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text:
Canceled DOI number / Usunięty nr DOI
- Next Discovering Edom. Polish archaeological activity in southern Jordan
- Previous Edom – odkrywanie / Edom – discovering
Najnowsze wpisy
- My encounters with the language and culture of Jordan. Polish students in Jordan
- Nature, science and tourism. Polish research on the natural environment of southern Jordan and the tourist potential of the region – outline and perspectives
- Archaeological tourism: a chance or a threat to southern Jordanian community. Case study of HLC Project
- Preliminary report from the excavations at the site of Qasr ed-Deir (At-Tafila) in the season of 2017
- Results of "Archaeological Study of Dajaniya & Tuwaneh" (ArTu:DTu) 2018 survey in Tuwaneh (Tafila-Hesa), Southern Jordan

subset: commoncrawl


text:
That was over a decade ago, and I'm still keeping an eye on all of it.
I am going to provide an extremely high-level run-down of the various types of defined benefit pension systems out there. This is not comprehensive, and it will not be detailed.
Public pensions, of course, is the main kind of thing I keep a look at. I've had an annual "public pension watch" thread on the Actuarial Outpost, reaching back to September 2008. Here is the watch thread I have for 2019. If you open up the first post spoiler, you will find a link to all my public pension watch threads.
Public pensions have no guarantee except for the sponsoring governments. Below, we will see that (some) private pensions do have a backstop in case of fund failure, but if the government sponsoring a public plan goes under, and the money in the pension fund runs out, there's not much public employees and retirees can do. They can sue and try to get some recompense, but even constitutional "guarantees" cannot will money into being.
This happened with Prichard, Alabama, in which the pension fund did run out of money and the retirees got no benefits for over a year. A little bit on what happened:
[article from August 2013]
Prichard, Alabama, which experienced a population decline of approximately 50 percent over the past 50 years, filed for bankruptcy in 1999 after it was unable to pay approximately $3.9 million in delinquent bills. In addition to the unpaid bills, Prichard also admitted to not making payments to its employees' pension funds and, even though the city had withheld taxes from employees' paychecks, the city failed to submit such withholdings to the state and federal governments.
While in bankruptcy, the city successfully revised its budget so that it no longer operated at a deficit. However, Prichard was still unable to meet its pension obligations. In 2009, Prichard filed for bankruptcy for the second time in order to stay a pending suit brought by its pensioners after it failed to make pension payments for six months. In its chapter 9 petition, the city claimed that during the previous year it had operated a $600,000 deficit on its $10.7 million budget. Further, Prichard had failed to make a $16.5 million payment to its pension fund under its previous plan of adjustment.
Oh, and it gets worse.
Some public employees are not covered by Social Security old age benefits.
So, in some cases, when the public pensions fail, the retirees have no other retirement benefits to look to. (They may, of course, qualify for welfare benefits.)
Given that there's no backstop in case of failure, what sorts of oversight are there for public pension funds?
First off, the funds have at least one fiduciary, who is responsible for making sure the funds are well-managed. The fiduciaries, though, are not responsible for contributions being made.
Next, there are actuaries, who are supposed to value the pensions. There are actuarial standards for pensions, but they are not specific to the type of pension [currently]. And there are all sorts of "outs" in the valuation, in terms of some extremely key valuation parameters being stated… by the plan sponsors. Who may have an interest in keeping that discount rate at 8%.
That said, one actuary has gotten suspended from the American Academy of Actuaries for iffy valuation parameters, though that expulsion will be up in 2020. There have been other public discipline surrounding public pensions, but it has been for things like getting quoted in the NYT saying public pensions practice was voodoo.
Mr. Schwartz, a former city actuary, said that he routinely skewed his projections to favor the unions — he called his job "a step above voodoo" — and admitted that he had knowingly overreached on the pension bill by claiming that it cost nothing, either now or in future years. "I got a little bit carried away in my formulation," he explained.
There is a Governmental Accounting Standards Board which provides some standards with respect to that reporting with discount rate, but it really has bite only for the most deeply underfunded plans… at which point, all involved know it's deeply underfunded.
There are credit rating agencies and bond buyers who theoretically could keep a leash on all of this. In addition, the SEC has been known to ding New Jersey and Illinois in the past for defective disclosures surrounding bond issues with respect to their pensions.
Public employee unions have direct interest in making sure the pensions are fully-funded, and often there are official union representatives on pension fund boards of trustees. However, most public employees aren't finance experts, and may feel constitutional guarantees will protect the retirement benefits, even if the money runs out.
There are some IRS effects on public pensions, too, but it has to do with benefits that are too high or too low. If they're too high, the contributions for benefits are not fully tax-deductible and federal taxes must be paid. If they're too low, employees will be forced into Social Security coverage… and more federal taxes must be paid.
I could say stuff about taxpayers and voters, and their effect on public plan benefits and funding… but they are at least two layers away from the issue, and few people other than the public employees directly involved vote based on the pensions. They may vote based on the tax load, or vote on bond issues, but in many of these cases, the people actually paying for the services and benefits are minor considerations.
Especially when we're talking about pension benefits that were earned before said taxpayers were born.
I will be doing even less detail for the remaining pensions. First, everybody will be covered by Social Security, so even if all backstops fail, at least people who worked for private employers will be covered for something (of course, there are the people illegally not paying FICA all those years… and as I said above, I'm not going to get into deep detail).
Most private pension plans of any type, even defined contribution, are covered by federal law in the form of ERISA, which has gone through many iterations since the initial bill in 1974. (it's as old as me!)
Let's focus on defined benefit pensions for single employers, specifically.
Unlike with public pensions, there is a backstop for private plans, as well as funding and valuation regulations.
The PBGC (Pension Benefit Guaranty Corporation) is a federal agency that oversees private plans. Private plans, whether single employer or multiemployer, pay premiums to the PBGC to fund it, as, when a private plan fails, the PBGC takes it over.
About the PBGC:
PBGC is a federal agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect pension benefits in private-sector defined benefit plans – the kind that typically pay a set monthly amount at retirement. If your plan ends (this is called "plan termination") without sufficient money to pay all benefits, PBGC's insurance program will pay you the benefit provided by your pension plan up to the limits set by law. (Most people receive the full benefit they had earned before the plan terminated.) Our financing comes from insurance premiums paid by companies whose plans we protect, from our investments, from the assets of pension plans that we take over as trustee, and from recoveries from the companies formerly responsible for the plans, but not from taxes. Your plan is insured even if your employer fails to pay the required premiums.
Pay attention to that "not from taxes" phrase — because I will come back to that for multiemployer plans.
Single employer private plans have been dwindling over the years for a variety of reasons.
Here's a quick USA Today explainer by Nathan Bomey:
4 reasons the corporate pension is on its deathbed
1. Pensions are seen as expensive, risky
2. Union power has diminished
3. 401(k)s have been normalized
4. Public companies are under pressure to reduce pension debt
If Nathan Bomey's name is familiar to you, it's because he wrote the book on Detroit's bankruptcy.
Pensions are expensive as interest rates are super-low and people are living longer. If you are guaranteeing payments, then one should value at guaranteed rates.
In any case, single employer pensions made the news last week because GE froze it pensions. Mind you, these pensions had been closed to new entrants.
I didn't mention it in the public pensions section, but private employers have a variety of risk-mitigating choices they can make, such as closing their plans to new entrants (but allowing current participants to continue earning benefits) and freezing the plans (benefit accruals stop for everybody). Public pensions can usually do the first… but not the second. That's a whole different issue I don't want to discuss right now.
However, with GE freezing its pension, that does not mean the PBGC is taking it over.
As quoted earlier, the PBGC may take over private pension plans under certain situations, and for single employer plans, it will be equivalent to a plan freeze for most participants. There are limits to the maximum guarantee which can be found here. It's based on age. If you retire at a reasonable age (65 or older), the maximum guarantee is fairly high.
Keeping in mind that those in single-employer plans are also in Social Security, this is pretty good.
Now for this and the next group, the news is not quite so good.
Multiemployer plans are often referred to as union plans — this is a case where the fund is for a particular union, say the Central States Teamsters, but the members could be working at various employers.
For a variety of reasons, some of these plans are doing extremely poorly, and various bailouts have been proposed over the past couple years.
Multiemployer plans are also covered by the PBGC, but the issue is that their guaranteed amounts are extremely low. You almost may as well not have a guarantee at all it's so low (of course, some money is better than no money at all.)
In 2014, during the Obama administration, a last-minute bill was passed that allowed benefit cuts in failing multiemployer plans before the plans got taken over by the PBGC. The people covered were almost definitely going to have their benefits cut drastically if the PBGC took over the plan, but for these benefit cuts to be approved (and some cuts have been approved), the cuts need to be less drastic than the PBGC maximum guarantees and the plan needs to show sustainability after the cuts. There are other requirements as well, but this was the point.
John Bury has been good at covering applications for benefit cuts, providing some stats with each application. If you'd like to look at the history of applications, withdrawals, approvals and disapprovals, you can see that here.
There is a bill working its way through Congress, the Butch-Lewis Act, that has been passed by the House. But it's just… doing nothing in the Senate as far as I can tell.
Congress needs to do something, because of one pension plan in particular: Central States Teamsters.
I started a multiemployer pension watch in April 2013 because of the Central States fund declining status. Central States is important — there are almost 400,000 participants in the pension plan. That's a lot of people.
The plan is projected to run out of assets by 2025. Even with low guarantees, the number of people involved are enough to make the PBGC multiemployer plan run out of assets, too. Even if Central States doesn't get directly bailed out, even to cover the very low guarantees, the taxpayer will be called to step in to bail out the PBGC.
Multiemployer Pension Lifeboat Sinking Fast
The Pension Benefit Guaranty Corporation (PBGC)'s multiemployer insurance program, which covers over 10 million people, remains in "dire financial condition," and has not veered from its trajectory to become insolvent by the end of fiscal year 2025, according to the agency's latest projections report.
"This year's projections for PBGC's Multiemployer Program continue to show a very high likelihood of insolvency during FY 2025, and that insolvency is a near certainty by the end of FY 2026," said the PGBC in its report.
The PBGC also said that about 125 of the 1,400 multiemployer plans that it insures are in critical and declining status, and will be unable to raise contributions sufficiently to avoid insolvency during the next 20 years.
They don't mention it, but it's due to Central States, primarily.
I haven't been blogging about this situation, partly because both John Bury and Elizabeth Bauer (here's her most recent post on Central States) are covering it, but mainly because things are stuck in Congress. The Senate is where bills go to die, currently.
Bailing out Central States in particular is not really a partisan issue: there are politicians of both parties who have direct interest that that specific pension plan gets bailed out. That said, plenty of politicians of both parties are not all that interested in doing an outright bailout.
The thing is, not all MEPs are failing, but where they're failing tends to be the midwest in declining industries. Too many of the MEPs required an increasing pool of participants in order to keep going… and if your membership is shrinking? Not so good.
What is most interesting to me is that Trump hasn't said a damn thing about union pensions, as far as I can tell. Given he's such a chatterbox, I would have expected something. But I can't find anything. I did this search on pensions, and this on Teamsters.
This one will be quick – I just wanted to mention this group, because they are also a hot point.
Church plans are what you think they are (for the most part): pension plans for people who work for churches. What's important is that these plans are often not covered by the PBGC. So when one of these pension plans fail…. basically, it's like public plans.
The issue with church plans is similar to public plans, in that the failing ones are partly due to decreasing revenue bases. To be sure, churches can have a revenue source that collapses much more rapidly than a government.
But here's the other issue: some of these church plans aren't for church staff, but were for hospital employees as various churches ran hospitals and other healthcare establishments. But then, these hospitals can be sold to non-churches.
This is a big brou-ha-ha in upstate New York, as a hospital that got sold from the Catholic diocese to a private owner had a pension fund… that is completely spent. You can read about it here:
Bradley, 56, is one of the hundreds of workers at St. Clare's, which was founded by the Catholic Church, who lost their pensions after its retirement fund collapsed.
The case highlights a more widespread problem: Because of a loophole, many religious organizations are not covered by a federal guarantee that protects most other workers' pensions, so the workers can get left with nothing.
By one estimate, more than 1 million workers and retirees from religious organizations lack this federal protection.
I could also remark: because of a loophole, no public pensions are covered by a federal guarantee that protects most other workers' pensions.
And, if I go by the Public Plans Database, there are 25 million people covered by public plans that lack this federal protection.
From the above, you can see the different pension plans, differing by sponsors, have different levels of oversight and guarantees.
But all defined benefit pensions in the U.S. share similar problems:
As I mentioned in linking to Nathan Bomey's piece in USA Today, the promises being made in defined benefit plans with traditional benefit definition are actually very expensive.
They weren't always this expensive – they really were worth less than now when interest rates were much higher and people died younger. That's just a fact.
But there is one additional issue, and I'll let Robert Verbruggen of National Review explain:
If You Think Politicians Cater to Seniors Now, Just Wait
Republicans are giving up on entitlement reform, and seniors' share of the population will only grow.
In 2016, 71 percent of those age 65 and up voted; so did 67 percent of those 45 to 64, the folks who will be retiring in the next two decades. Those 18 to 29 voted at a rate of 46 percent, those 30 to 44 at a rate of 59 percent. Put differently, those 45 and up outnumber those 18 to 44 about five to four among citizens — but nearly two to one among voters.
This longstanding gap in political involvement will only become more important as the Baby Boomers retire. Between 2020 and 2040, the senior population is expected to grow by 44 percent, while the 18–64 population grows by just 6 percent. That's why seniors are and will continue to be such a key constituency — and it explains much about our fiscal crisis, too.
As the Baby Boomers retire?! The oldest Boomers (born in 1946) are 73 years old. They've been retired for years.
But here is the bit you don't hear about – the Boomers are usually defined as being born between 1946 and 1964. The peak birth year (even including immigrants) was around 1957/1958. Those folks just turned 60.
Verbruggen is writing about Social Security and Medicare specifically, but it also applies to all these failing pension plans — heck, it applies more to these, because most of the failing plans have people retiring much younger than the earliest Social Security retirement age of 62.
So you will be seeing more and more of the people in these plans making noise — they are extremely interested, and are going to be rightfully angry that they're getting much less than they had been promised.
But the issue is: they can vote for all the bailouts they want.
But will the money actually be there to bail them out?]]>
The governor of Illinois has released a report:
Report to Governor JB Pritzker
Illinois Pension Consolidation Feasibility Task Force
October 10, 2019
Executive Summary
Of the financial challenges facing the State of Illinois, perhaps the most critical to state and local governments' overall long-term financial health is the long-standing challenge of our unfunded pension liabilities and the ever-increasing burdens that places on local property taxes. Illinois has more than 660 funds, the second-highest number of pension plans of any state in the country.
I'm stopping this right here.
Here are the top states by population: (estimated population, 2018)
1. California 39,557,045
2. Texas 28,701,845
3. Florida 21,299,325
4. New York 19,542,209
5. Pennsylvania 12,807,060
6. Illinois 12,741,080
Illinois is (for now) still one of the most populous states in the country. It is not necessarily shocking that it's up high in the number of pension plans.
Within the constellation of pensions in Illinois, roughly 650 of them are suburban and downstate police and fire plans, most of which face headwinds in large part caused by the relatively small size of each plan. Because many are so small, they are unable to gain access to investment opportunities that provide the highest returns and competitive investment fees.
Mmmm, that's quite the claim.
Collectively these pension plans today earn significantly lower investment returns than larger pension plans. For example, suburban and downstate police and fire plans generated on average 2 percentage points less annually over the past 10 years than the statewide municipal employees' fund.
Now, that is a very large difference. But let's look at that municipal fund's experience:
So, 2 percentage points less would be 7.2% per year (we'll look at what the report says when I get to it) — the difference over 10 years:
9.2% per year for 10 years: cumulative increase of 141% (for a single deposit at the beginning)
7.2% per year for 10 years: cumulative increase of 100% (for a single deposit at the beginning)
Yup, that's quite a difference.
But here's something: look at IMRF against its peers. It's about the same for the 10-year average, but noticeably lower for the 5-year average. Hmmm. (This happens for most of the Illinois state funds, by the way. Their 10-year average matches the peer group, but the 5-year average is about 1 percentage point lower. I wonder if something has occurred recently.)
Also: the Public Plans Database has 17 years of data now. But we'll look at the longer-term averages in a different post.
Back to the executive summary:
In addition, these numerous small funds pay substantially higher expenses to manage their assets and administer benefits. The sheer number of plans and the extraordinarily modest asset levels relative to other plans exacerbate both of these challenges.
I do believe this. But I don't think it's really the expenses nor the returns that are really killing these pensions.
Or, rather, if you look at the Chicago Police fund, you'll see that, just perhaps, the pensions for police and fire are inherently expensive. Or, to be fair, if you've been underfunding the plans for years, the costs escalate very rapidly.
Okay, let's look at the two recommendations:
STEP 1: Consolidate suburban & downstate police & fire pension plan assets.
Okay, the argument is better investment returns, lower costs. I could see that.
The point would be to consolidate the investment, but the liabilities would not be commingled. There could still be issues, but I don't want to get into that right now. It relates to the distinction between dollar-weighted returns and time-weighted returns, and I don't want to go down that rabbit-hole again.
This doesn't look like it's about bailing out these funds, but at least improving the investment results… and maaaaaybe scraping together a big ole pile of cash that makes it ripe for…well, Illinois shenanigans. But, they already have huge state funds.
There's a second part:
STEP 2: Review consolidation of suburban/downstate police & fire pension plan benefit administration; review of other state and local plans to determine advantages of consolidation
Wait a second.
Most of the Illinois state funds are already "consolidated" and quite large. If we go to the Public Plans Database page for Illinois funds, you'll see two of the state funds are missing – the judges and the General Assembly. Those two are very small.
But which funds, exactly, do they think they'd be consolidating?
Chicago. And Cook County.
Uh huh.
And then they'd try a "bailout"…. or go cap in hand to the federal government. Good luck with that.
Before I get to the investment comparisons, let's take a look at a histogram of plan size:
Lots of little plans. Those numbers are from Table 2 in the report.
Next, let's look at some funded ratio stats:
I didn't make a graph for this one, because it's not all that interesting at this level of detail (note: it's not very detailed).
What you should note:
- the vast majority of the plans are underfunded (>90%), and a majority are less than 60% funded.
- Overall, the plans are 55% funded
- However, it ranges from grossly underfunded (<20% funded ratio) to merely underfunded to a handful being fully-funded (and note: the number of people is also very few).
Most of the plans fell in 41-80% funded ratio range, and that includes most of the participants. But it's still a wide variety of outcomes. I can see some issues when you've got a bunch of plans with different financial health. From a strategic asset allocation/liability driven investment perspective, one cannot manage for a grossly underfunded plan the same way as for a fully-funded plan.
Not appropriately.
But let us put that aside for now, as I doubt any of these downstate plans are following any LDI strategies.
So. I want to point something out.
I'm going to copy over two tables making comparisons.
Here's the first one:
Second one:
Pretty clear, right?
Hmmm. How does that compare to the numbers I posted above? Quite different, eh?
Oh, right, they're for different years. So, why were the ten-year comparisons made for 2004-2013? Isn't that a bit old? Especially since they have a partially-overlapping 2012-2016 comparison. The heck?
Indeed, given they have that amount of data (and I bet they have older stuff, too), why not do a 15-year comparison?
I do believe the bunch-of-small-plans have smaller net returns, as I bet their fees/expenses were higher. And the paper does show that… but the difference is not that much: from page 10, we get investment expenses of:
IMRF — 32 basis points (aka 0.32%)
ISBI — 12 bps
Downstate — 57 bps
Aside from the difference in the rate of investment returns there is also administrative duplication (e.g. accounting, legal services, auditing, actuarial, training, association fees, travel, etc.) and a potential lack of uniformity in the administration of benefits associated with having 649 individual and independent funds. Further analysis will need to be performed to quantify the costs associated with duplicative administrative efforts across these local pension plans. For instance, all 3,250 police and fire plan trustees are required to take initial training of 32 hours, and annual/reoccurring training of 16 hours. The largest provider of local pension trustee training in Illinois charges local pension plans $800 to $1,700 per trustee for initial training and $465 to $930 per trustee for annual/reoccurring training. Training of this multitude of trustees costs taxpayers $3 to $5 million for initial training and $1.5 to $3.0 million annually for reoccurring training. This does not include costs associated with these trainings of travel, lodging, wages, etc.
Let's get to that bit — which was released before this particular report.
It was pretty clear when that was released it was battlespace preparation.
So, I know this was a hit in order to make it more politically popular to put all the pensions into one big pile.
A week before the release of this report, we got this: Illinois pension conference cost taxpayers at least $8 million
Here's a surprising statistic: Illinois has 656 local police and fire pension funds, and the cost of that is illustrated this week when they all came together for an annual meeting.
They held the gathering at the Grand Geneva Resort in Wisconsin. According to WCIA, 3,000 people attended the conference at a cost to taxpayers of at least $8 million.
There's a bill in Springfield to combine many police and fire pension program to save costs.
The fund's current managers insist cops and firefighters would lose access to local pension planners, and they claim the savings would be relatively small.
In the CapitolFax post on the consolidation proposal, they have a comment from the governor:
Gov. Pritzker was asked today about opposition from the Illinois Public Pension Fund Association, which represents the 600+ local pension fund administrators and conducts training sessions. His response…
"These are the folks who run the junkets. The recent one cost about $8 million to the taxpayers to send people to Lake Geneva on a retreat.
"I realize that this is going to disrupt their business model, but frankly we have to do better for the taxpayers of this state."
Thing is, putting it all in one big pile simply provides a different pay-off opportunity for a different group of people.
So, I could point to Calpers and all its lovely scandals over time. And you still get junkets with larger funds.
From the CapitolFax coverage:
The Illinois Fraternal Order of Police (FOP) today expressed strong concerns about the recommendations contained within the Governor's Committee on Pension Consolidation Report. FOP members had initially been optimistic that the committee would propose a process that would reduce fees, increase investment returns and better guarantee retirement security for law enforcement officers, their widows and orphans. However, the committee's recommendations fail to accomplish these critical things.
"Law enforcement officers were not allowed to participate, provide feedback or be shown that this was anything other than an attempt to grab officers' money," said FOP Labor Council Executive Director Shawn Roselieb,who noted that the committee's meetings were not open to the public. "Officers have paid their own money into these police pension funds every working day of their lives."
The report recommends that the consolidated police pension fund be governed by a board where only 50 percent of the trustees are law enforcement officers. Illinois' 16 current public employee retirement funds, including the Illinois Municipal Retirement Fund, are constituted of governing boards with a majority of members of the fund.
"No one is more concerned with the proper administration of public safety pensions than our 36,000 members," Roselieb said. "But this committee thinks downstate police officers are the only public employees who are just not smart or sophisticated enough to manage their own money."
The State of Illinois' "worst in the nation" track record of managing public pensions is also cause for concern among working and retired law enforcement officers.
"Illinois police officers are not inclined to believe the state when it says it's going to responsibly manage their money," said FOP State Lodge President Chris Southwood. "This problem is at the heart of the FOP's concern. Any consolidation must contain a firewall between police officers' money and the people responsible for the pension system debacle in this state."
Roselieb and Southwood urged members of the Illinois General Assembly to actively seek input from law enforcement officers and the general public on any pension consolidation proposal, something that the Committee on Pension Consolidation did not do when formulating its report.
"We applaud Governor Pritzker for taking on this tough subject," Southwood said. "But the committee's secret deliberations and their attempt to diminish future public input on the pension fund's governance are not the right way to reach a good solution."
- UPDATE 3 *** From Associated Fire Fighters of Illinois President Pat Devaney…
We support the recommendations of the task force.
Well, obviously, they need to get the pension fund members on board for this to be passed. I didn't get into the details, but they asked for two separate funds, one for police and one for firefighters.
It looks to me like the FOP are interested in making sure their members are a super-majority of the board for the police fund. I think the governance of the funds are negotiable. I don't think it's a deal-breaker on the state side, though I can see it being a deal-breaker for the police & firefighter unions.
This is going on: EAST ST. LOUIS POLICE PENSION FUND CALLS FOR STATE INTERCEPT OF $1.8M, FOLLOWING FIRE PENSION DEMANDS
East St. Louis already faces a $2.2 million state funding diversion for its firefighters pension fund. Now the police pension board is demanding $1.79 million the city owes that fund.
East St. Louis was already facing an interception of state funds to make up for missed payments to its firefighters pension fund, but now the police pension is seeking the same remedy.
The city owes its police pension $1.79 million for fiscal years 2017 and 2018. The pension board voted Sept. 26 to ask Illinois Comptroller Susana Mendoza to divert state funds from the city until its debt to the police fund is paid, according to a letter received by the comptroller's office.
Add that $1.79 million to the $2.2 million that the city firefighters pension is already seeking through Mendoza's office, and the nearly $4 million would choke city finances that started the year with a projected $5.5 million deficit. The city in 2018 operated on $18 million and projected a $3.7 million deficit.
I tried looking for the town's CAFRs, by the way. This is what I found. Yes, the most recent is from 2009. And no, this is not an old web site. On the same site, I found the current Treasurer's reports. Those are not the same thing as CAFRs.
East St. Louis is not the only town in Illinois with pension interceptions.
Fourth Illinois city faces seizure of state funds for pensions
A pension board in East St. Louis has asked the state to redirect city money to the pension fund, the fourth time a a city in Illinois has faced the state's pension intercept law.
The pension intercept law, enacted as part of the 2011 pension reform law that was largely struck down by the Illinois Supreme Court, gives Mendoza's office 60 days to certify the information in the complaint. If verified, the state must funnel all state-collected funding to the pension fund, something East St. Louis officials said could create public safety funding issues.
The city joins Chicago, Harvey and North Chicago, which also have been referred to the state comptroller for shorting their actuarially required pension contributions. Chicago was referred by both its police and fire pension funds but the city challenged it in court.
More on the interceptions:
And here's a table from Wirepoints:
So, here's a question: when you're only 16% funded, is it really going to help much to slightly decrease non-benefit expenses?
Because the money will run out before long-term investment returns will make much of a difference.
So, I don't think Harvey, the first town with the pension interceptions, is salvageable at this point. If it had been allowed to do a municipal bankruptcy, they could have gotten their debts in order (and there were various dysfunctions that may have been remedied… or maybe not, and it would have died anyway.)
But the point is to cut the losses before things get too bad, and so that things can be remedied.
But the way the Illinois system is set up, pretty much no municipalities are allowed to file bankruptcy. I mean, they could, if the Illinois legislature authorized it.
And the legislature is not going to allow it.
Well, not while Madigan is in charge. Because once it goes to federal court, the state legislature doesn't quite control events, now does it?
Ideally, before the financial hole gets too deep, municipalities could file for bankruptcy and then get to adjust the pensions to a risk-sharing plan, which is a kind of hybrid plan with much lower income guarantees but also not completely throwing participants to the full investment and longevity risk.
I've written about this before:
A Proposal: Restructuring Current Public Pensions Through Municipal Bankruptcy
The Core Idea:
There are two parts to the idea:
- A sustainable defined-benefit pension, with risk-sharing elements
- A legal mechanism by which current pension liabilities can be transferred to this risk-sharing system
That's pretty much it.
The actual unique part of this proposal is the legal mechanism, which obviously hasn't been tried in the public sphere yet.
Well, the bankruptcy isn't exactly new, but coming up with a pre-packaged bankruptcy is new.
The full paper, which I co-wrote with lawyer Gordon Hamlin, is on Scribd.
I don't think that consolidated management of the investments is necessarily a bad idea. Frankly, one should manage investments differently for fully-funded plans versus deeply underfunded plans. But I doubt that these plans were doing much in the way of asset-liability matching or any strategy other than try to maximize their returns under a specific risk appetite.
But it still won't save the funds. And, as with IMRF, the municipalities would probably lose control over what they contribute… but what with more interceptions, they're already losing control.
All I can say is that is it won't make the situation worse.
But it won't make it better enough.
And I certainly don't trust step 2 of the plan mentioned in the proposal.
It's one thing to take a bunch of itty-bitty plans and pile the money together to get better deals on investments.
It's another thing to take some fairly large plans, which are grossly underfunded, and then…. what?]]>
The update's key findings are:
The funded ratio of state and local pensions edged up to 73 percent in FY 2018, but has been largely flat for several years and is well below its peak in 2001.
Liability growth has steadily declined during the past two decades – from 7.7 percent in 2002 to 3.8 percent in 2018 – but asset growth has been even slower.
Given these trends, if plan sponsors want to improve plan funded ratios, a key challenge is to increase their asset base through contributions.
One way forward is to adopt more stringent funding methods such as level-dollar amortization and shorter amortization periods.
Another, more important, change is to lower assumed investment returns, which would help ensure funding progress by further raising required contributions.
I highlighted two points I think particularly important.
The full piece is here, and I'm going to take a few of their graphs and redo them.
Here is their histogram of fundedness ratios for the plans in their database:
Now, I have a lot of problems with this distribution, not the least the method in which they cluster the plans. (I will do something different.)
But let's start with the simple stuff first. Let me redo the distribution. I grabbed the data from here: Public Plans Database Interactive Data, and grabbed FY2018 numbers, and got the funded ratio for each plan. I filtered out any plans missing data.
I made a histogram based on their data, but they claim to have data from 190 plans… and I had only 179 (after deleting the ones missing FY2018 data). The full set is of 190 plans… but I had blanks for funding ratios for many of them.
Okay, here is the plain histogram. I don't exactly match theirs, but they may have used the FY2017 numbers for those who didn't have the FY2018 ones available. In any case, they're close:
But I don't like weighting the pension plans by count — some, like Calpers, are much, much larger, and really should count for more. Let's take a look at the distribution of insurers by liability size — but because of how these scale, I'm going to do this as a cumulative distribution graph:
Part of this is due to how the Public Pensions Database has been constructed: they prioritized doing the largest funds first, and then went to smaller plans. A bunch of plans will never get in the database, as long as it's a manual process. The largest plan, unsurprisingly, is Calpers. The median plan size is $13 billion in liabilities. You can see that Calpers is about $465 billion. That's a lot bigger, eh? (These are total liabilities, not unfunded liabilities)
Let's weight the histogram by liability and see what happens. Let's compare against the per count histogram:
You can see that where Calpers (and the other large pension plans) fall help "boost" that middle area.
This next graph, I am not fond of:
I don't want to replicate that one at all. I want to look at percentiles themselves evolving — again, weighted by liability size. What's the median funded ratio? 25th percentile? 75th percentile? Maybe put in a 10th percentile & 90th percentile. Now, in general, the pension plans maintain their relative rank ordering from year to year, so you will often get things matching up in the same group each year.
Let me do these percentiles by count first, because that is very easy to calculate:
Isn't that interesting? All of the percentiles I'm tracking have about the same trajectory — the spacing is about the same each year (about 10 percentage points, though it ranges from 7 percentage points up to 13 percentage points).
The 90th percentile decreased 27 percentage points from FY 2001 to FY 2018 (120% to 93%), the median (50th percentile) decreased 25 percentage points (99% to 73%), and the 10th percentile decreased 24 percentage points (78% to 54%).
Now, the following is more complicated to compute, but I still can do it. Here's the same percentile graph, but weighted by liability now:
Now, this one isn't quite so smooth, which I find interesting. While the first graph show all the percentiles decreasing about 25 percentage points from 2001 to 2018, the second graph shows about a 30 percentage point drop.
In general, I do like looking at the public pension database statistics weighted by liability size, because I think the largest pensions do have more of an effect on policy compared to small plans. Why should Calpers ($465 billion) count just as much as Des Moines Water Works ($61 million)?
The overall results do tend to be similar, but I know that only after having done the calculations and comparisons.
A few things to think about:
On July 1, 2001, the S&P 500 was at 1,204.45. On July 1, 2018, it was at 2,793.64. That is a cumulative increase of 132%.
Funded ratios for pension plans fell around 30 percentage points in their funded ratios, going from fully-funded in most cases to only about 70% funded.
Why is that?
Some background reading:
Public Pensions: Why Do 100% Required Contribution Payers Have Decreasing Fundedness?
Public Pensions Practice: Where are the Screaming Actuaries?
On Full Public Pension Funding: A Follow-Up
Specific pension plans have weathered the roiling market movements well, but it is very few of them. The plans that supposedly are doing what they're supposed to be doing… their funded ratios are falling, too. Even in a rising market.
Notice that I didn't say what the S&P average annual return was from July 1, 2001 to July 1, 2018. It was 5.1% per year. Yes, this is a geometric time-weighted average.
In 2018, there were only 3 plans that have assumed return on assets that low: Pennsylvania Municipal (5.25%), Charleston, WV Firemen's Pension (4.5%), and Little Rock Firemen's Fund (5%). Most plans have assumed returns much higher — like at 7.5%.
7.5% compounded over 17 years is almost 50% higher than 5.1% compounded over 17 years.
That may give you an idea what's going on.
Finally, a motto from Jeremy Gold (RIP):
Good policies cannot be based on bad numbers.
The numbers above are bad, for a variety of reasons. They do indicate a system-wide problem.
Underlying spreadsheet can be found here.]]>
But it seems like a good time to do a summer wrap-up over what's been going on. Especially since summer ends on Sunday.
I started this post back in the beginning of July, to give you an idea (I have 20 other posts in draft, too).
But first… a darkly amusing cartoon.
Eric Allie at the Illinois Policy Institute:
If you are not familiar with the meme, here's some background.
Let me set the scene. I've blogged extensively about both Chicago and Illinois finances since the beginning of this blog.
These finances are not appreciably better than the last time I blogged about it. Both Chicago and Illinois have amassed ginormous pension obligations, not to mention that they've been having to issue bonds to cover other operational costs (people keep forgetting pension contributions are operational, not capital, costs).
While both the city and state look to increase taxes to cover some of these legacy costs, as well as to feed whatever goodies-packed agenda the new mayor of Chicago (Lori Lightfoot) and new governor of Illinois (JB Pritzker) have in mind. While they are attempting to tax, the Illinois taxpayers are increasingly becoming ex-Illinois taxpayers.
The following things have happened this summer:
I believe that covers most of the finance-related bases.
Below, I am going to group Chicago & Illinois stories since July, based on the threads I have at the Actuarial Outpost (it's just easier, and I'll provide you with the thread link for each one). These will be in no particular order. Some items may have popped up in Taxing Tuesday in prior weeks, but it does help to have everything in one place to look at.
Chicago debt watch thread at the Actuarial Outpost. It started in 2013, and I have never lacked for stories to fill it.
From that last, I will excerpt:
We have also started looking at our borrowing practices
and making changes there to save money. For example,
we will be replacing high-cost debt – kind of like how
homeowners refinance their mortgages – which we expect
will generate $100 million in savings alone.
Sigh. Okay, if you switch out higher-coupon bonds with lower-coupon/-yield ones, fine. That is a refinancing.
When I started as Mayor on May 20th, we walked into a
projected deficit for next year of $1 billion. Yes, that's
Billion with a B.
As a result of all of the efforts we have made to date, and
changes in our forecasting, that number has decreased by
almost $200 million dollars. But that still means that the
budget gap for 2020 is $838 million.
A third of the gap comes from increased pension costs.
Another third increased labor costs
So… you're looking at increasing those costs?
To put this into perspective, folks, for every dollar you
pay to the city, 80 cents goes to pay for the cost of
personnel and benefits, along with pensions.
So, how much of that 80 cents goes to the old pension liabilities?
But let me be clear: I don't see the provision of pensions
or city workers as the problem. The key problem is the
decades' long failure to meet our pension obligations and
fix the structural problems that have led to this crisis.
While we are working toward balancing this year's
revenue with this year's costs, two years from now – in
2021 – we will have to figure out how to pay for the
increased annual cost of over $200 million for public
safety services.
Followed by another increase of $400 million for our
municipal and labor pensions the year after that.
In other words, no matter what we do for this coming
budget, Chicago will be on the hook for over half-a-billion
in new pension obligations over the next three
But as I made clear many times, pension obligations are a
challenge we must meet. Dedicated city workers have
fulfilled their careers with the agreement that they will
retire with the dignity and the certainty pensions afford.
Our obligations are not optional.
And I will take every action necessary to fulfill the
promise we made.
Including declaring bankruptcy? Oh wait, that would mean cutting promises.
But it will inevitably occur, because Chicago can't actually afford the pensions.
She does go on to talking about the other Illinois towns having pension problems. Yep, I would say almost all of them are. So you can all be bankrupts together.
Illinois debt watch thread at the Actuarial Outpost. That has been going on since 2010.
By the way, in the CAFR press release, we get this:
A primary reason for delay in the release of the fiscal year 2018 CAFR was the need for the new administration to try to piece together data lost by an IT vendor working for the previous administration's departments of Healthcare and Family Services and Human Services.
This text looks odd on the press release page, on my browser:
I don't think it means anything, other than some sort of clumsy copy & paste or something. It popped out in the page while I read it.
As for something more substantive: I find the OPEB brou-ha-ha interesting. The PR person for the state comptroller wrote:
Had your columnist Jim Dey called the Illinois Office of Comptroller for comment before accusing us of "an intentional misdirection play" in his Sept. 10 column, we might have been able to save him from getting his facts wrong and misleading News-Gazette readers.
He bought hook, line and sinker the (Dey's word) "apocalyptic" rantings of a fringe website that our office highlighted only rosy economic news from the Comprehensive Annual Financial Report (CAFR) because we wanted to make Gov. J.B. Pritzker look good and former Gov. Bruce Rauner look bad.
"The state's total assets were approximately $53.9 billion on June 30, 2018, a decrease of $400 million from June 30, 2017. The state's total liabilities were approximately $248.1 billion on June 30, 2018, an increase of $33.3 billion from June 30, 2017. The state's largest liability balances are the net pension liability of $133.6 billion and the other post-employment benefits (OPEB) liability of $55.2 billion."
That $55.2 billion OPEB number is a new calculation required to be included in every state's CAFR's this year, which made most states' numbers jump, as did most states' pension debt projections. That was all in our news release and extensively detailed in the CAFR itself.
Comptroller Mendoza has been outspoken about Illinois' need to address its pension shortfall.
So I do want to point this out to everybody: all states are likely to see jumps in their officially reported liabilities this year. Before this year, most states would record the payments for retiree health benefits for that year, but not record the value of the retiree health care promises made.
Now, some states have not tested the ability to cut retiree health benefits (and some have). Illinois is not allowed to cut a damn thing, so they should have been reporting this liability every year since the dumbass court decision that Illinois is not even allowed to bump up co-pays on retiree healthcare.
I remember various pension actuaries telling me that OPEBs (that's other-than-pension employee retirement benefits) are easily cut, unlike pension promises. Well, that's not been true for Illinois for five years. From accounting principles alone, they should have been booking this liability since fiscal year 2014.
But, of course, many states have not recorded the value of OPEBs until this year (fiscal year 2018 reporting), once they're being forced to.
These liabilities have been sitting there the entire time. It's not a real "loss" because the liability has just been recognized. But it does look ugly on the paper, doesn't it?
2019 public pensions watch thread at the Actuarial Outpost. I've been making these threads since 2009, and I have to create a new one each year. Originally, I was going to have it be one big thread… until somebody complained about it going over 1000 posts.
As I type this, the 2019 Public Pensions thread is over 1600 posts. Yes, most are by me, and most are just links & copy/paste of pieces. If you ever just want to read stories, go there. I hoover up a bunch of stuff I never blog about.
Re: the concept of a state bailout of Chicago (and downstate pensions…)
Is the bigger bankrupt supposed to bail out the smaller bankrupt?
How is that supposed to work?
2019 public pensions watch thread at the Actuarial Outpost. Yup, same thread, but I'll try not to repeat the stories from above.
And that's all I wrote.
Okay, it's not all. I omitted some of the posts, just due to repetition. I don't need to share
all the pieces on the teachers pension spiking bill.
This was idiotic.
Illinois teachers pension… is not well funded.
As mentioned earlier, I wanted to look back at what happened (or, rather, didn't happen) this summer re: Chicago and Illinois, because some things are about to happen.
First, the aforementioned teachers strike. Chicago really can't afford to give the CTU a damn thing – the Chicago Teachers pension gives you a good idea of the problem. Let's ignore the funded ratio for now… this is the contribution pattern:
Do you think that Chicago can afford a pension plan where the cost is 40% of payroll?
Second, there have been reports coming out and I know one is coming out next week. I'll want to use that.
Third — remember my cash flow model? Back in April 2017, I debuted my model by testing Chicago's MEABF — and matched another projection for when the money would run out:
I now have two more years' worth of data. I'm going to run the Illinois and Chicago pension funds again.
Will anything have changed? We'll find out….
I have to agree with
PeterTBurchard</a> on this -- it seems the "plan" is to let the money run out, and hope for a federal bailout that won't come. <br><br>Bankruptcy would give Chicago a better chance, so would state constitutional amendment to allow cutting COLAs. But it won't happen.</p>— Mary Pat Campbell (meepbobeep) September 16, 2019


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Two-bedroom : 64 units
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Live life on top in the middle of Cebu business district and experience the unique ambience of a suburban-city lifestyle.
Within central Cebu business district.
Walking distance to the city's most notable attractions
Best and safest neighborhood in Cebu
Retail shops within the condo's premise
Your own exclusive garden balcony
Premier and modern amenities
Affordable price as low as Php2.6 Million
Building Features
Hotel-inspired Grand Lobby for each Tower
CCTV on selected Common Areas
Fire Detection and Alarm System
Four (4) High-Speed Elevators with Key Card Access
Provision for Cable TV, Telephone, Data & CATV connection
100% Stand by Power Generator (common areas and residential units)
TAFT EAST GATE is a master-planned, high rise, 4 tower residential and mix use community in the heart of Cebu City supported by dining and retail outlets to be developed in 4 phases.
Land Area: 15,000 SQ.M.
Development Type: Residential and Mixed-use
Total Number of Buildings: 4
Total Number of Residential Units (Tower 1): 894
Unit Mix (Tower 1)
Studio: 496 Units
One-Bedroom: 334 Units
Two-Bed: 64 Units
Gym and Function Halls
One of the major advantages that the young and upwardly mobile individuals find in condominiums are its fitness center or gym. You can spend hours in the gym to make yourself fit without worrying about the dreary drive to your home after. As always, Taft East Gate abides by its promise to mark urban living of professionals with the iconic symbol of progress. With its function halls, young entrepreneurs can launch events and other activities with its spacious halls – a futuristic view of creating a business hub for young entrepreneurs, where great minds meet.
Indeed, Taft East Gate is seen as the game changer for the condominium developers not only in Cebu but in the country.
Swimming Pool
Dive into Taft East Gate swimming pool and feel refreshed as you lose yourself in the coolness of its waters. A condominium will never be complete without a swimming pool families can spend time on or single individuals enjoy on their leisure hours after a hard day's work.
Taft East Gate is marked by Taft Properties strict adherence to quality standards, thus, setting the bar a few notches higher when it comes to the luxury and convenience that a few Cebu condominiums can rival.
Why Taft East Gate?
It provides you the opportunity to be in the primmest location in the country – Cebu City!
It offers an urban high rise condominium with suburban elements like its exclusive garden balconies
It brings comfort by iconic design marked with innovation to improve one's' lifestyle
It presents value conscious packaging to fit one's budget
Choose your unit now:
– STUDIO with or without balcony (all corner units with balcony)
– 1 BEDROOM with or without balcony
– 2 BEDROOM with balcony
High rise condominium to grace the beautiful skies of Cebu City!
Get TAFT EAST GATE Condominium – For Business and Leisure
Taft EAST GATE is the ONLY condominium in Cebu that houses the most popular
retail shops that will rival malls or shopping destinations around (Ayala & SM). Offering
its occupants the shopping convenience they need without leaving the grand lobby of the
condominium. SM City Cebu and Ayala Center Cebu are only within a walking distance
for more shopping choices.
Premium Business Investment Area
Cebu is at its highest point for massive economic growth making NOW as the best time
to invest in real estate such as Taft EAST GATE. With its adaptable living spaces,
modern and chic amenities and one of a kind shopping area, this condominium is one of
the finest attracting both local and foreign professionals. This is expected to be returning
a high investment value like no other.
Property ID: rs-3295
Property Address: Cardinal Rosales Avenue
Property City : Cebu City
Property Address: Cardinal Rosales Avenue
Property City : Cebu City
Contact us for a meeting and schedule a Property site visit.
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Wow might be one of the most moving animations I've seen in a long time
Considering this was in memory of one of your best friends I can only imagine what you went through. And if he were to see this animation he would be proud of you. That being said the animationw as superb. If you ever get the chance you should submit this at a film festival or something like that it's an A+ winner in my book.
Keep up the good work and make your friend proud!


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Listings in Breweries in Bendigo east, Officer, Kew and St kilda
Three Troupers Brewery
in Breweries
Three Troupers Brewery produces 3 craft beers a Pale Ale, Amber Ale and Pilsner. All are preservative free and naturally brewed so you can taste the difference.
10 Hickson Rd
Officer, Victoria 3809
Review this
Carlisle Street Brewing Company
in Breweries
Allow us to introduce ourselves. We're a family business based in St Kilda, a bayside suburb of Melbourne.
(No Brewery at this Location)
St Kilda, Victoria 3182
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Brookes Beer
in Breweries
4 McDowalls Road
4A Mayfair Park
Bendigo East, Victoria 3550
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115 Grill & Brewhouse
in Available for Weddings, Open Weekends, Open Daily, Open for Dinner, Open for Breakfast, Open for Lunch, Available for Functions, Brewery Accommodation, Brewery Restaurants, Brewery Bars, Breweries
Our focus at 115 Brewhouse is on brewing "quality, small batch, hand crafted beers", to match any on the Melbourne craft beer scene.
115 Cotham Road
Kew, Victoria 3101
Review this


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- A+Overall Grade
- Suburb of Houston, TX
- 368 reviews
- Public SchoolsA
- Crime & SafetyC+
- HousingA-
- NightlifeB-
- Good for FamiliesA+
- DiversityA+
- JobsA+
- WeatherB+
- Cost of LivingB
- Health & FitnessB+
- Outdoor ActivitiesA-
- CommuteC
Pearland is a suburb of Houston with a population of 113,693. Pearland is in Brazoria County and is one of the best places to live in Texas. Living in Pearland offers residents a sparse suburban feel and most residents own their homes. In Pearland there are a lot of parks. Many families and young professionals live in Pearland and residents tend to have moderate political views. The public schools in Pearland are highly rated.
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Pearland Rankings
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Places like Pearland
- AMissouri City
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Pearland Reviews
368 reviews
Pearland is the cutest little town in all of Texas! When I moved here from Florida, Pearland was a fairly small place. Over the past couple of years, however, its population has grown! Pearland now houses every store and restaurant you can think of and the residents are all generally nice people! Pearland has a relaxed, laid-back feeling about it. There isn't one area of town that is dangerous or risky to drive through or visit. However, if you live here, many people outside of Pearland will pronounce your hometown as, "Pearl-land!"
I think that The City of Pearland is very beautiful. There is a really nice view of the sunset in certain areas of the city. There are many amenities that are easily accessible to patrons. For example, shopping outlets, fast foods, all you can eat buffets, many banks, etc. Although the traffic on Broadway may be a tad bit overwhelming during rush hour, as is everywhere else in Houston, one can enjoy the scenery that runs along the stretch. There are also parks that people can carry their children as well as their pets. I would not change a thing! If you are a huge fan of parks and sunsets, then this is the place for you!
I loved living in Pearland in the year of 2011. It was so nice and peaceful. The environment was clean, and my neighbors were nice and friendly. There's so many fun and interesting things to do that are nearby. The mall is in the middle of the town, which is great for everyone. The thing I liked most about Pearland was that there's always cops patrolling the area, therefore I always felt safe wherever I went. If I could change anything, it would be the cost of living. I would make it more affordable, so that more great people could reside there!


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This change "scsi: zfcp: update kernel message for invalid FCP_CMND length, it's not the CDB" in Linux kernel is authored by Steffen Maier <maier [at] linux.ibm.com> on Thu Nov 8 15:44:47 2018 +0100.
scsi: zfcp: update kernel message for invalid FCP_CMND length, it's not the CDB The CDB is just a part inside of FCP_CMND, see zfcp_fc_scsi_to_fcp(). While at it, fix the device driver reaction: adapter not LUN shutdown. Signed-off-by: Steffen Maier <firstname.lastname@example.com> Reviewed-by: Benjamin Block <email@example.com> Signed-off-by: Martin K. Petersen <firstname.lastname@example.com>
This Linux change may have been applied to various maintained Linux releases and you can find Linux releases including commit 724e144.
There are 7 lines of Linux source code added/deleted in this change. Code changes to Linux kernel are as follows.
drivers/s390/scsi/zfcp_fsf.c | 7 ++----- 1 file changed, 2 insertions(+), 5 deletions(-) diff --git a/drivers/s390/scsi/zfcp_fsf.c b/drivers/s390/scsi/zfcp_fsf.c index c949c65..0bdbc59 100644 --- a/drivers/s390/scsi/zfcp_fsf.c +++ b/drivers/s390/scsi/zfcp_fsf.c @@ -2090,11 +2090,8 @@ static void zfcp_fsf_fcp_handler_common(struct zfcp_fsf_req *req, break; case FSF_CMND_LENGTH_NOT_VALID: dev_err(&req->adapter->ccw_device->dev, - "Incorrect CDB length %d, LUN 0x%016Lx on " - "port 0x%016Lx closedn", - req->qtcb->bottom.io.fcp_cmnd_length, - (unsigned long long)zfcp_scsi_dev_lun(sdev), - (unsigned long long)zfcp_sdev->port->wwpn); + "Incorrect FCP_CMND length %d, FCP device closedn", + req->qtcb->bottom.io.fcp_cmnd_length); zfcp_erp_adapter_shutdown(req->adapter, 0, "fssfch4"); req->status |= ZFCP_STATUS_FSFREQ_ERROR; break;
The commit for this change in Linux stable tree is 724e144 (patch).


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'Magical Trees' of Costa Rica bloom in pages of book
The spectacular show of blossoms put on by the trees of Costa Rica during the past few months is now permanently enshrined in the pages of "Arboles Mágicos/Magical Trees," published by the Magical Trees Foundation.
The cortez amarillo with its brilliant yellow blossoms, the nearly vanished palo de arco and its delicate pea-flower-like blossoms, and the cenízaro with its fuchsia puffs are just a few of the nearly 50 trees showcased in the 180-page book. Each entry is accompanied by informative and lively text – in Spanish and English – by noted writer and musician Jaime Gamboa of the popular group Malpaís, and beautifully illustrated with pictures by photographic family Juan José, Sergio and Giancarlo Pucci. Father Juan José is an award-winning nature photographer, son Sergio is a renowned professional photographer, and son Giancarlo is a talented amateur photographer.
"This book marks my first steps as an amateur photographer, but with such good teachers it hasn't been that difficult," Giancarlo Pucci told The Tico Times.
Giancarlo Pucci is also the founder of the Magical Trees Foundation, which aims to increase awareness about the importance of trees, especially native ones, in order to promote their conservation.
"Magical Trees" is available at Librería Internacional and Café Britt stores for approximately ₡17,900 ($36). Proceeds from book sales go toward financing the foundation's objectives, mainly environmental education and planting of trees. Other books and items such as artwork, handicrafts and seeds are also offered by the foundation as part of its fundraising efforts. For more information, see www.arbolesmagicos.org.
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