Illinois General Assembly Retirement System in real trouble

Illinois General Assembly Retirement System in real trouble

By Mike “Mish” Shedlock Despite a massive rally in the stock market, Illinois public pension liabilities continue to grow. GARS, the Illinois General Assembly Retirement System, is only 13.52% funded, down from 17% funded in 2013. How long can GARS last? Meanwhile, Illinois has accrued a combined net pension liability of roughly $130 billion on which […]

Judge Rejects Bondholders’ Lawsuit Over Pension Debt

Judge Rejects Bondholders’ Lawsuit Over Pension Debt

By Mike Shedlock Judge Rejects Bondholders’ Lawsuit Over Pension Debt In bankruptcy, the federal courts have ruled that cities can reduce pension obligations. They can, but they don’t have to. In Detroit, bondholders were sacrificed to maintain police and fire pensions with minimal haircuts. On Monday, U.S. Bankruptcy Judge Meredith Jury ruled against bondholders in […]