By Hilary Gowins
11/16/2012
When unions can’t work with employers in the private sector, companies go under. Hostess Brands Inc. is the most recent case in point, announcing that it will close its doors because of financial insolvency. Hostess has filed for bankruptcy twice since 2004, most recently this January. The company has an annual revenue of $2 billion,...
By Jonathan Ingram
09/10/2012
So, the Chicago Teachers Union is on strike. You may remember that they were demanding a 30 percent raise earlier this year and that they rejected a package that included a 16 percent raise. The union’s demands would spike the average teacher’s salary to nearly six-figures, and that’s before you tally up the generous benefits they get on...
By Jonathan Ingram
08/27/2012
Illinois reports that it owes $83 billion to its five public pension funds. Worse yet, under new reporting requirements by the Governmental Accounting Standards Board and Moody’s Investment Services, the state’s pension debt will more than double. There are a lot of numbers being thrown around in the fight over pension reform. But these are the...
By Jonathan Ingram
08/16/2012
THE PROBLEM Illinois reports that it owes $83 billion to its five public pension funds. That amount represents the chronic failure of the state to fully fund its pension systems, overly generous retirement benefits for state workers, and the inability of those funds to meet their investment targets. Unfortunately, this $83 billion figure grossly understates...
TAGS: pensions
By Ted Dabrowski
08/14/2012
When Rhode Island saw the writing on the wall late last year, its legislature did something no one thought it could do. It passed the boldest pension reforms in the nation. A democrat-controlled state, with the second-worst funded pension system in the nation, passed a series of reforms that cut the state’s unfunded liabilities by...
By Jonathan Ingram
07/03/2012
Last week, the Governmental Accounting Standards Board, or GASB, finalized new rules to make pension funding more transparent. These new rules require governments to use more appropriate discount rates than most public pension plans have been using. Pension plans with sufficient funds set aside to pay future benefits can continue to discount future liabilities by current investment...
TAGS: GASB: Governmental Accounting Standards Board, pensions
By Chris Andriesen
11/29/2010
by Ashley Muchow According to the Civic Federation, the City of Chicago is $2.4 billion behind on its pension contributions. In fiscal year 2009, Chicago pumped $423.9 million into its Municipal, Laborers, Police, and Fire pension funds. Using GASB standards, the Civic Foundation found that the city was $566.5 million short of what should have been contributed. So why...
