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Keyword: pensions

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  • Your Pension Isn't Safe From NY Governor Andrew Cuomo

    01/10/2018 7:07:42 AM PST · by Kaslin · 21 replies
    Townhall.com ^ | 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. United’s...
  • 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 Connecticut’s 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. Connecticut’s unfunded pension liability rose from $99.2 billion in ALEC’s 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 state’s 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 city’s 2016 Comprehensive Annual Financial Report, Los Angeles’ Net Pension Liability totaled $8.2 billion. Curiously, this number does not appear on the city’s government-wide balance sheet (called a Statement of Net Position). Instead, the $8.2 billion is reported as part of LA’s...
  • 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 state’s 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 Malloy’s 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 Moody’s 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...
  • What to do with a broken Illinois: Dissolve the Land of Lincoln

    06/22/2017 7:40:38 AM PDT · by DCBryan1 · 63 replies
    Chicago Tribune ^ | 20 JUN 17 | By John Kass•Contact Reporter
    llinois is like Venezuela now, a fiscally broken state that has lost its will to live, although for the moment, we still have enough toilet paper. But before we run out of the essentials, let's finally admit that after decade upon decade of taxing and spending and borrowing, Illinois has finally run out of other people's money. Those "other people" include taxpayers who've abandoned the state. And now Illinois faces doomsday. So as the politicians meet in Springfield this week for another round of posturing and gesturing and blaming, we need a plan. And here it is:
  • Chicago Public Schools borrow $275 million at sky-high interest rate

    06/20/2017 7:22:43 AM PDT · by george76 · 63 replies
    Sun-Times ^ | 06/19/2017 | Lauren FitzPatrick and Fran Spielman
    The Chicago Public Schools will pay 6.39 percent — an extraordinary interest rate by short-term lending standards — to borrow $275 million it needs to make a mandatory payment for retiree pensions before a June 30 deadline. That’s more than four times the interest rate a typical government would pay on the same borrowing deal ... It’s yet another sign of the dire financial condition of the nation’s third-largest public school system, which for months has had a “junk” credit rating from Wall Street financial institutions. CPS officials secured the $275 million on Monday from J.P. Morgan. It’s the final...
  • Official warns Illinois finances in 'massive crisis mode'

    06/17/2017 11:05:13 AM PDT · by 2banana · 68 replies
    Associated Press ^ | June 17th, 2017 | SARA BURNETT
    The Illinois official responsible for paying the state's bills is warning that new court orders mean her office must pay out more each month than Illinois receives in revenue. Comptroller Susana Mendoza must prioritize what gets paid as Illinois nears its third year without a state budget. A mix of state law, court orders and pressure from credit rating agencies requires some items be paid first. Those include debt and pension payments, state worker paychecks and some school funding. Mendoza says a recent court order regarding money owed for Medicaid bills means mandated payments will eat up 100 percent of...
  • Illinois is Collapsing: It's Coming Everywhere

    06/10/2017 1:36:34 PM PDT · by Wolfie · 65 replies
    Market-Ticker ^ | June 10, 2017 | Karl Denninger
    Illinois is Collapsing: It's Coming Everywhere The blame game is in full force, including in Crain's. Like in a good Agatha Christie mystery, there's a whole train-full (or, in this instance, Capitol-full) of suspects in the case of Who Killed Illinois? Just like on the Orient Express, they're all guilty to one degree or another. .... Here's who's at the top of my list: Gov. Bruce Rauner and House Speaker Michael Madigan, in that order. Other folks had their hands on the knife, but these two are the ones who really drove it in. Uh huh. Sure. Maybe you can...