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KamaAina

(78,249 posts) Thu Oct 15, 2015, 01:39 PM Oct 2015

Illinois will delay pension payment, citing cash shortage

http://www.chicagobusiness.com/article/20151014/NEWS02/151019927/illinois-cash-shortage-means-late-pension-payments

Illinois will delay payments to its pension fund as a prolonged budget impasse causes a cash shortage, Comptroller Leslie Geissler Munger said.

The spending standoff between Republican Governor Bruce Rauner and Democratic legislative leaders has extended into its fourth month with no signs of ending. Munger said her office will postpone a $560 million retirement-fund payment next month, and may make the December contribution late....

“This is just the tip of the iceberg,” said Ralph Martire, executive director of the Chicago-based Center for Tax and Budget Accountability, which monitors Illinois finances.

“Every month they go without resolving the impasse on the budget means it’ll cost more to ultimately resolve it,” Martire said. “This is a natural, predictable consequence if you do something called math.”

8 replies

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Illinois will delay pension payment, citing cash shortage (Original Post) KamaAina Oct 2015 OP

So pensioners will still be paid out of existing fund accounts. Gidney N Cloyd Oct 2015 #1

It's like Rauner wants to rack up even more debt Drale Oct 2015 #2

Rauner pushing state to crisis point in order to cut everything alcibiades_mystery Oct 2015 #3

The State Can't Even Pay Lottery Winnings Over $600 - This Is The Result Of Electing A..... global1 Oct 2015 #4

Or Carly Fiorina, for that matter KamaAina Oct 2015 #5

Curses to the fools that voted for rauner. City Lights Oct 2015 #6

And curses to the fools who stayed home and voted for no one. Gidney N Cloyd Oct 2015 #7

Because retired people can just fuck off and die, right? Matariki Oct 2015 #8

Gidney N Cloyd

(19,847 posts)

1. So pensioners will still be paid out of existing fund accounts.

Reply to KamaAina (Original post)

Thu Oct 15, 2015, 01:51 PM

Oct 2015

This is just Illinois doing more of the same that got the pensions in trouble in the first place.
Rauner--(!)-- I'm sorry, I can't think of anything vile enough to say about him.

Drale

(7,932 posts)

2. It's like Rauner wants to rack up even more debt

Reply to KamaAina (Original post)

Thu Oct 15, 2015, 01:55 PM

Oct 2015

through legal fees. What a P.O.S!

alcibiades_mystery

(36,437 posts)

3. Rauner pushing state to crisis point in order to cut everything

Reply to KamaAina (Original post)

Thu Oct 15, 2015, 02:00 PM

Oct 2015

Disaster capitalism on overdrive. Rauner has no interest in coming to a compromise with Madigan. He can wait it all out because he wants it to fail. He wants to state to go bankrupt. It's completely unbelievable, and there's nothing anybody can do about it. He has four years to cool his heals while the state is thrown into penury and chaos.

global1

(25,272 posts)

4. The State Can't Even Pay Lottery Winnings Over $600 - This Is The Result Of Electing A.....

Reply to KamaAina (Original post)

Thu Oct 15, 2015, 02:09 PM

Oct 2015

businessman as Governor. Rauner is running this state into bankruptcy. You can't have a businessman that never worked in government run a state or a country because the businessman wants to run it like a CEO of a company where he/she has all the power. A businessman doesn't know how to compromise.

So heed that warning my fellow Americans - if Donald Trump becomes the Repug nominee - think about what Rauner has done and is continuing to do to the State of Illinois and extrapolate that into how Trump will run this country.

Rauner - talked much like Trump is talking now. Rauner did not provide the people of Illinois with any details as to how he would govern Illinois. It was more like - I'm a businessman and I know how to turn this State around.

Well folks - look what this guy has done to this State. He is running it into the ground.

When his term is over - he goes back to his former 'rich 1% life and he will leave this State in more financial turmoil than it was in before he was elected. It will be us - the People of Illinois - that will do the suffering.