Monday, February 27, 2017

Nothing Ever Changes

The general condition of the pensions operating under the laws of Illinois may be correctly described as one of insolvency. That is to say, viewed from the standpoint of sound finance and of having the necessary reserves to carry out the payment laws, there are immense deficiencies in the existing funds. In short, the financial provisions are entirely inadequate for paying the stipulated pensions when due.

-- Report of Illinois Pension Laws Commission, by Illinois Pension Laws Commission, George Ellsworth Hooker (1917), p 272

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