Saturday, Oct 25, 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

ONCEMORE1 - GREDF supports Quincy School Building Referendum - Quincy, IL News - QuincyJournal.com
How clever. Is that one of your classroom lessons? Teaching to vent frustrations with personal attacks?
qfingers - GREDF supports Quincy School Building Referendum - Quincy, IL News - QuincyJournal.com
Problem with all of these studies is a lack of strong scientific support in the conclusions. You can't control "for other variables" with any real chance of veracity. We will...on the other hand...have a small experiment here which should give a good indication of the truth of these ideas. Kids in the new schools should perform notably better (11%???) then the ones still stuck in the old ones.…
WarCry - GREDF supports Quincy School Building Referendum - Quincy, IL News - QuincyJournal.com
http://www2.ed.gov/offices/OESE/archives/inits/co... "A study of the District of Columbia school system found, after controlling for other variables such as a student's socioeconomic status, that students' standardized achievement scores were lower in schools with poor building conditions.…
pjohnf - Local unemployment rates drop - Quincy, IL News - QuincyJournal.com
This means nothing unless it's the E6 number. If it's the E3 number it's a lie. The real unemployment number , E 6, nation wide is close to 12%.
Stupid_Dems - GREDF supports Quincy School Building Referendum - Quincy, IL News - QuincyJournal.com
Hey simpleton! I got one thing to say to you: Audie Murphy. I'd rather be short physically than short mentally like you cry baby!

Most Popular

School Board to outline plans for savings, old buildings if referendum passes

Adams Co. Divorces for 10/24

Illinois Early Voting starts: Cook County ballot box tries to cast GOP votes for Democrats

Bill Clinton to address workers at pro-Quinn rally

Quincy School Board pledges to reinvest savings from new buildings

Several honored during C-SC Homecoming

Quincy man accused of theft from elderly woman

Man arrested for performing lewd acts near school

Report: 5 state pension funds owed $100.5B

9 months, 2 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 19 minutes ago

Kahn named to QU Board of Trustees http://t.co/DDxJSFzNTU
QuincyJournal on Twitter

QuincyJournal 19 minutes ago

Quinn, Durbin to drop in Monday for Port Authority announcement http://t.co/kLNQRJLgkp
Bob Gough on Twitter

Bob Gough 11 hours, 15 minutes ago

RT @williamfleitch: You know, for living in such a cool, diverse city, San Franciscans sure do lose their sh-t when they see Steve Perry or…
Bob Gough on Twitter

Bob Gough 11 hours, 16 minutes ago

RT @SharylAttkisson: wonder why pres. obama would exert exec. privilege to keep secret their emails about my news reports and FOI requests?