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Illinois to Postpone Pension Payments “We Are out of Money Now”

Joshua Krause
October 15th, 2015
The Daily Sheeple
Comments (84)

money1

This article was written by Joshua Krause and originally published at The Daily Sheeple.

Editor’s Comment: This has been a long time coming, but the state is no better prepared for having seen in coming. Like derivatives, the housing bubble and over-priced assets, the pension problems are a serious millstone around the neck of the economic system, and more than weighty enough to send the whole thing into a nosedive.

For the past 4 months, Illinois has been embroiled in a budget impasse between the state’s Republican governor, and the Democratic legislature. They’ve gone so long without a budget, that they have to pay their lottery winners in IOUs and may have to shorten the length of their school year.

They’re essentially rationing and juggling the finances of their public institutions until the government comes up with a budget. This has resulted in a frightening situation for Illinois’ retirees, since the state has announced that they’re going to hold off on paying their pension department for the near future. According to Comptroller Leslie Munger, Illinois will have to postpone a $560 million payment that was due to the state’s retirees in November, and the system won’t be paid in full until June. Munger told reporters on Wednesday that “this decision is choosing the least of a number of bad options”

However, she wouldn’t go so far as to use scary words like “bankruptcy” “insolvency” or “default,” even though they perfectly describe the financial mess that her state is in. She told the reporters that “for all intents and purposes, we are out of money now.”

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Author: Joshua Krause
Views:
Date: October 15th, 2015
Website: http://www.thedailysheeple.com/illinois-now-has-to-postpone-pension-payments_102015

Copyright Information: This content has been contributed to SHTFplan by a third-party or has been republished with permission from the author. Please contact the author directly for republishing information.

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84 Comments...

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  1. Stolz Vorfahren says:

    Looks like the shitcago dual citizen mayor has used the entire Illinois pension to arm his tribe overseas.

  2. H Muller says:

    I live in Illinois and I know they don’t let you buy lottery tickets with IOU’s. So why should the winners be paid in IOU’s? The lottery takes in twice what it pays out in winnings, so why don’t they have any cash to pay the winners? This policy will be counterproductive and result in a big drop in lottery sales.

    • Cinderella says:

      It’s not that the state CANNOT pay, but rather nobody is authorized the write the checks until a budget it passed.
      Or so I heard …

    • durangokidd says:

      Not only a loss in sales, but the other 40+/- states in the Game, send the money they collect to Illinois within a week, so the state is withholding lottery winner money that they have already received and which they are collecting interest.

      I would be suing for BIG damages if their were withholding my winnings. 🙂

    • smooze says:

      All that “money” they take in probably never sits in the bank long enough to actually make it to the winners. Probably goes to other functions of the government, like their paychecks. I’m willing to bet a case of sodas that the politicians get paid in full and on time every month.

    • Because it’s a ponzi of sorts. Government can’t keep its mitts off a pilf of money, even if it’s intended for use in the future (think SSA, the highway trust fund, and other trust/pension funds). They will raid the fund for money NOW, and then stuff it with IOUs, so that you actually pay twice for a benefit you get only once. Mafia style stuff.

    • Nobama says:

      Anyone stupid enough to buy Illinois lottery tickets deserves to not get their winnings.

  3. Texasprepper says:

    And this is a suprise? It’s coming to other local, state, and federal employees soon.

    • femaregion1 says:

      Seriously, no one could foresee this coming. It would be interesting to see how they react to no more free money.

      • KY Mom says:

        Off topic…

        Dole recalls bagged spinach due to salmonella risk

        “According to Food Safety News, a sample of Dole Spinach salad yielded a positive result for Salmonella in a random sample test conducted by the Michigan Department of Agriculture & Rural Development’s Laboratory Division.

        The recalled product is coded A27409B & A27409A, with an “enjoy by” date of October 15 and UPC 7143000976. The product code and “enjoy by” date can be found in the upper right-hand corner of the package; the UPC code is on the back, below the barcode.

        The affected products were distributed in Connecticut, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, Ohio, Pennsylvania, Tennessee and Wisconsin.”

        Fox News

      • slingshot says:

        They will react like the SNAP and EBT crowd. Hahaha!

        • Anonymous says:

          I don’t find your comment funny. I worked for many years in local government and receive a very small pension from Illinois. I am helping support my grandchildren also. I helped famiies get on the right track. At times my job was very dangerous as I would go into unknown situations. From what I gather child abuse has gone up in my area and I believe it s because the program I was in provided support and services. Believe me plenty was taken out of my paycheck.
          Ms. X

          • Anonymous says:

            I would also like to add that my job as a family casemanager ended in 2010 due to funding issues. I provided support and home visiting to families. In 2013 there was nearly twice as many cases of child abuse compared to 2010. According to research I have read the experts are just at a loss to why child abuse is increasing. Although there are many factors that play into abuse, support services and home visiting can be crucial to prevention of abuse. It is my personal belief that ending such a vital family program has perpetuated the abuse problem.

          • Old Guy says:

            And your job produced nothing that added to the GNP. Your job was parasitic. And too many parasite takers and too few producing makers is not sustainable. So What plenty was taken out of your paycheck. Plenty more had to be taken out of some producers paycheck in order to pay yours. Get a job in the real economy where the employer must make a profit from whatever you do for them. The chickens have come home to roost. Ill and Calif are in a race to see who hits bottom first. LOL!

            • Texasprepper says:

              Old Guy, could not have said it better. Government jobs are parasite jobs creating nothing more than more parasite jobs. We need a reset to rid our nation of these parasites.

          • Nobama says:

            Hey asshole, I feel absolutely NO sorrow whatsoever for anyone working a government job and not getting their taxpayer-funded pension. Don’t put your fucking retirement goals on the backs of the taxpayers. We fund our own retirements with our own money, so should you fuckhead government workers.

    • john stiner says:

      Illinois should just borrow some money from the Teamsters.

    • Dale says:

      I also live in Illinois and it’s a real mess. This is a perfect example of what happens when the government makes promises with other people’s money. The Democrats promise more money as long as you vote for them and then the employee unions donate money back to the Democrats. It’s a clever game where all citizens are actually funding the Democrats by paying salaries to state employees with a fraction going to the unions (Democrats).

    • Joe Biden says:

      Public employees think they are immune to cuts of any kind.

      States are stealing people’s “abandoned” bank accounts, life insurance payouts, etc. with increasing frequency. Statists believe everything belongs to the state anyway. Wait until they are openly confiscating all possessions after the state’s uniformed thugs create a justification and kill somebody. It is happening now, but will become an everyday occurrence.

  4. TEST says:

    “Socialism (lit. “the state” in the French) is the great fiction, whereby everybody endeavours to live off of everybody else.”
    – Frederic Bastiat, 1801-1850.

    And, why yes, you are indeed correct. Leftists STILL have utterly no clue why this HAS never worked, WILL never work, and CAN never work. But that won’t stop them from trying again and again and again… with YOUR money, of course (Learjet leftists and limousine liberals always have their connections and ways to avoid their own poisonous cooking. Think Solyndra or Jon Corzine with is “Sorry, I lost your $1.6 billion.). Laws and taxes are for us little people….

    • Mensa Graham says:

      @Test – Socialism works very well for the despicable evil ones who implement it. They do take quite a bit from the societies that they are running into the ground. The leaders know very well that it only works for the ones leading the show and for others only a short time.

  5. Kevin2 says:

    They transferred true wealth creation to the third world and de-regulated the financial facilitating the transfer of wealth to the top. Government dependency increases and the revenues to fund it decrease. The outcome, increased debt and a lack of funds is the result.

    Once again we’re seeing symptoms but the cause was the evisceration of manufacturing and deregulation of the financial sector.

    • Kevin2:

      That’s right. The end of “made in America” was the beginning of the end.

      We need to undue the laws and redo the laws that helped create this situation. And stop blaming its victims. Most people prefer to work. Most food stamp recipients do work but for beans. Man does not live on beans alone.

  6. Hey but let’s give everyone free college and free health care even to illegal aliens! We don’t have no stinking money problem… Ugh.

  7. Cat Herder says:

    If you play that state’s lottery and win more than $600.00 you’re getting an IOU. Isn’t there a movie script in there somewhere? Hum…oh yeah got one already. It’ll be a remake.
    “The Good, The Bad, The Ugly meets Dumb and Dumber”.
    Cat

  8. tayronachan says:

    This is what Martin Armstrong has been warning about. And it going to get much worse. If you have a pension, I’m sorry to say you might need to have a backup plan. Good luck and God Bless.

  9. Social security and Medicaid are ruining our economy anyway.

  10. Mismanagement of funds is what leads to that.

  11. aljamo says:

    Agree with KY Mom, that pre cut, washed, chopped up, and bagged salad is some nasty stuff. The so called salad on the buffet at CiCi’s Pizza is gross. No green lettuce, all thick white pieces brown on the edges, just disgusting. That to go with heat lamp dried up pizza with no cheese. All for $5.79.

  12. LOL – Another democratic success story.

  13. KY Mom says:

    Many people being misled to believe all is well and point to the stock market.

    This recent article reveals what large companies are doing to stabilize their stock market prices.

    Johnson & Johnson Announces $10 Billion Buyback Ahead Of Earnings To Stabilize Sliding Stock Price

    “We leave readers to pull it up on their own, but this chart of JNJ buybacks correlates virtually 1:1 with the performance of the company’s stock price, once again confirming that in the New Normal world, where the only margina buyer of Index futures are central banks, when it comes to individual stocks, …

    the biggest buyer is the company itself.”

    http://www.zerohedge.com/news/2015-10-13/johnson-johnson-announces-10-billion-buyback-ahead-earnings-stabilize-sliding-stock-

    • buttcrackofdoom says:

      seems like they should buy back their stock when it’s LOW, instead of at all-time HIGH valuations? would have made a lot of sense back in 2008, even the buying of stock with borrowed money would have paid off handsomely….but NOW????PFFT! it aint gonna work out for ’em!

      • egore says:

        When they buyback their own stock it makes fewer shares to spread the profits over and it gives them better numbers. Makes it look better for stockholders without having to do anything.

        • buttcrackofdoom says:

          when they buy back their shares,…they do it with BORROWED money….that has to be payed BACK…..and if the shareholders actually READ the bottom line….they WON’T be so happy….kinda like our feral gubmint….we aint got to pay off THOSE debts ever either, ….right?…..right?…got a feelin’ some of those public serpents aint gonna get paid….EVER….coming SOON to a theatre near YOU!

        • Hugh Janis says:

          The buybacks pump up the stock price and result in bigger bonuses for the big guys/gals. then, deploy the golden parachutes!

  14. Satori says:

    off topic
    but a new book out concerning the threat of cyber attack

    Lights Out by Ted Koppel

    this is non-fiction
    yet another warning about our vulnerability to cyber attack

    ht tp://www.penguinrandomhouse.com/books/246944/lights-out-by-ted-koppel/

    “In this tour de force of investigative reporting, Ted Koppel reveals that a major cyberattack on America’s power grid is not only possible but likely, that it would be devastating, and that the United States is shockingly unprepared.”

  15. Midwesterner says:

    I live in Illinois & this was known for years & everyone saw it coming BUT did not want to do anything about it until a Republican Governor came to Office. Everyone will blame Rauner, but we know it was along time coming.
    There is NO municipality, NO corporation that can pay a retiree 70% of their pay once they retire AND pay someone to replace them. PLUS pay their insurance.
    This is what happens when your mouth writes a check your a$$ can’t pay.

  16. Enemy of the State says:

    YOUR WELCOME

    Enemy of the State says:
    Comment ID: 3460354
    October 15, 2015 at 7:41 am
    For the past 4 months, Illinois has been embroiled in a budget impasse between the state’s Republican governor, and the Democratic legislature. They’ve gone so long without a budget, that they have to pay their lottery winners in IOUs and may have to shorten the length of their school year.

    They’re essentially rationing and juggling the finances of their public institutions until the government comes up with a budget. This has resulted in a frightening situation for Illinois’ retirees, since the state has announced that they’re going to hold off on paying their pension department for the near future. According to Comptroller Leslie Munger, Illinois will have to postpone a $560 million payment that was due to the state’s retirees in November, and the system won’t be paid in full until June. Munger told reporters on Wednesday that “this decision is choosing the least of a number of bad options”

    However, she wouldn’t go so far as to use scary words like “bankruptcy” “insolvency” or “default,” even though they perfectly describe the financial mess that her state is in. She told the reporters that “for all intents and purposes, we are out of money now.

    told them so .. ive been saying all the pensions of the gov/ state employees were going to get the pinch soon

    when does the EBT get it?

    when do the cops and fire dept get the pinch? when do the politicians get the fuckin boot?

  17. A person with an IQ above 80 could find many ways to get this train wreck back on track. Let me give you an example of how this country’s finances are being wasted and literally leading us to death’s door.

    Our government, under the direction of an actual real German Naszi, have gone from 200 to thousands of facilities doing/ creating deadly germs germwarfare. They are putting an animal germwarfare lab right in the middle of our beef industry in Kansas.

    Their plan: (this is not a joke) to create hoof and mouth disease. If(and when) this disease (accidentally) escapes it will pass this disease to at least ten percent of America’s beef. Consequently the animals will have to be killed.

    This will drive up the price for unaffected steer. Does anyone see an incentive for competitors??

    • Old Guy says:

      Hoof & mouth effects all animals with split hooves. If it gets out Way more than 10% of the cattle will die. There are more Deer in North America than ever . Those deer will spread the disease to every cow,swine, goat & sheep herd in the Americas. Once Hoof &mouth gets in the soil it remains for centurys. Horses have solid hooves and are not effected. Dartmoore in England has the disease in the soil. So they raise the Dartmoore ponies for meat.

      • Old Guy:

        This combination of bio-warfare/bio-accident and disruption of the food chain presents a greater threat to the American people than anything else as far as I can see. Our enemies are not off on some distant track of land, they are among us. It is frightening. There are people who hate. Hate is irrational so you just don’t know what insane plans they have for us. But I can imagine.

  18. aljamo says:

    I just read an interesting article at veteranstoday.com titled: Putin’s Wild Card in Syria. It stated the that the Israel-American Terror Machine in the middle east is about over. Russia has superior military technology given to them by the Tall White alien race on earth. They oppose the Israel-American Terror Machine backed by the Draco alien race on earth, who want most of earth’s inhabitants dead. The TPP being pushed through also will get rid of all alternative news and truth sites on the internet. The Dracos are behind America’s planned destruction.

  19. Pennsylvania has the same problem. They have not had a budget for 4 months either.

    They have a public pension liability of 47 billion. The newly elected governor wants to raise taxes across the board and even raise spending on public schools.

    The trough feeders will make sure that the private sector shoulders the tax burden for their cushy pensions to the point you will be put out into the street.

    It’s all a Ponzi scheme. Backed by colored paper, flatulence, belly button lint and rat shit.

    The whole world is bankrupt.

  20. 10mm says:

    Pensions rely on a 8 to 6% return which isn’t going on or about to happen.

  21. Jim in Va. says:

    The dominoes begin to fall……

  22. KY Mom says:

    Gov’t Tells Texas Rancher His Land No Longer Belongs to Him — He Knew It Was Serious When He Claims Official Said These Six Words

    “the BLM has claimed up to almost half the acreage on his property — including where his home sits — after redefining the boundary line.”

    The Blaze

  23. Euragone says:

    You ask me Democrats are getting just what they Voted for!

  24. GrumpyGrandpa says:

    Illinois, in many more respects than state retirements, is a socialist democrats cesspool of corruption, arrogance, nepotism, stupidity and blatant criminality. The trifecta of democratic power in the US is on full display in Illinois as crass and corrupt socialism coupled with all the unions ( the collectives) for money laundering, coupled with an indoctrinated and partisan news media that continues to spin and lie. This is no longer a society where the law prevails. It has become a political personality cult of Obama who is preaching the religion of climate change. Every thing not right is blamed on climate change. This will end very soon!
    PS: I am a state of Illinois retiree and lifelong resident if Illinois.

  25. Sgt. Dale says:

    Ill. My state the one I live in. It is very simple this is what you get when Shitcago the welfare city runs a state. this is going to hurt my wife because she has a pension coming from the State.

    Let us see if the EBT cards and the well fare stops? Its going to be something to watch.

    Sgt.

    • Molly Pitcher says:

      They will protect their own incomes…

      Off topic…I want to know why Hastert made a deal….and although what has happened with him and his vic is wrong….why are we not hearing about a decades long extortion crime? This one is a mess….

      I am ready to move out of this state…decades long frustration is starting to peak….but truly it seems there is no where to run and no where to hide…am too old to live off grid…

  26. LES NY says:

    Let’s see, Detroit is bankrupt. I think it is 2 California cities which are also bankrupt. Illinois can’t make its patments. Such is the beginning outcome of a Federal Reserve run criminal fiat money ripoff scheme.

  27. Asshat says:

    I’m a teamster and the fund is being funded at only 25percent which means I will only get 25percent of what I’m supposed to get when I retire so retirees now are getting $4000 a month I will be only getting $1000 plus we took a 15 percent pay cut. No one can say Union people don’t pay their fair share. I’m not mad it was all put in place before I got the job. But I’m sick of hearing guys piss and moan about it everyday and still work there. Where I live it’s a hire and fire at will state if they don’t like it they can leave. But it is just about impossible to get fired. The fund is being raided to pay for the useless eaters that’s gotta be where the$ is going. The whole plan is to rob workers to give to bums and we wil all be poor conscripts. This is what socialism is. I don’t even get mad no more about it I don’t care because when I can’t work no more I will be getting disability or ssi so what’s the difference really. The gov owns your labor. Get used to it

    • shipwreckkelley says:

      The union members of the teamster group has allowed their union leaders to support & donate to these democratic socialist to keep them in power. Tough medicine to swallow but you are part of the problem.

    • Asshat:
      So you want to get disability or Ssi. You realize useless eater that the first time applying for Ssi you automatically get turned down, Cancer 4th stage, whatever. Then apply again. Got lawyer will process faster, pays to have one.

      If you are working you should get a home business. Your job will pay what little you need to get started. You can’t live on $1,000.00 a month and no way start a business too.

  28. JMDonahue says:

    https://www.illinoispolicy.org/more-than-50-of-illinois-nearly-200k-government-pensioners-retired-at-age-59-or-younger/
    More than 50% of Illinois’ nearly 200K
    government pensioners retired at age
    59 or younger

    http://trs.illinois.gov/ (Illinois Teacher’s Retirement System)
    TRS Pension Payments Unaffected by State
    Budget Dispute and Cash Flow Problems

    The Illinois comptroller’s announcement on October 14 that state government’s pension
    contribution will not be made in November will have no impact on TRS paying monthly
    benefits to its retirees. Benefits are paid from the $46
    billion TRS trust fund and not by the state.

  29. Lone wolverine says:

    I read somewhere putins real last name is putzman a member of our favorite ethnic group.Same group that owns.96 % of our media .The FED ,Wall Street, Hollywood ,the hard core porn industry. And probably so much we don’t know about. Yes the group that that carpenter fellow called. The Children Of Satan. I wonder why he would say something like that ? They seem to be such wonderful people I guess he must of been wrong about that? And they all want to let the refuges into every country except that certain one .Unless your a member of their tribe. No marrying non members either.Thats the rules . And the mess America is in shouldn’t be blamed on the group that owns and controls most everything no. No Lets blame the black the Hispanics the Italians Not the Children of Satan.

    • Lone Wolverine:

      It is not enough just to know who is the cause. If I know that the mafia is robbing, raping, and killing in my neighborhood, OK. So you know, so what. How do you protect yourself from them. It is not that easy. As you said, they own everything. They control what the people eat. Only three million people are prepared for an interruption in the delivery of food. Two hundred and ninety seven million are not prepared. Don’t you think the only people to benefit if the tribe, as you call them, are called out, will be the tribe. No one else will be prepared. So thanks. But until I can come up with at least a couple million dollars to arrange an escape (from a world wide network), I will just play dead, as it’s just a matter of time before the planned crisis. No way out.

  30. dang just when they thought farting in their seats and staring at the clock for 30 years was going to pay off , they get sodomized by the elected officials LOL

  31. John says:

    What the state out of money, I thought I read some that we want to take in a bunch of refuges and we had money and all kinds of aid waiting on them in Chicago. Please tell me that our wonderful government would not steal from us and give it all away to someone who has done nothing to earn it. Oh wait they do that already with entitlements like our big government does with our tax dollars as well. Think how much money we spent in other countries that hate us and kill us and aids our enemies we feed them send them millions of dollars, weapons of all kinds not knowing who they will be used on, no waiting period, no background check, fully automatic weapons and as much ammo as they can carry. The same government that kills babies for money and body parts. Yet freaks out about life over in other countries. What is the difference. You ever notice that when push comes to shove how many our government officials take a hit, none. But the working class suffers each time. We lose our pensions, our benefits, our entitlements that we worked for, and sweated long hours, and now we are being told we wont get paid our pensions, but you know who will get paid our Reps and Sens. For they work so hard for what little they get what is it now like $134,000 are more now. That would be tuff to go with out for a few months, Just think how much money all these other government officials make from Education, to inspectors, etc everyone over $90,000. Working only 5 days a week 8 hours a day, while some of us have to work like 6 are sometimes 7 days a week and sometimes 16 hours a day in a dangerous environment. Not because we want to but because the state wont hire enough people. And what do we get in return for doing all of this, threats to our pay and pensions, they want to you to still show up for work are get fired, and all they will give you is a I.o.u.
    well that will surely tie over the creditors we own I’m sure they will wait till sometime next year for their payment with no penalty.