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Forum Post: SEC Charges Illinois for Misleading Pension Disclosures

Posted 12 months ago on April 25, 2013, 2:53 p.m. EST by GirlFriday (21783)
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 ZenDog (20547) from South Burlington, VT 12 months ago

so, wait a minute - no one is held personally responsible for the decisions that produced this . . . fraud . . . ?

[-] 1 points by GirlFriday (21783) 12 months ago

Nope.

[-] 2 points by ZenDog (20547) from South Burlington, VT 12 months ago

If the long term goal is to break the state, this might be the perfect approach, since it appears no criminals charges will ever accrue . . .

[-] 1 points by GirlFriday (21783) 12 months ago

That's exactly what it is. Premeditated.

[-] 1 points by ZenDog (20547) from South Burlington, VT 12 months ago

I think the only solution is a widespread purge . . . anything less will not get the job done.

[-] -1 points by justiceforzim (-17) 12 months 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) 12 months ago

Why aren't people held accountable?

[-] 2 points by shooz (26756) 12 months 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 (21783) 12 months ago

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

[-] -1 points by Dmooradian (-74) 12 months ago

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

[-] 1 points by GirlFriday (21783) 12 months ago

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

[-] 0 points by Dmooradian (-74) 12 months ago

Because you guys keep banning me.

[-] 1 points by GirlFriday (21783) 12 months 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) 12 months ago

Saying hello.

[-] 0 points by GirlFriday (21783) 12 months ago

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

[-] -1 points by Dmooradian (-74) 12 months ago

Excuse me? Name calling already.

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