Public Employee Pension Roundup – Illinois, Detroit Update

B-Daddy B-Daddy

Here is a summary of key areas in the fight to prevent state and local public employee pensions from bankrupting governments. Detroit. Judge Stephen Rhodes will rule today at 10:00 a.m. (EST) on whether the city is eligible to enter bankruptcy.  From the LATimes. Most legal experts expect Rhodes to declare that Detroit is eligible for bankruptcy protection.  A ruling …

County Pension System Risks vs 401

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The U-T has a great article on changes in the portfolio mix of the San Diego County employee pension fund.  In 2009, the county fired the fund manager after losses totaling $2 billion in 2008.  Assuming that the fund had about $9 billion at the time, that is a loss of 22%, compared withan an S&P loss of 37% for …

Pension Reform Battle Just Heating Up

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This is no longer news, but nevertheless important. Carl DeMaio announced that the pension reform initiative had over 145,000 signatures, with 93,346 needed to qualify. It appears likely that the initiative will qualify for the ballot. The furious counterattack by labor on even allowing a vote on the measure has been curious. Clearly they see a huge threat in this …

Weekender Political Roundup

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I thought the grocery unions might be on strike at the time of this writing, and they still might by the time you read this. However, a 7:10 p.m. deadline came and went today without a strike. This is great news, and perhaps a strike can be averted. Despite my antipathy for the union position and belief that they will …