is boosting 911 fees by $40 a year for a family with three phone lines, and water bills will go up $37 for the typical home. All told, the average family will be paying $1,813 more a year in taxes and fees to the city and schools than they did before Emanuel took office in...
  • Opinion: How did CalPERS dig a $153 billion pension hole?

    11/13/2017 11:39:45 AM PST · by Oldeconomybuyer · 41 replies
    San Jose Mercury-News ^ | November 13, 2017 | by Dan Pellissier
    During the next five weeks, the CalPERS board, custodian of $326 billion in assets needed to fulfill retirement promises for 1.8 million California public employees and beneficiaries, will make decisions affecting government budgets for decades to come. The problem is, despite their fiduciary duty under the state Constitution to protect the competency of the assets under their absolute control, CalPERS is roughly $153 billion short of fully funding the retirement promises earned to date. How did CalPERS dig this huge hole? During the last decade, they manipulated actuarial assumptions and methods to keep employer and employee contribution rates low in...
  • Pension costs crowding out spending on parks, schools and social services, report says

    10/04/2017 4:14:30 PM PDT · by artichokegrower · 26 replies
    Sacramento Bee ^ | October 04, 2017 | Adam Ashton
    California governments likely will make do with fewer teachers, parks employees and other public workers while they struggle to absorb fast-rising pension costs in the next few years, a former state lawmaker argues in a study released this week through Stanford University. Former Democratic Assemblyman Joe Nation projects that many cities, counties and school districts will double their spending on pensions by 2030, crowding out their ability to fund public services.
  • Shocker! LA Pension Gap Spirals Past $10 Billion

    09/17/2017 9:19:08 PM PDT · by george76 · 25 replies
    CityWatch Los Angeles ^ | 14 SEPTEMBER 2017 | MARC JOFFE
    California pension worries most often focus on CalPERS and CalSTRS, the states two multi-employer behemoths. But the state has many other underfunded plans, and these city and county systems pose significant challenges for governments that contribute to them. The City of Los Angeles faces the largest municipal pension funding gap, measured in absolute dollar terms. According to the citys 2016 Comprehensive Annual Financial Report, Los Angeles Net Pension Liability totaled $8.2 billion. Curiously, this number does not appear on the citys government-wide balance sheet (called a Statement of Net Position). Instead, the $8.2 billion is reported as part of LAs...
  • Public workers from two more California towns expected to lose CalPERS pensions

    09/14/2017 6:53:17 PM PDT · by SeekAndFind · 20 replies
    Sacramento Bee ^ | 09/13/2017
    Ten workers and retirees from government agencies in two far corners of California likely will see their pensions slashed because their employers have not paid bills to the states largest retirement fund in more than a year. Trinity County Waterworks District No. 1 west of Redding and Niland Sanitary District from Imperial County are in line to become the third and fourth government agencies to break with CalPERS over the past 12 months in a manner that shortchanges their retirees. The CalPERS Board of Administration is scheduled next week to vote on ending contracts with the two small districts because...
  • California is Broke (Here's Why)

    09/07/2017 6:47:48 PM PDT · by SeekAndFind · 9 replies
    Library of Economics and Liberty ^ | 09/07/2017 | David Henderson
    A resident of my city of Pacific Grove recently did a huge service on Facebook by linking to a site that gives pay and pensions for state and local government workers. It's breathtaking. Question: Who received the highest pension in 2017 and how much was it? Answer: Ronald D. Miller. $366,529.20. Mr. Miller was on the teaching faculty at the University of California, San Francisco. The 7th highest pension, by the way, was received by someone I know and like: Richard W. Roll, the well-known finance professor at UCLA. So this is not a gotcha. It's simply pointing out...
  • Drowning in debt, Connecticut faces budget crunch

    08/23/2017 5:59:04 PM PDT · by Olog-hai · 38 replies
    Reuters ^ | August 23, 2017 | 7:28 AM | Hillary Russ
    Connecticut, home to hedge fund billionaires alongside cities mired in poverty, is racing against the clock to pass a budget or face further spending cuts to education and municipal aid across the state. Nearly two months without a budget, Connecticut is getting crushed by a burdensome debt load that has squeezed spending and amplified legislative discord. State lawmakers must agree on a biennial budget soon or else Governor Dannel Malloys executive order to slash state aid to municipalities and eliminate school funding for some districts will go into effect in October. The state faces a $3.5 billion deficit over the...
  • Property taxes grow faster than Illinoisans ability to pay for them

    08/21/2017 1:52:22 PM PDT · by george76 · 45 replies
    Illinois Policy ^ | July 16, 2017 | John Klingner
    Illinoisans already pay some of the highest, if not the highest, property taxes in the nation. An analysis of the past 15 years shows that property taxes are growing far faster than residents ability to pay for them. Between 2000 and 2015, the total property taxes Illinois local governments collected doubled. Household incomes in Illinois, in contrast, only grew 31 percent over that time period. Because taxes have grown so much faster than income, the burden property taxes impose on Illinoisans has grown significantly. In 2000, property taxes consumed 4.4 percent of household incomes. In 2015, property taxes consumed 6.7...
  • Fourth Public Gig For This NJ Democrat Boosts His Pay to 273K.

    08/17/2017 9:35:54 AM PDT · by Djl3668 · 7 replies
    Star Ledger ^ | McDonald | Terrence
    Harrison Councilman James Doran is one busy man. Doran, 56, holds three public jobs, is an unpaid board member for a Hudson County agency and was sworn in last month as a paid commissioner for the Passaic Valley Sewerage Commission. That position comes with a pension -- Doran's third.
  • Pension liabilities surpass $4 trillion and are set to rise

    06/26/2017 7:17:46 AM PDT · by Lorianne · 7 replies
    Value Walk ^ | 23 June 2017 | Gary St. Fleur
    A recent report from Moodys states that US public pensions funds adjusted net pension liabilities (ANPLs) surpassed $4 trillion nationwide in 2016. The report also indicated that this increase in Unfunded pension liabilities was a result of poor investments and declining discount rates. Three different investment return scenarios are offered in the report- base, upside and downside- to project pension liability debt levels in 2020. According to the report, the downside scenario places public pension debt at dangerous new levels with a expected 59% increase in total liabilities. In order to stave off this possible forecast, pension would have stabilized...
  • The Banana Republic Of Illinois

    06/25/2017 8:46:36 AM PDT · by MtnClimber · 13 replies
    Investors Business Daily ^ | 23 Jun, 2017 | Stephen Moore
    The media has hyper-obsessed over the Kansas tax hike this year and has sold this as a repudiation of "supply side economics." But the real story in the states has been the catastrophic effects of "tax and spend" fiscal policy in Illinois. Last week Republican Gov. Bruce Rauner continued his three-year standoff with House Speaker for Life Mike Madigan's liberal Democratic machine over a $5 billion annual income-tax hike. The Democrats have dug in their heels. Anyone who thinks this soak-the-rich scheme will solve Illinois' long-term budget crisis should have their head examined. Illinois already ranks in the top three...