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How did corruption harm the Illinois pensions? Were governors using pension contributions to buy yachts? People keep using the word "corruption" but I think th
by dmm 9y ago
How did corruption harm the Illinois pensions? Were governors using pension contributions to buy yachts?
People keep using the word "corruption" but I think this situation arose simply because pension funding was continuously deferred. Is the deceptive? Yes, because the state is making promises it can't keep but it's not an example of corruption.
- toomuchtodo 9y agoIt’s fraud. Promise the benefit, but pay for it.
- lotsofpulp 9y agoGovernments use GASB accounting standards, and non-government entities have to use IFRS accounting standards. There are completely different and far more stringent requirements for non-government defined benefit pensions (PPA 2006), and far more lenient standards, if you can even call them that, for taxpayer funded pensions. If that doesn't scream corruption, I don't know what does.