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Financial Advisor Discusses Chicago's Looming Pension Problems

Tubbergen's radio shows can also be heard as podcasts on his radio website.

 

Grand Rapids, MI -- (SBWIRE) -- 01/06/2014 -- Dennis Tubbergen, a financial advisor, author, radio show host and CEO of PLP Advisors, LLC can help out. Whether people enjoy his weekly radio show or his blog at www.dennistubbergen.com, Tubbergen is dedicated to sharing his viewpoints and opinions.

If you have a pension plan that you are starting to worry about, you probably are not alone. On December 17, 2013 Tubbergen's blog was titled Chicago's Underfunded Pension Problem Making Headlines.

"For several years I have been writing about and warning of the coming pension disasters all across the country," began Tubbergen. "After we saw pensions cut in Central Falls, Rhode Island and numerous other municipal bankruptcy filings, I warned the City of Detroit would soon follow suit."

Tubbergen goes on to stress, "That just happened. Next on the horizon in my view will be the larger cities of Chicago and Philadelphia as well as many other smaller municipalities."

Below Tubbergen quotes from Sara Burnett with contributions from AP writer Kerry Lester published on My Way on December 10, 2013.

It's not the vision of a world-class city that Chicago Mayor Rahm Emanuel typically likes to portray.

More teachers losing their jobs, thousands fewer police and firefighters on duty, less frequent trash collection and miles of potholed roads going unrepaired - all as property taxes soar.

But that's the scenario Emanuel and others have said could befall the nation's third-largest city if the state Legislature - which passed a landmark measure last week to address Illinois' severe public pension shortfall - doesn't deal with Chicago's own multibillion-dollar pension problem.

The economic capital of Illinois and the Midwest, Chicago holds the dubious distinction of having the worst-funded public pension system of any major U.S. city. It's a crisis that's putting in peril Chicago's reputation as "the city that works," and its vision of being a modern transportation hub in the midst of a high-tech boom.

"Chicago sticks out for all the wrong reasons," said Rachel Barkley, a municipal credit analyst at Morningstar Inc. referring to a public pension system that is only 35 percent funded, compared to New York's 60 percent and San Francisco's 88 percent.

To see why simply raising taxes may not be the best option and to read what Tubbergen believes are the three main reasons for the predicament these cities are in, go to http://www.dennistubbergen.com and select his December 16, 2013 entry.

Tubbergen’s syndicated radio show can be heard on metro Michigan stations WTKG 1230 AM and WOOD Newsradio1300 AM and 106.9 FM.

About Dennis Tubbergen
Dennis Tubbergen has been in the financial industry for over 25 years and has his corporate offices in Grand Rapids, Michigan. Tubbergen is CEO of PLP Advisors, LLC and has an online blog that can be read at www.dennistubbergen.com.

The opinions expressed herein are those of the writer and not necessarily those of USA Wealth Management, LLC. This update may contain forward-looking statements, including, but not limited to, statements as to future events that involve various risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual events or results to differ materially from those that were forecasted. Therefore, no forecast should be construed as a guarantee. Prior to making any investment decision, individuals should consult a professional to determine the risks, costs, benefits and fees associated with a particular investment. Information obtained from third party resources is believed to be reliable but the accuracy cannot be guaranteed.