sj-r.com
Saturday, Nov 1, 2014
Quincy, IL News - QuincyJournal.com
Trending on the Journal

Related Headlines

Removing The Pension Protection Clause

Quinn: No pension ‘Plan B’ before court ruling

Moody's: Ill. pension debt vs. revenue is worst

Individual state pension miscalculations can now be legally addressed, fixed

State employee unions want expedited ruling in pensions suit

Recent Comments

1950Brutus - Mid-America Port Authority pledged $1.3 million from Illinois - Quincy, IL News - QuincyJournal.com
I root for the Cleve Browns even though they have zero chance of winning the super bowl. Chance of winning doesn't come into play on this obsession - doesn't come into play when I vote either. I vote for what I want - I do not "settle"..
Givemeliberty - Mid-America Port Authority pledged $1.3 million from Illinois - Quincy, IL News - QuincyJournal.com
The goal this year is not to win its to get 5% of the vote so ballot access is not an issue in four years. Right up until about a month and a half ago the Libertarians were doing little if any campaigning. They were fighting court battles the GOP brought against them. And it was the same with the Green and Constitution partys to get on the ballot. Its hard to fund raise when you can't campaign…
Stupid_Dems - Business owners split over minimum wage votes - Quincy, IL News - QuincyJournal.com
Minimum wage it for minimum employees. A person should be able to work for any wage they want too without government interference.
Stupid_Dems - Votes for Republicans switched to Democrats in Moline - Quincy, IL News - QuincyJournal.com
If the Dems contaminate the ballot box the only recourse is exactly the same as was give n the Crown!
qfingers - Mid-America Port Authority pledged $1.3 million from Illinois - Quincy, IL News - QuincyJournal.com
What we need is a better voting system...like the Borda method. Then the 3rd party candidate most assuredly would have a chance....but for just that reason you'll never see it....the controlling parties not wanting a 3rd party to have any chance. Plus it's a bit difficult to count unless you are computerized. http://en.wikipedia.org/wiki/Borda_count

Most Popular

Mid-America Port Authority pledged $1.3 million from Illinois Video

Motorcyclist dies from Saturday crash

Amazon to open facility in Illinois, hire 1,000

Quinn, Durbin to drop in Monday for Port Authority announcement

Baldwin School evacuated following smoke in building Updated

Everyone safe following plane crash near Quincy Regional Airport

GOUGH MEDICINE: Gone too soon

QPD investigating elder scam

Report: 5 state pension funds owed $100.5B

9 months, 3 weeks 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

QuincyJournal on Twitter

QuincyJournal 3 hours, 43 minutes ago

Blessing Orthopedics unveils Break Free program - Program to treat fractures in the elderly http://t.co/z5yfqcuZ6T
QuincyJournal on Twitter

QuincyJournal 3 hours, 43 minutes ago

QU to Host Guitar Workshop and Concert - Concert Sunday at 7:30 in Niemann Center for Music http://t.co/bku6yea75r
Bob Gough on Twitter

Bob Gough 9 hours, 59 minutes ago

@rgu11y @QNDRaiders Yes. We are doing it.
Bob Gough on Twitter

Bob Gough 23 hours, 11 minutes ago

RT @Illinois_Stage: Barnstorming Quinn announces another chunk of cash for a project in the Quad Cities http://t.co/2zROK9yCtN