|Posted: January 4, 2006, 10:23 pm - IP Logged|
It has now been more than 6 weeks since my first correspondance with Hoosier Lottery Executive director Esther Schneider and over a week since she promised me I would have the information I requested within a week and I still have no word from her (or any one else at the Hoosier Lottery) regarding the changes to the Hoosier Lottery jackpot payout.
As I mentioned in another thread the annuity period was changed (without public announcement, explanation or increase) from 25 to 30 years.
The reference to the cash value amount being equal to the amount of the jackpot and quranteed to be somewhere between 40% to 50% of the anuity value was eliminated and no explanation, or estimated cash value was offered.
Today I was able to learn the new "estimated" cash value is 40% of the advertised annuity jackpot. I learned this because I work for a retailer that sells lottery tickets and someone pointed out that the terminal will give you an estimated cash value. (OK...I'm not the brightest bulb in the socket and I needed a bit of help...but I was able to get the information.)
The Hoosier Lottery "estimated" annuity jackpot value is $24,000,000.
The Hoosier Lottery "estimated" cash value jackpot is $9,600,000
So it now appears that not only has the annuity period been extended (without benefit to the players) but the cash value has been reduced as well.
More to follow if and when the Director decides to answer my questions. I won't hold my breath while I wait for her to answer.
40% Damn! That's almost as bad as New York!
Money frees you from doing things you dislike. Since I dislike doing nearly everything, money is handy. - Groucho Marx