Monday, March 8, 2021
Saturday, March 6, 2021
Thursday, March 4, 2021
Report: Illinois' Pension Debt Tops $300 Billion
Report: Illinois' Pension Debt Tops $300 Billion
By PETER HANCOCK / CAPITOL NEWS ILLINOIS • 5 HOURS AGO
A graphic from the Commission on Government Forecasting and Accountability's February 2021 economic forecast shows the rate of growth for the state's gross domestic product compared to that of the U.S.
COMMISSION ON GOVERNMENT FORECASTING AND ACCOUNTABILITY
A new report by the credit rating agency Moody’s says Illinois will set a new record this year when it reports a total net pension liability of more than $300 billion, the highest of any state in the nation.
As of June 30, 2020, the report stated, the total unfunded liabilities of the state’s five pension systems stood at $317 billion, a 19 percent increase from the prior year. That was largely due to historically low interest rates, which have depressed pension fund earnings throughout the country.
With the state’s gross domestic product, or GDP, estimated to have fallen 2.5 percent in calendar year 2020, that pension liability amounts to roughly 37 percent of the state’s total economic output, up from a range of 28-32 percent over the previous four years.
When combined with other long-term liabilities, including retiree health care and bonded indebtedness, Moody’s estimates the state’s total liability ratio will amount to 48 percent of GDP for the fiscal year 2021 reporting cycle.
The report says that 80 percent of the increase is attributable to falling interest rates, but weaker-than-expected investment performance also played a role. The Illinois Teachers’ Retirement System, the largest of the five pension systems, reported investment returns of just 0.52 percent during the reporting period, far below its target of 7 percent.
“Illinois is an outlier among states both for fiscal challenges from pension expenses and for its limited capacity to modify the benefit packages that drive these expenses,” the report states. “The state allocates about 30 percent of its budget to retirement benefits and debt service, a ‘fixed-cost’ ratio more than three times the median for states, and its constitution gives public workers some of the most ironclad retirement benefit protections available.”
The report goes on to say that the amount that the state contributes to its pension funds is actually far less than what is needed to prevent continuing growth in their unfunded liabilities. Under current law, the contribution amounts are set each year at a rate aimed at achieving a 90 percent funded ratio by 2045.
The report also notes that Gov. JB Pritzker’s proposed budget for the fiscal year that begins July 1 lacks any broad plan to address the state’s pension debt. But it also gave him credit for not suggesting the state scale back on pension payments over the short term to alleviate fiscal pressure brought on by the COVID-19 pandemic.
In a separate report to the state’s Commission on Government Forecasting and Accountability, or COGFA, the consulting firm Moody’s Analytics, a subsidiary of Moody’s Corp., said the state’s fiscal condition could hamper its ability to recover smoothly from the recession.
“Weak public finances mean Illinois will have to make extraordinary fiscal adjustments that leave it playing catch-up in the next business cycle,” the report stated. “Population loss and troubled state finances will limit Illinois’ long-term potential.”
The report says the state’s economy is expected to start recovering in earnest around mid-year and the unemployment rate should be under 6 percent by the end of the year, which would be in line with the national average but higher than other Midwest states.
How quickly the economy recovers will largely depend on how quickly the COVID-19 vaccines are delivered and how quickly the U.S. population as a whole achieves “herd immunity,” which is currently projected to happen by the fall.
“The economy should quickly kick into an extended period of strong growth as people shed their fear of getting sick and get back to doing what they did before the pandemic,” the report stated.
Capitol News Illinois is a nonprofit, nonpartisan news service covering state government and distributed to more than 400 newspapers statewide. It is funded primarily by the Illinois Press Foundation and the Robert R. McCormick Foundation.
Above is from: https://www.wglt.org/post/report-illinois-pension-debt-tops-300-billion#stream/0
Wednesday, March 3, 2021
Changed location for Second COVID shot
Forward Boone COVID19 Information <vaccine@boonehealth.com>
To:''
Wed, Mar 3 at 6:06 PM
Currently, we are in the process of vaccinating Priority Groups 1A and 1B Part 1, which includes health care workers, long-term care residents, certain sectors of the essential workforce, and Boone County residents ages 65 and older. Phase 1B Part 2 will include those with underlying health conditions ages 18-64. The underlying health conditions that qualify for this phase of vaccination include:
- Cancer
- Chronic Kidney Disease
- COPD (Chronic Obstructive Pulmonary Disease)
- Diabetes
- Heart Condition
- Immunocompromised State from a Solid Organ Transplant
- Obesity
- Pregnancy
- Pulmonary Disease
- Sickle Cell Disease
*This list is subject to change as guidance evolves and does not reflect an order of priority
At this time our vaccine supply is limited and we are currently only scheduling appointments for Phase 1A and Phase 1B Part 1. As our vaccine supply from the State increases, we will be able to vaccinate more people and expand into 1B Part 2. Boone County Health Department plans to open up registration for 1B Part 2 and begin vaccinations for this group in the month of March.
SPECIAL NOTIFICATION: If you attended the clinic at the 65 and older Keenage Center Clinics on February 20th and 21st and are scheduled for your second dose on March 13th and 15th, we are using a different location for these clinics. They will be held at Belvidere High School (1500 East Ave Belvidere, IL 61008). Meijer is in the process of contacting these individuals directly with more details. This only impacts people who attended those specific clinics on February 20th and February 21st.
DELAYED SECOND DOSE CLARIFICATION: Second doses are allocated to the same provider who gave the first dose. It is important that if you have already received your first dose that you return for your second from that same provider who gave you your initial vaccine. If there has been a delay in your second dose appointment, and we appreciate your patience. Your first dose provider will be in touch to schedule your second dose. There are minimal intervals for second doses, depending on the vaccine manufacturer, but not a maximum interval so a postponed appointment will not affect the vaccine’s effectiveness.
Residents who qualify for Phase 1B Part 2 with the above underlying health conditions are encouraged to sign up for COVID-19 immunization information updates and our priority group waiting list by filling out the form located at: https://boonecounty.regroup.com/signup. The contact information you provide will be used to provide links to COVID-19 Vaccine Appointment Registration Sites when they become available for each Priority Group.
We are also providing you with additional nearby vaccine options for Boone County residents (see Attachments 1 & 2). If you have an underlying medical condition as specified in the state Vaccination Rollout Plan you may be able to get an appointment sooner at one of these locations. We encourage you to contact one of these partner locations to sign up and get a vaccination sooner if you prefer.
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