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Post by NotMyKid on Jul 24, 2015 14:06:25 GMT -6
CHICAGO, July 24 (Reuters) - A law aimed at shoring up two of Chicago's financially shaky public worker retirement systems violates pension protections in the Illinois constitution, a judge ruled on Friday. Pension payments are devouring bigger chunks of budgets for Illinois and Chicago and both face crippling spending cuts or big tax increases if those payments are not reduced. Illinois has the worst-funded pension system among U.S. states along with a $105 billion unfunded pension liability, while Chicago's unfunded liability for its four systems is $20 billion. The city contended that without the law, the two pension systems would run out of money within 10 to 13 years and that under Illinois law, payments to retirees would be the obligation of the pension funds, not Chicago. Labor unions and retirees who sued over the law claimed it violated the state constitution's pension clause. finance.yahoo.com/news/judge-rules-chicago-pension-reform-163250741.html
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Post by GhostMod 5000 on Jul 24, 2015 15:10:01 GMT -6
It costs a lot of money to incarcerate your governors.
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Post by NOTTHOR on Jul 24, 2015 16:51:40 GMT -6
CHICAGO, July 24 (Reuters) - A law aimed at shoring up two of Chicago's financially shaky public worker retirement systems violates pension protections in the Illinois constitution, a judge ruled on Friday. Pension payments are devouring bigger chunks of budgets for Illinois and Chicago and both face crippling spending cuts or big tax increases if those payments are not reduced. Illinois has the worst-funded pension system among U.S. states along with a $105 billion unfunded pension liability, while Chicago's unfunded liability for its four systems is $20 billion. The city contended that without the law, the two pension systems would run out of money within 10 to 13 years and that under Illinois law, payments to retirees would be the obligation of the pension funds, not Chicago. Labor unions and retirees who sued over the law claimed it violated the state constitution's pension clause. finance.yahoo.com/news/judge-rules-chicago-pension-reform-163250741.htmlUh, dafuq is this? Run out of money? So liek, we're not talking liek the Social Security issue where the feds will only be able to pay liek 77 cents on the dollar, but we're talking about actually running out of money in the fund? Holy balls. Fucking Rauner and the RethugliKKKlans who bled the state dry.
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Post by thunderhawk on Jul 24, 2015 21:06:42 GMT -6
Betcha they wish they had them fuckin parking meters back
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Post by livingintheusa on Jul 25, 2015 11:48:07 GMT -6
CHICAGO, July 24 (Reuters) - A law aimed at shoring up two of Chicago's financially shaky public worker retirement systems violates pension protections in the Illinois constitution, a judge ruled on Friday. Pension payments are devouring bigger chunks of budgets for Illinois and Chicago and both face crippling spending cuts or big tax increases if those payments are not reduced. Illinois has the worst-funded pension system among U.S. states along with a $105 billion unfunded pension liability, while Chicago's unfunded liability for its four systems is $20 billion. The city contended that without the law, the two pension systems would run out of money within 10 to 13 years and that under Illinois law, payments to retirees would be the obligation of the pension funds, not Chicago. Labor unions and retirees who sued over the law claimed it violated the state constitution's pension clause. finance.yahoo.com/news/judge-rules-chicago-pension-reform-163250741.htmlUh, dafuq is this? Run out of money? So liek, we're not talking liek the Social Security issue where the feds will only be able to pay liek 77 cents on the dollar, but we're talking about actually running out of money in the fund? Holy balls. Fucking Rauner and the RethugliKKKlans who bled the state dry. The new governmental reporting requirements will require these pension liabilities to be booked. Taxpayers and bondholders in some states and cities like California and Illinois are in for a big surprize.
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Post by NOTTHOR on Jul 25, 2015 16:52:10 GMT -6
Betcha they wish they had them fuckin parking meters back If I were the lawyah who drafted the supposedly "bankruptcy remote" provisions of the "sale" contract, I'd consider retiring in a few years. That deal was so god damned shady at the time and now that the meters are generating something liek 50% of the "purchase price" every year in free cash flow, it looks even shadier. The biggest nutkick of the whole thing is that people with handicap placards can park for "free" (in that the city reimburses Morgan Stanley). If you walk around River North on a business day, liek 70% of the cars have handicap placards on them. Shit is just unreal. It's going to be real interesting when the city files for BK.
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Post by livingintheusa on Jul 25, 2015 17:35:04 GMT -6
To Rigged To Fail
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