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Forum Post: SEC Charges Illinois for Misleading Pension Disclosures

Posted 11 years ago on April 25, 2013, 2:53 p.m. EST by GirlFriday (17435)
This content is user submitted and not an official statement

According to the SEC’s order instituting settled administrative proceedings against Illinois, the state established a 50-year pension contribution schedule in the Illinois Pension Funding Act that was enacted in 1994. The schedule proved insufficient to cover both the cost of benefits accrued in a current year and a payment to amortize the plans’ unfunded actuarial liability. The statutory plan structurally underfunded the state’s pension obligations and backloaded the majority of pension contributions far into the future. This structure imposed significant stress on the pension systems and the state’s ability to meet its competing obligations – a condition that worsened over time.

http://www.sec.gov/news/press/2013/2013-37.htm

16 Comments

16 Comments


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[-] 1 points by GirlFriday (17435) 11 years ago

Nope.

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[-] 1 points by GirlFriday (17435) 11 years ago

That's exactly what it is. Premeditated.

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[-] -1 points by justiceforzim (-17) 11 years ago

The actuaries have been warning about the public pension fund since the 40's (see link below). However, the 1994 Act made it much worse. Gov Edgar is still alive and Senate Speaker Mike Madigan is still holding office. However, he is probably the most powerful pol in IL (depends who is currently mayor of Chi). Mike's daughter, Lisa was also vying for Obama's senate seat back in 08. Mike is untouchable. http://www.wbez.org/news/ghosts-illinois-pensions-past-104467

[-] -1 points by Dmooradian (-74) 11 years ago

Why aren't people held accountable?

[-] 2 points by shoozTroll (17632) 11 years ago

This is an age old question, who's answer lies in who is profiting from it.

Quite often, they are those who profit from union busting.

Not unlike GWB.

Thankfully, there are those who don't care about the profit motive.

http://thinkprogress.org/economy/2013/04/25/1919381/postal-services-defazio/?mobile=nc

[-] 1 points by GirlFriday (17435) 11 years ago

Let's start with you. Why did you PM me under another ID?

[-] -1 points by Dmooradian (-74) 11 years ago

Shying away from a little debate??? Whose side are you on?

[-] 1 points by GirlFriday (17435) 11 years ago

Nope. I like open direct communication. So, why did you pm me under another ID?

[-] 0 points by Dmooradian (-74) 11 years ago

Because you guys keep banning me.

[-] 1 points by GirlFriday (17435) 11 years ago

I don't have anything to do with banning. I don't have those super powers. I am not a mod.

So, why did you pm me? Show some personal responsibility and, you know, accountability.

[-] 0 points by Dmooradian (-74) 11 years ago

Saying hello.

[-] 0 points by GirlFriday (17435) 11 years ago

Tell the truth. You will feel much better or at least less of a dirtbag.

[-] -1 points by Dmooradian (-74) 11 years ago

Excuse me? Name calling already.

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