Dissecting the Pension Crisis

“Let’s pass it so we can read it and find out what it says!”   Four (4) articles beginning with an explanation of the  Madigan/Cullerton pension reform bill and culminating with the emboldened proponents of pension reform to resurrect long standing objections to the current pension system, the moral issues and financial issues collide head on like two subterranean tech plates.

 

The IL Pension Reform Bill Explained

How are retired teachers, almost retired teachers and distantly retired teachers affected by the recently passed ...

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Proponents of Pension Reform Emboldened by Bankruptcy Ruling

Simply put, there are two sides to Illinois’ financial crisis, which is spearheaded by the underfunded public service pensions.  On one side of the pension crisis issue are the proponents of the staus quo who cite the “moral issue” in support of their cause.  They face an equally energized opponent in advocates of “pension reform” who cite the financial issue in support of their cause.   Like the forces of Hannibal and Sipio marshalling their forces on the plains of Zama,  both appear to be prepared ...

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Illinois Pension System Lacks Transparency

The story of Illinois pensions over the last 20 years is full of reforms that were supposed to put the five state-run government pension systems on sound footing, but failed once they were implemented. Despite repeated attempts at a solution, the state’s official pension debt has jumped to nearly five times what it was in 1995.

Taxpayers and government workers are shell-shocked. And with more and more tax dollars going toward pensions each year, they don’t understand how things got this bad.

Pension managers and legislators have consistently underestimated the ...

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You Might Be A Millennial If…

Does the iPhone4 make you feel nostalgic? Is LinkedIn your current rolodex? Using Zillow as your official real estate agent?

Born between the years of 1980-1999, America’s Gen Y (otherwise referred to as Millennials)  has certainly grown up in a world dominated by technology and have drastically changed social, political, and professional worlds. “We’re living in an age of  networks, not hierarchies; knowledge and wisdom is distributed rather than concentrated amongst gray hair.” – Fast Company

The better you understand the shifting ...

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Dear Millennials: Your retirement is in trouble

A message to all the young adults struggling to find a place in today’s economy: It gets worse.

Find a job and save your brains out for retirement, Gen Y. And, educate yourself on the ways the older generation helped you get into this mess. It seems Millennials are the generation least prepared for retirement, and for a good number of reasons. They face a particularly intense version of this country’s income growth challenge. Let’s dispense with the basics right up front. ...

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The Federal Government Profits Big from Student Loans

There has been a new development regarding student loans since The Department of Education reported in September that the student loan default rate hit a 16-year high, with students owing around $1.1 trillion total (see our previous post here). It has not been regarded as a positive one.

It was reported this month that the federal government made a $41.3 billion profit during the 2013 fiscal year from student loans. This profit is down a couple billion from ...

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Illinois Pension Crisis: Still No Progress

Illinois lawmakers may have recently had a breakthrough legalizing gay marriage, but they are still no closer to finding a solution to the nearly $100 billion pension crisis involving public employees that has been plaguing the state for years. The issue, which grows by an estimated $5 million per day, has been continually pushed off, most recently this week. This summer, lawmakers even reached compromises on a myriad of issues involving concealed weapons, medical marijuana, and hydraulic fracturing, yet still ...

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