This page has been archived and commenting is disabled.
If You Live In Illinois, Retire Now! (Or Move To Wisconsin)
Across the 50 states, the Bloomberg Muni team has collected the government financial statistics and adjudged the most (and least) under-funded pension plans. Wisconsin is least under-funded with a 99.91% funding ratio (beaten by the District of Columbia's 'over-funding' at 106.92%) with Illinois the most under-funded at a measly 40.37% funding ratio... It seems only one choice is left for those far from retirement in Illinois... move!
The funding ratio provides an indication of the financial resources available to meet current and future pension obligations. Percentages were calculated by dividing the actuarial value of plan assets by the projected benefit obligation. Where specific data were missing in the consolidated reported totals, the pension funds were contacted directly.
Via Bloomberg Brief
»
- 23496 reads
- Printer-friendly version
- Send to friend
- advertisements -
Who cares about %%%%%%%………………what's the $$$$$$$
Forget the %%%... and the fucking $$$...
Whatever is left in the giant pile of ashes when our financial and economic systems disintegrate probably couldn't buy you a can of chilli...
Funded: At what unrealistic discount rate?
My IRA is 110% funded if I assume 12% growth every year!
Like anyone under 50 is going to get shit....... Why bother?
If I be under 50 in Sheetcago, this what I be carin' 'bout yo!
n' it be Christmas
On the 12th day of Christmas Obie sent to me...12 phones a ringin'
11 bags o' crakah
10 shiny new needles
9 pints spiced rum
8 cans malt liquor
7 EBT cards
6 happy meals
5 section 8 vouchers
4 credit card approvals
3 hundred dollahs
2 nasty tats and
1 muthafuckin' bad ass Escalade
Shoo, a dozen or two Playas were retired on the South Side last night...
Don't know what I am thinking.
hey...wheres the other 7 states???
Let me see....this is a 2 1/2% (about) yearly deterioration in funding when both the equity and bond markets have been getting jacked by the FED. WOW...imagine how that deterioration will escalate when we hit the next stage of this economic game. We could easily see a yearly 5% deterioration. That would be brutal.
The states of shock, amazment,denial, disbelief, suspended animation, fluid and gas left the union after Obie's last visit and joined with California.
Weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!!!
stuff, yo !!
U forgot the new neck tattoo
So? They just got GAY MARRIAGE!! Woo Hoo! And that is the sex act so many of these jokers will be feeling in a few years. The best plan in Illinois is hanging out on the streets of Chicago and hope to get shot, I guess.
FORWARD POTATO HEAD QUINN! FORWARD MAYOR TINY DANCER!
And we know that that can go on forever! </sarc>
.
Too true, but then again, those who put the cans away now may trade them for a tidy profit in the future.
Go long dried and canned food.
Food, one of those little things you just can't live without.
16 cents on the dollar is gonna be lookin' pretty good before this shit is over.
And those 16 cents are going to be worth like 1/16th!
Nah, they're all loaded up with Twatter now ..it's all good.
I read an article about 9 month ago about TX TEachers Pension fund with about $95 billion. They were underfunded a bit. Not good but not horrible. Their plan was to buy small cap NASDAQ stocks to close the gap. Insane.
Everyone has a plan, until they get punched in the face.
-Dreaderick Tatum
And the sad part is that very rarely does the punch wake someone up...
After months of promising a major grass-roots effort to win public support for reforming the state's government worker pension system, Gov. Pat Quinn on Sunday unveiled a plan that featured an incomplete online strategy, children wearing red plastic megaphones and an animated "Squeezy the Pension Python" mascot.
Wisconsin = Gov. Scott Walker. Wasn't it the Chicago mob who warned us about Walker destroying pensions?
Wonder how many of these floosers are invested in digital dollars? Prolly Illinois. Why, cuz the tribe runs Chicago.
Over.
I live in Wisconsin and we don't want "those people" up here.
Flatlanders.
FIBS
And "they" call us Cheeseheads?
Don't tase me, Bro! (when the Packers lose)
I have a relative has a Chi Town retiree and wife on their street. Prolly fire dept. Nasty, evil and insane people. I hope Chicago's pension blow up.
I live in Illinois, and I don't blame you.
Amen brother.
Nor here in Texas.
Thanks, b/c we aren't coming to cheesehead land. You can keep all of your toothless wonders and fat farmer girls thank you very much; I'll stay right here in Chicago.
Amen Brother. Why are the pensions well funded? Maybe because WI is almost up in the league of NY with over 11% in total state taxes.
This is great news! I will be drinking to that later tonight.
Burn anything Obama has touched to the ground please. All of it.
And that probably is valued at an annualized expected return of 7.5%. You may get that, but inflation will then be through the roof
That's a long-term outlook. It is my understanding that the fate of Illinois pension plans is going to be realized within five years or so, even without a major correction in equities.
Those % drops in the past 6 years are VERY scary. Glad I only worked in government for 7 months then got smart and got the fuck out.
The scariest part about this is the market total return over the last 4 years (ending 2012) was 64%, or about 13% annual. So, that begs the question, WHAT THE FUCK?!?!?!
I've always assumed that the feds pumping money into the stock markets (albeit through a round about way) was a means of "bailing out" the many many undefunded states pention plans.
Do you actually believe those numbers? NY uses all types of accounting tricks and one shot funding deals to bolster its ratings to put them at 45 yet if you bother to read the reports there is much to cause concern just under the surface.
Like borrowing from the pension fund to make payments to the pension fund ?
http://www.nytimes.com/2012/02/28/nyregion/to-pay-new-york-pension-fund-cities-borrow-from-it-first.html?pagewanted=all&_r=0
And you never expected repothecation to catch on...
We've become a society of virtualness. It's only fitting that we can then take something that is otherwise a bad thing and make it amplified to the "good" in the other direction. I'm waiting for Farmville to IPO... after all, we need food!
That's a lot of red arrows :-(
...yah....quite an achievement in the bullishest pomo driven market of all time !!!!!!!!!!!!!!!!!!!!!!!!
The governor and the legislature "fixed" our stuff this year, so good, we are losing ground, just behind Illinois.
What state didn't report ?
I was told that there are 57 states. So it appear in answer to your question that there are 7 missing. Ask Obama for the names of the other 7.
Uderfunded after overcompensating people defrauding the fund. What a shitshow.
I'm from the private sector...will someone please explain to me what this "pension" thing is that everyone keeps talking about?
Make copies of all of your bills then walk around the neighborhood demanding that each neighbor pay a "fair share". If any neighbors refuse to do so, go to the same people who told you that you have the "right" to go collect from your neighbors, provide them with all of the information regarding the neighbors who said no so that these dissidents may be kidnapped, put in cages, and have their homes confiscated. When their homes are sold at auction for pennies on the dollar, you will receive that neighbor's "fair share" of your bills.
Pension is kinda like that.
It's for the children, after all.
WTF WAS OREGON THINKING IN 2007 and 2008
They were looking ahead.
Imagine that.
In times of pleanty, you save some in case of a rainy day.
It has rained every day for the last 5 years.
The problem with looking at pension funds this way is that you're ignoring the return assumption and healthcare cost growth of the plans. For example, New York looks like it's doing ok, but is using 8%, the highest rate among the 50 states (a lot of states use it). Indiana uses 6.5%, the lowest of any state. If you normalize for return assumptions, the rankings will look quite different, though IL would still be #1.
If the states had to use private pension accounting rules, all these numbers would look much, much worse.
You've got to admit, the whole numbers con game in public pension funds is pure evil genius. Dirty deeds everywhere while the banksters take all the heat ... brilliant !
There's an even more base component in all of this... Bernie Madoff was caught trying to guarantee returns... It all comes down to the insanity that is "growth forecasting." The moment ANYONE starts talking about growth forecasts you should either run or smack them in the face.
Potential bonus for ZHers! I have a property for sale in Wisconsin. Mention ZH to me and I will give a 10k discount off the asking price. Terms are cash or PMs. PM offers will receive an additional discount.
Wisconsin Investment Board has one of the best long-term track records in the nation. These numbers are a credit to the people running the money there.
IL residents, ignore the headline. Stay out. We got our shit together, we don't need you effing it up.
I can't believe we actually got our shit together on something other than football.
You're doing pretty well on the beer, brats, and cheese thing, too.
Amen!!
This former Michigander and current Texan will always root for the Packers.
The message here is totally missed. What has the market done since 2009? Straight up.... All of that lost money since 2007 has been fully recovered from the market crash and then some.
What has happened is that the dollar value of the obligations has skyrocketted, those union contracts have hockeysticked.....
I dont feel sorry for any of them that get $.16 cents on the dollar...
But Wisconsin taxes your IRA and 401K withdrawals at 7%, unless, of course you are one of the luck Public employee Pension recipients. Cash out in Illinois first, and then move. Good news is that Wisconsin doesn't tax Social Security benefits...yet.
IL does not tax state pension income. You move, you lose if you're on a state pension unless its to somewhere like TX or FL.
YEAH CHICAGO REPRESENT!
What a beautifully fucked up city
Actually, what's even worse, is that politicians in this state take private planes down to Springfield that costs tax payers over 3 grand a trip. The plane accomodates 9, but often it rarely will seat more than 4.
http://www.myfoxchicago.com/story/23845482/lawmakers-use-of-private-planes-costing-tax-payers-millions
(Iknow the link is from fox, I'm sorry)
Don't worry your retirement plan is 100% funded and then suddenly...Cyprus! hahaha!