Friday, Apr 25, 2014
Quincy, IL News - QuincyJournal.com
Trending on the Journal

Related Headlines

University: Ill. pension reform had costly mistake

Illinois' next pension issue: Police, fire funds

Illinois Senate president suggesting schools pay their own pensions

Interest on Illinois' unpaid bills reached $318M

Fifth Pension Lawsuit Filed By U of I Employees

Recent Comments

pamarshall - City/Firefighters labor contract must be voted on again - Quincy, IL News - QuincyJournal.com
As the article states, a council member can renew the resolution bringing it up for another vote when everyone shows up...
pamarshall - Quincy City Budget hearings and Council meeting - Quincy, IL News - QuincyJournal.com
Since you're a small business owner, you probably don't have to deal with an union representing your employees. With them being unionized, they have a lot more pull than a single employee coming to you for a raise. You could tell your employee "no", they could either be understanding or they could leave your job and work for the next small business owner that provides raises. You tell…
pamarshall - Quincy City Budget hearings and Council meeting - Quincy, IL News - QuincyJournal.com
Anything costs less than that stupid debacle... Even the tearing down of the Newcomb cost less.
pamarshall - Video: Two GOP reps announce support for legalizing illegals - Quincy, IL News - QuincyJournal.com
If I recall, they are offering what's called "a pathway to citizenship" or "a pathway to amnesty". They can't get into legal trouble (aside from entering our country), they have to get an education, there's a lot of things they have to do in order to get amnesty. Another thing they can do is join our military. If they're willing to fight and die for our country, isn't…
yesqcy - City/Firefighters labor contract must be voted on again - Quincy, IL News - QuincyJournal.com
Wow, you got me thinking hard, which isn't hard to do. I m certain the council will have it figured out (surely), but since it didn't pass, doesn't someone that voted against it have to make a motion to bring it back to a vote and have to vote YES automatically? Or where am I dreaming that up from?

Most Popular

QPD investigating headstone vandalism

Woman arrested after police find abandoned child

Adams Co. Divorces for April, 18 2014

Aldermen approve transit and fire contracts Updated Video

Traffic stopped on Bayview Bridge after car crash

Body found behind Oak Street Mall

New Quincy trash system estimated to begin in January 2015

QHS now looking for Boys and Girls Basketball coaches

Report: 5 state pension funds owed $100.5B

3 months, 1 week ago sj-r.com

Debt would have been lower if computation method hadn't been changed

From sj-r.com:
Illinois’ pension debt has officially topped $100 billion, according to a new report issued Wednesday.
And in a bit of irony, the debt would have been lower if lawmakers hadn’t decided in 2009 to change the way it’s computed — in order to lessen the effects of stock market losses.
The report from Auditor General William Holland’s office shows the unfunded liability of the five state-funded pension systems was $100.5 billion as of June 30, the end of the state’s fiscal year. That’s an increase of $5.9 billion from the previous year.
However, that’s the deficit as computed using a process called “asset smoothing” in which investment gains or losses are spread over a five-year period. That approach was adopted by the General Assembly in 2009 at a time when the recession was devastating investment income for the systems. The first time the smoothing system was used, it resulted in the pension deficit being $15 billion lower than it would have been otherwise.
In the latest report, the pension deficit would have increased only about $668 million, to $97.5 billion, had the smoothing method not been used. That’s a reflection of the significant gains in the stock market in the past year.
“The smoothing is intended to even out the extremes,” said Rep. Elaine Nekritz of Northbrook, the House Democrats’ point person on pensions.
Although some may be tempted to have the state return to the old system, Nekritz said that would be a mistake.
“To really be successful at that, we would have to be anticipating the market and I don’t think that’s a task we should be pursuing,” Nekritz said. “Asset smoothing is used by a fair number of pension systems around the country, so it’s not like Illinois is unusual in adopting that method.”
The numbers reflect the pension debt before lawmakers approved a pension reform plan.

Click Here to Read Full Article


From the Newsroom

Bob Gough on Twitter

Bob Gough 2 hours, 12 minutes ago

RT @CatalystChicago: Barack Obama College Prep HS will be built on Park District property w/ $60mil in TIF funds & will open for the 17-18 …
Bob Gough on Twitter

Bob Gough 2 hours, 30 minutes ago

RT @CardinalsGM: Bartolo Cy Colon. #amazing... #STLCards
Bob Gough on Twitter

Bob Gough 3 hours, 56 minutes ago

RT @DanLucySports: Drury athletics director pat atwell confirming that Molly miller will take over team and be head coach next season
Bob Gough on Twitter

Bob Gough 3 hours, 56 minutes ago

RT @DanLucySports: Huber hired just last year to today after years as creighton assistant. He turned lady panthers around and took Drury t…