Spring, 2007
HOT OFF THE PRESS: IFTA IN THE NEWS
“…Instead of continually enhancing benefits and taking contribution pension “holidays,” lawmakers need to seriously work to solve Illinois’ financial problems.”
—Excerpt taken from Sheila’s guest column in The Rock River Times
“It’s been called the dirty little secret everyone in Washington knows.
A set of financial truths so inconvenient that
most elected officials
don’t even want to talk about it.”
—Comptroller General David Walker brings IFTA’s message to “60 Minutes”
Pension Event speakers
Front row-left to right-Lance Weiss, James Spiotto, Charles Whelan and Fred Giertz
Back row-left to right-Ann Lousin, Sheila Weinberg, Barry Kozak, Dawn Clark Netsch and Steve D'Arcy
EVENT ROUND-UP
Public Sector Pension Plans in Illinois Event, held February 16, 2007, was a huge success. The Public Policy workshop brought together academics, politicians and concerned citizens as they examined strategies and goals needed to ensure that all pension promises made to Illinois state employees are adequately funded. The event was the second in this series, cosponsored by John Marshall Law School and IFTA. Pictures of the event can be found on our blog and event information can be found on our events page.
Kellogg Finance Professor Deborah Lucas organized very successful and informative conference entitled, “Measuring and Managing Federal Financial Risk”. The conference, held on February 8-9, brought together a diverse group of academics and policymakers, including IFTA members Roger Nelson, Ralf Seiffe, Rick Skiba and Sheila Weinberg, to discuss new findings to improve the measurement and management of federal financial risks. Visit the web for excerpts from the studies presented.
READ THE FINE PRINT: NEW IFTA PUBLICATIONS
The Advancing Government Accountability (AGA) challenged IFTA to summary the 168 page Federal Financial Report in a four-page document. In response IFTA has published the “Citizen’s Report”. The four page report was already a hit at the AGA’s National Leadership Conference held on February 13-14, 2007. Tell Sheila how you feel about it.
John Corkery
Kevin Edward White
Kevin Hull
IFTA MEMBER NEWS
Congratulations are in order for IFTA advisory panel member, John Corkery, on his recent promotion to Dean of The John Marshall Law School. Not only does he bring with him experience and enthusiasm to this position, but he also has been with the school for 35 years! He most recently collaborated on a joint event with the school and IFTA entitled, “Public Sector Pension Plans in Illinois: A Workshop Exploring Solutions for Funding and Accounting”.
New Recruits: Kevin Edward White & Kevin Hull are the newest expert advisors of IFTA.
Kevin Edward White is a litigation attorney specializing in complex corporate dispute resolution in the state and federal courts. In 2003, after some 20 years of litigating in the state and federal courts at Winston & Strawn in Chicago, Kevin founded his own litigation boutique, Kevin Edward White & Associates. Previous to his becoming involved with the Institute, Kevin served on the Board of Advisors of the Archbishop Quigley Preparatory High School, where he was a founding member of the Quigley Law Association. A graduate of Knox College and the University of Wisconsin Law School, he resides in the Old Irving Park neighborhood with his wife Geraldine and six children.
Kevin Hull is a licensed attorney in Illinois, spending his first years of practice in Springfield as assistant counsel to House Speaker Michael J. Madigan. While there, he was the staff attorney for the House Executive, Criminal Law and Aviation Committees, in addition to serving as lead attorney on issues relating to Predatory Lending, Pay Day Loans, anti-terrorism legislation and Governor Ryan’s Death Penalty Commission Report. Kevin is actively involved as an executive officer with the Chicago Bar Association Young Lawyers Section and serves as a board member with the American Bar Association’s Young Lawyers Division as well as Phi Alpha Delta Law Fraternity. He is also a Hospital and Community Liaison for the Rehabilitation Institute of Chicago’s Associate Board. Kevin and his wife, Kirsten live in Chicago.
A CALL FOR ACTION: WE NEED YOUR HELP
Bringing Truth to the Illinois Budget Process: The Institute is asking for the Governor to provide to us all with verifiable calculations, including the true costs, both short-term and long-term, of the additional spending proposed. Read more about our efforts on our blog and email us at info@truthinaccounting.org with your reactions.
Should the $15 trillion of Social Security benefits and $29 trillion of Medicare benefits that have been promised, but not funded, be recorded on the balance sheet of the Federal Government? This question is currently being debated by the Federal Accounting Standards Advisory Board (the Board) and they need your help!
Email comesw@fasab.gov by April 16th with your opinions.
The arguments for and against recording these commitments as liabilities can be found at http://fasab.gov/pdffiles/socialinsurance_pv.pdf
You can read other people’s comments at http://fasab.gov/commentletter.html
Remember…YOUR OPINION MATTERS!
BLOGGING: Check out Sheila's Blog for more information about the Institute for Truth in Accounting's upcoming schedule and feel free to leave comments. Things happen daily, so check back often!
The Institute for Truth in Accounting is made up of business, academic, governmental and other leaders who are committed to high standards of ethics and integrity and who support these principles in the private as well as in the public sector. Members support the work of the IFTA through broadening the base of community leaders who are aware of the IFTA’s work and purposes, and by association, enhance the credibility of the organization. Members endorse the IFTA’s mission, which is to enhance the credibility of public and private sector financial reporting by encouraging the issuance of understandable, reliable information.
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