Category: Pensions

Government pension plans' dirty secret

Elizabeth Bauer writing in Forbes The bottom line:  public pension plans’ poor funding levels would be even worse if they were accounted for the way that private pension plans are, the fact that their accounting methods differ has contributed to the funding crisis. (Caution: actuarial language ahead.)

$1 out of $3 Illinois income tax dollars is paid out to retired educators

Hard to believe, but that’s what Adam Andrzejewski, disclosed in Forbes magazine. We thank the teachers for their service and wish them a long, healthy and wealthy retirement. But something has to be done to save the state of Illinois. Wrote Andrzejewski: llinois teachers are starting their three-month summer break. But when it comes to teacher salaries,... Read more »

Wait. What? Illinois' unfunded pension obligation is >$200 billion, NOT $140 billion?

This hasn’t received much attention, but it’s big, important news that Illinois’ unfunded government pensions amount to at least $200 billion, instead of the $140 billion that’s usually cited. I say “at least” because the $200 billion figure calculated by Moody’s Investors Service is for 2016, about two years old. What it amounts to now is... Read more »
Advertisement:

An Illinois pension primer gets to the heart of the problem

The Better Government Association recently published an apologia for Illinois’ high government worker pensions, diminishing them as a reason for the state’s financial problems. Its “Big pensions just a tiny part of big pension mess” is a disappointing and thin explanation that is based on union-friendly or financed sources, such as Ralph Martire, executive director of the... Read more »

Nearly half the $13,077 Illinois spends per student goes, not to the students, but to pensions

Illinois public schools are under attack; they don’t get enough money; they don’t get respect. Give them more and more and more money. From statements like those, you’d think that Attila the Hun is riding into Illinois with the sole mission of slashing education funds down to nothing with the intent of making American children the... Read more »

What about private sector employees who don't have a retirement plan

More than half of nongovernment workers have no access to a retirement savings plan through their employers, according to AARP. In Illinois, 2,317,653 non-government employees don’t have a plan. And Social Security alone is not enough to meet retirees’ needs. So, what is to be done? Some states, including Illinois, are looking to do something about it. “Governing,”... Read more »
Advertisement:

The grim truth about Chicago's pension mess...

and a possible solution. While the Chicago Teachers Union and other mouthpieces for those luxurious government pensions prattle on about how unfair they’re been treated, the grim truth is that Chicago’s public pensions are in much worse shape than we’re being led to believe. If you doubt it (and can get past your built-in, blind... Read more »

Hey AFSCME, what the hell now?

Instead of crowing about how the Illinois Supreme Court rejected the latest effort to solve Chicago’s suffocating pension problems, it would be nice if AFSCME suggested a solution for funding public employee pensions–other than taxing everyone into oblivion. Demonstrating once again that they are prepared to ride into hell on the backs of Chicago and... Read more »

Public employee pension funding estimates screwed up

Here are two related stories that indicate that actuaries screwed up the real cost of public employee pensions. In the first, a prominent actuary, Jeremy Gold,  blames his fellow actuaries for irresponsibly underestimating the costs. As he said: ““I’m here to tell you a story about how a profession failed to fulfill its duties to the... Read more »
Advertisement:

10 phony reasons justifying bloated public employee pensions

Richard Rider in FlashPoint goes after the long-standing myths that public employee unions and others use to justify bloated public employee pensions: “Public employees deserve high pensions because of their low pay.” FALSE. Perhaps true at one time, but not anymore. In many if not most instances, today’s government employees are earning the same or more... Read more »
  • Advertisement:
  • Advertisement:
  • ChicagoNow is full of win

    Welcome to ChicagoNow.

    Meet our bloggers,
    post comments, or
    pitch your blog idea.

  • Visit my new website

    I'm a freelance writer, editor and author. I can help you with a wide variety of projects. Check out my new website at www.dennisbyrne.net

  • Subscribe to The Barbershop

    Enter your email address:

    Delivered by FeedBurner

  • Dennis Byrne’s Facebook Fan Page

  • Like me on Facebook

  • Our National Debt

  • Twitter

  • Tags

  • Recent Comments

  • /Users/dennisby/Desktop/trailer.mp4
  • Latest on ChicagoNow

  • Advertisement: