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It really is amazing that politicians continue to get away

Blame The Accounting Practices When Your Illinois State Pension Fund Crashes

moncler outlet sale The Illinois State Pension fund is in horrible shape and some people blame the politicians for mismanaging the pension funds. The State of Illinois passed Legislation that provided many years of pension holidays leading to Illinois not making the required contributions. However, this is not the only reason for the Illinois State Pension fund to be in serious trouble. The accounting practices of Illinois State government is also a contributing factor. The state’s expenses are not always recorded cheap moncler outlet in the budget year for which expenses are incurred. There is a better accounting method for Illinois to use monlcer down jackets if the state is serious about fixing this problem going forward but I haven’t heard Governor Pat Quinn suggesting to cheap moncler change the current accounting practice in order to fix the pension system or the state’s overall debt crisis. moncler outlet sale

moncler outlet uk Illinois and most other states use industry accepted actuarial accounting practices which gives the appearance of a liability or debt to be spread out over future years and thus making the current year’s budget situation appear better than it actually is. based accounting would keep a running tally of the pension benefits in the current year and there would be a true value known for all assets and liabilities. moncler outlet uk

moncler outlet The reason the current archaic accounting practice is an industry accepted practice cheap moncler sale is that this helps the current administration look better in the current year but continues to push more debt and liability to future years. Unfortunately, all of this debt eventually caught up with the Illinois Pension system and the Illinois’s overall budget situation which is among the worst of all fifty states https://www.mymoncleroutlet.com . Illinois has moncler sale outlet $64 Billion in net reported liabilities and $66 Billion in moncler outlet hidden retirement liabilities according to the Illinois’ June 30, 2009 audited Comprehensive Annual Financial Report and retirement plans’ actuarial reports. Is it time for a pension bailout plan? moncler outlet

cheap moncler coats There may be some hope but I wouldn’t count on Governor Pat Quinn stepping up and making the necessary changes to the State of Illinois accounting practices. No governor or politician will want to make the budget numbers appear suddenly worse than previously reported even if moncler outlet store it’s the truth. based accounting practices provide easy to read transparent moncler outlet online balance sheets which make it much easier cheap moncler jackets to calculate retirement benefits to retirees each and every year instead of deferring the debt to future generations. This might give some hope to Illinois state government employees. However, if you are really counting on your Illinois State Pension to provide you financial security and passive income for life in your retirement years you need a pension bailout plan. I don’t think the pension will be there for you in just a few short years and it would be very wise to start a Plan B. Pensions may have been intended to provide you financial security but that concept seems to have washed away. I really hope I am wrong too but I don’t think planning to retire is something most people of retirement age today will be ably to rely upon. Planning to work a little bit. and passive income for life. make more and more moncler sale sense as our global economy stomps on people’s savings including pension plans. cheap moncler coats

moncler jackets outlet Your article of blame the accounting practices when your Illinois state pension fund crashes is relevant in many ways beyond Illinois. Pensions may have been intended to provide you financial security but that concept seems to have washed away. I really hope I am wrong too but I don’t think planning to retire is something most people of retirement age today will be ably to rely upon. Planning to work a little bit. and passive income for life. make more and more sense as our global economy stomps on people’s savings including pension plans. moncler jackets outlet

cheap moncler jackets sale You are so correct Cynthia. Pensions in theory are fantastic but unfortunately soon many government employees and retirees will be facing a harsh reality. I really want to make as many people aware of the true status of their pensions and how they can begin a new ways to earn passive income. And yes, all of this goes beyond Illinois. Stay tuned for some more articles on other states and their troubled pensions. Thanks so much for insightful comments Cynthia! cheap moncler jackets sale

moncler outlet store You are so correct Cynthia. Pensions in theory are fantastic but unfortunately soon many government employees and retirees will be facing a harsh reality. I really want to make as many people aware of the true status of their pensions and how they can begin a new ways to earn passive income. And yes, all of this goes beyond Illinois. Stay tuned for some more articles on other states and their troubled pensions. Thanks so much for insightful comments Cynthia! moncler outlet store

cheap moncler outlet Rodney has a point Moncler Outlet . Politicians pass pension laws that are in their own favor simply to get reelected or to avoid bad press. They may be in office for 3 years or 30 years, but their pensions are never once at risk. Why? Because they write the rules on their own pensions. Where does it make sense that they can work for a handful of years and receive a very high pension for the rest of their lives, but state employees, working for much less money and for much longer periods of time, get their pensions taken away. Plan B is a necessity for everyone as there is no job moncler outlet sale security or retirement security anymore. cheap moncler outlet

moncler sale Rodney has a point. Politicians pass pension laws that are in their own favor simply to get reelected or to avoid bad press. They may be in office for 3 years or 30 years, but their pensions are never once at risk. Why? Because they write the rules on their own pensions. Where does it make sense that they can work for a handful of years and receive a very high pension for the rest of their lives, but state employees, working for much less money and for much longer periods of time, get their pensions taken away. Plan B is a necessity for everyone as there is no job security or retirement security anymore. moncler sale

moncler jacket sale Your right AJ. The system is set up so nice for many of the politicians and even judges. If you take a close look at Judge’s benefits and pensions they are protected so much better than the average government employee. The new economy will be based on things other than pensions. Illinois can audit it’s citizens but the Illinois pension system needed its accounting system audited a LONG time ago moncler jacket sale

cheap moncler jackets Your right AJ. The system is set up so nice for many of the politicians and even judges. If you take a close look at Judge’s benefits and pensions they are protected so much better than the average government employee. The new economy will be based on things other than pensions. Illinois can audit it’s citizens but the Illinois pension system needed its accounting system audited a LONG time ago cheap moncler jackets

moncler factory outlet This has been going on for years with many pension plans all across the nation. Politicians and governments at all levels have misused and abused the peoples money and there needs to be action taken at all levels. It just moncler mens jackets seems you cannot fight these swindling politicians that are looking out for themselves. You can bet they will get their retirement funds as they write the laws. We all need to look for other means of retirement as you mentioned. You definitely need a plan B or the life you had planned for many years could be null and void. Work on that plan B. Great article Jay. You get a big tweet on this one. moncler factory outlet

moncler sale outlet This has been going on for years with many pension plans all across the nation. Politicians and governments at all levels have misused and abused the peoples money and there needs to be action taken at all levels. It cheap moncler coats just seems you cannot fight these swindling politicians that are looking out for themselves. You can bet they will get their retirement funds as they write the laws. We all need to look for other means of retirement as you mentioned. You definitely need a plan B or the life you had planned for many years could be null and void. Work on that plan B. Great article Jay. You get a big tweet on this one. moncler sale outlet

moncler outlet online Thanks Rodney. It really is amazing that politicians continue to get away with abusing the pensions of so many government employees. Soon people will realize that their pension is a promise on paper but reality will show something entirely different. Working on plan B is a very smart move. moncler outlet online

moncler outlet jackets Thanks Rodney. It really is amazing that politicians continue to get away with abusing the pensions of so many government employees. Soon people will realize that their pension is a promise on paper but reality will show something entirely different. Working on plan B is a very smart move moncler outlet jackets.



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