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US public finance day of reckoning
12-30-2013, 05:01 PM #1
j browsing Member
Posts:5,158 Threads:1,098 Joined:Jul 2012
http://www.ft.com/intl/cms/s/0/9782a5ce-...z2oxyoBxhv Chicago ..pension crisis

"when life gives you lemons..throw them at someone"...Grumpy Cat good.png
12-30-2013, 05:12 PM #2
j browsing Member
Posts:5,158 Threads:1,098 Joined:Jul 2012
At $96 billion and growing, Illinois' underfunded public pension problem is by far the worst in the nation. But the pension problem didn't happen overnight, nor is it the fault of a single politician or special interest group. It's a crisis decades in the making that crosses political lines and finding a solution for it takes on an even greater urgency in the wake of the city of Detroit's bankruptcy filing earlier this year—the largest municipal bankruptcy filing in history.

Which was why it was noteworthy when top Illinois political leaders reached a tentative framework in late November on a pension reform plan. The bill, championed by Illinois House Speaker Michael Madigan, calls for the following:

- A hike in the retirement age for state workers currently age 45 or younger
- A reduction in cost of living allowances using a formula based on how long a worker held their job and only toward a portion of their pension
- Prohibiting state pension systems from using pension funds to pay healthcare costs
- Removing all pension matters from collective bargaining talks except pension pickups
- Reducing employee salary contributions to their pensions by 1 percent
- Illinois will contribute $364 million in funding in 2019 and $1 billion every year thereafter until 2045 or until the pensions are fully funded.

The cuts are expected to save the state $160 million over the next 30 years.

The passage of the bill during the fall veto session was a marked contrast to the impasse during the spring legislative session where dueling pension reform bills from Madigan and Illinois Senate President John Cullerton.

While Madigan's plan passed the House with ease, the Senate soundly defeated it. Cullerton's more modest pension reform plan offered workers and retirees a litany of options as to whether to pay more into their pensions or take less once they retired. It also allowed pension matters to remain in collective bargaining negotiations, one of many reasons organized labor supported Cullerton's plan over Madigan'shttp://chicagoist.com/2013/12/29/chicago..._the_1.php

"when life gives you lemons..throw them at someone"...Grumpy Cat good.png
Anonymous Kritter Show this Post
12-30-2013, 06:15 PM #3
Anonymous Kritter Incognito Anonymous
 
There was a missing black lady that ended up going to indiana and then dissappeared, wonder if some broke bastard in Indiana is taking their hate out on innocent women around there?
12-30-2013, 06:22 PM #4
j browsing Member
Posts:5,158 Threads:1,098 Joined:Jul 2012
I hope not..I know she has been missing since dec 6..she is a doctor working in kalamazoo

"when life gives you lemons..throw them at someone"...Grumpy Cat good.png



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