Wednesday, Apr 16, 2014
Quincy, IL News - QuincyJournal.com
Trending on the Journal

Related Headlines

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

More state lawmakers opting out of Illinois' pension system

Recent Comments

eaglebeaky - Two die in overnight house fire - Quincy, IL News - QuincyJournal.com
Does anybody know if there is a way to help out? If there's anything that has been set up to accept donations of any kind, please post it.
gizzard93 - Strawman: Honey, Have You Seen My Race Card? - Quincy, IL News - QuincyJournal.com
we sure as hell are not going to give up!
eaglebeaky - Voter rights, crime victim rights amendments set for fall ballot so far - Quincy, IL News - QuincyJo
Thank you qfingers!!!. There are countless reasons against anybody compiling a DNA database for any reason. Way too much room for errors, manipulation, and outright abuse.
eaglebeaky - Voter rights, crime victim rights amendments set for fall ballot so far - Quincy, IL News - QuincyJo
Interesting ideas, Cool Edge, thanks for sharing them. My only questions about the fingerprint idea would be how would that be paid for, and who would have oversight over the information? Also, should election workers really be expected to serve as CSIs? And finally, at this point I don't trust the post office to accurately deliver the mail anymore... Would we really want them involved in our…
eaglebeaky - Voter rights, crime victim rights amendments set for fall ballot so far - Quincy, IL News - QuincyJo
Hate to have to correct you, AYHSMB... but I was a Huntsman supporter last time.

Most Popular

Park Board to put new Wavering Aquatic Center question on the ballot

Two die in overnight house fire Updated

Man arrested following south side stabbing

Petroleum Marketers, C-Stores, fight proposed Illinois gas tax hikes Updated Video

City department heads attempt to justify budgets to aldermen

Adams Co. Jail to take in federal prisoners

Home Builders, Illinois House look to weaken Fire Marshal authority

Preppers get ready for budget reality by begging for more

Report: 5 state pension funds owed $100.5B

3 months 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 40 minutes ago

@Ben_WGEM I know QU needs guards badly, but don't tell me you can't find room for a stud like Tisdell.b
Bob Gough on Twitter

Bob Gough 1 hour, 2 minutes ago

@Ben_WGEM I was told they didn't need him. #whatever #beast
Bob Gough on Twitter

Bob Gough 2 hours, 25 minutes ago

RT @Blueroomstream: Casinos were bringing in ~$700 million several years ago. Now at ~$550 million. Video gaming, smoking ban, economy play…
Bob Gough on Twitter

Bob Gough 4 hours, 46 minutes ago

RT @MorningMeeting1: Robert Spencer @jihadwatchRS will join us today! Also, @QuincyBob. 10 am ct on 930 WTAD and http://t.co/1r2U2uHu6u!!!