Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Pension - Social Security
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions


Reply
 
Thread Tools Search this Thread Display Modes
  #1  
Old 01-03-2013, 10:52 AM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,756
Blog Entries: 6
Default Public Pensions Watch 2013

FOR REFERENCE:

The prior public pensions watch threads:

NEW THREAD FOR 2013: http://www.actuarialoutpost.com/actu...d.php?t=253567


the original thread, started in Sept 2008 - http://www.actuarialoutpost.com/actu...d.php?t=146801

Second thread - Jan 2010 - http://www.actuarialoutpost.com/actu...d.php?t=183680

Third thread - Jan 2011 -
http://www.actuarialoutpost.com/actu...d.php?t=207956

Fourth thread - Jan 2012 -
http://www.actuarialoutpost.com/actu...d.php?t=232084

---------------------------------------------------------------------------------------------

Because the roman numerals and subtitles were getting ridiculous

7 cities to watch this year!

http://news.yahoo.com/atlanta-san-di...220928111.html

I'll give you Chicago
Quote:
Chicago: The city's six pension funds are about 50 percent funded, and have a current unfunded liability of $26.8 billion. In Illinois, state law sets retirement benefits for Chicago workers and teachers. Mayor Rahm Emanuel has asked lawmakers to suspend pension increases, raise retirement rates and increase employee retirement contributions but no action has been taken.

The full list of cities which are very shortly profiled:
1. Atlanta
2. Baltimore
3. Chicago
4. Cincinnati
5. Philadelphia
6. Providence, RI
7. San Diego

The longer story:
http://abcnews.go.com/US/wireStory/c...9#.UOW6Qm8qZic

Quote:
In Philadelphia, pension costs doubled in a single decade. Cities in Rhode Island dimmed streetlights, raised taxes and put off road repairs. Stockton, Calif., fell into bankruptcy.

Unpaid bills from decades of retirement promises made to public workers, combined with a lackluster economy and steep Wall Street losses, have built up a financial mountain that threatens to overwhelm budgets and operations in cities and counties across the country.

While it hasn't gotten the attention of the "fiscal cliff" in Washington, the pension crisis at City Hall could have similar effects as mayors are forced to raise taxes, cut government services or renege on retirement promises made to police officers, firefighters, teachers and other public workers.

..and cities can actually go bankrupt.
Quote:
Unions argue workers aren't to blame for poor investments or past failures to fund pension systems. Anthony Martin, a Chicago fire lieutenant and trustee of his public pension fund, said he has seen records going back to 1877 showing the retirement system was underfunded even then.

"You have a dysfunction in government that is hard to overcome," Martin said. "Year after year they kicked the can down the road."
Seems to me that's an argument that govt has no business guaranteeing pensions in the first place, as they have the proclivity to get it wrong.
__________________
It's STUMP

LinkedIn Profile

Last edited by campbell; 07-02-2013 at 12:20 PM..
Reply With Quote
  #2  
Old 01-05-2013, 12:26 PM
Abnormal Abnormal is offline
Member
 
Join Date: Mar 2002
Posts: 6,704
Default

__________________
Anyone who cannot cope with mathematics is not fully human. At best he is a tolerable subhuman who has learned to wear shoes, bathe, and not make messes in the house.
Reply With Quote
  #3  
Old 01-05-2013, 01:50 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,756
Blog Entries: 6
Default

yeah, well some of that is coming back in two months. thats not too far down the road
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #4  
Old 01-07-2013, 11:09 AM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,756
Blog Entries: 6
Default

This is reassuring

http://ai-cio.com/channel/REGULATION...%E2%80%99.html

Quote:
(January 7, 2013) – Full funding should not be the goal of an overhaul of Illinois’ public retirement system, which is one of the worst funded in the United States.

“One-hundred-percent funding is impossible,” state Senator Pam Althoff told Fox. “As much as anyone would like to fully fund the pension systems, it is just not practical and impossible to implement.”

Illinois Governor Pat Quinn has made pension reform lawmakers’ highest priority as they enter the final stretch of a lame-duck legislative session. A report from the state’s Auditor General, released on January 31, 2012, recommends that based on “generally accepted actuarial standards, the funding method [for Illinois’ pensions] should be based as a minimum on achieving 100% funding within 30 years.”

....
But the auditor’s recommendations—which are not legally binding—simply aren't feasible, Althoff said. “We have less and less money and more and more demands to spend what little we have left.”

Can't get to full funding even in 30 years? I guess they know it's going to go bankrupt, then.
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #5  
Old 01-07-2013, 12:38 PM
Duffer's Avatar
Duffer Duffer is offline
Member
ASPPA COPA
 
Join Date: Feb 2007
Location: Teeing off
Studying for Blues guitar
Posts: 1,493
Default Illinois actually has a debate

http://illinoispolicy.org/blog/blog....cleSource=5410

The challenge is simple: make promises but don't pay for them.
Nothing new in that. Pam Althoff is just another credit card junkie.
__________________
*Humor Disclaimer: Funny or not, some of the above may be intended as humor. No offense is ever intended, but if offended please accept this disclaimer as a blanket apology. If you remain offended, you’re on your own. Ask your doctor if this humor is right for you. Common side effects include forehead slapping, eye rolling, knee pounding, and occasional gastric symptoms. No TARP funds were used for this disclaimer. If you can get cash for this clunker notify me immediately!
Reply With Quote
  #6  
Old 01-10-2013, 01:34 PM
Duffer's Avatar
Duffer Duffer is offline
Member
ASPPA COPA
 
Join Date: Feb 2007
Location: Teeing off
Studying for Blues guitar
Posts: 1,493
Default Moody news for public pensions

http://www.californiapublicpolicycen...-pension-data/
__________________
*Humor Disclaimer: Funny or not, some of the above may be intended as humor. No offense is ever intended, but if offended please accept this disclaimer as a blanket apology. If you remain offended, you’re on your own. Ask your doctor if this humor is right for you. Common side effects include forehead slapping, eye rolling, knee pounding, and occasional gastric symptoms. No TARP funds were used for this disclaimer. If you can get cash for this clunker notify me immediately!
Reply With Quote
  #7  
Old 01-14-2013, 01:09 PM
FattyMcGee's Avatar
FattyMcGee FattyMcGee is offline
SOA
 
Join Date: Jan 2007
Posts: 15,407
Default

Wasn't there some shill who was crowing about government debt as the next big crisis? Whatever happened to her predictions that (I think) 2011 was going to be like the worst on record?
Reply With Quote
  #8  
Old 01-14-2013, 01:17 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,756
Blog Entries: 6
Default

Meredith Whitney

It's probably in my muni watch thread
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #9  
Old 01-14-2013, 01:18 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,756
Blog Entries: 6
Default

Woo hoo! One time jackpot!

http://news.providencejournal.com/br...ion-fun-1.html

Quote:
NORTH PROVIDENCE, R.I. -- Both North Providence and East Providence can use money forfeited by Google to bail out their police pension funds, officials announced Friday afternoon during a press conference at North Providence Town Hall.

The police departments in both communities have been earmarked for $60 million due to their involvement in a federal probe of online advertisements posted by Google. The advertisements helped Canadian companies illegally sell prescription drugs in the United States, according to federal prosecutors.
I wonder how much of the unfunded liabilities that covers.
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #10  
Old 01-14-2013, 05:44 PM
Duffer's Avatar
Duffer Duffer is offline
Member
ASPPA COPA
 
Join Date: Feb 2007
Location: Teeing off
Studying for Blues guitar
Posts: 1,493
Default

Quote:
Originally Posted by campbell View Post
Woo hoo! One time jackpot!

http://news.providencejournal.com/br...ion-fun-1.html


I wonder how much of the unfunded liabilities that covers.
So only the govt workers benefit from questionable corporate behavior. Works for me.
__________________
*Humor Disclaimer: Funny or not, some of the above may be intended as humor. No offense is ever intended, but if offended please accept this disclaimer as a blanket apology. If you remain offended, you’re on your own. Ask your doctor if this humor is right for you. Common side effects include forehead slapping, eye rolling, knee pounding, and occasional gastric symptoms. No TARP funds were used for this disclaimer. If you can get cash for this clunker notify me immediately!
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 11:46 PM.


Powered by vBulletin®
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.79732 seconds with 10 queries