Pension Questions
We've been getting a rather frustrated individual in the comments section who is claiming that our pension fund is in trouble, the city is draining it, we're all doomed and other complaints.
We'd like to address the issue, but we admit a lack of accounting and actuarial knowledge to do it even remotely well. Does anyone have any concrete evidence that our pension fund is in anything but decent health? We realize that certain private pensions have been going under. We are also aware that the Feds have stepped in to regulate and control a number of other funds, many times shorting pension recipients of what they had been promised by previous contracts and companies.
Anyone who can do it intelligently and in a simple manner is welcome to try here in this thread.
We'd like to address the issue, but we admit a lack of accounting and actuarial knowledge to do it even remotely well. Does anyone have any concrete evidence that our pension fund is in anything but decent health? We realize that certain private pensions have been going under. We are also aware that the Feds have stepped in to regulate and control a number of other funds, many times shorting pension recipients of what they had been promised by previous contracts and companies.
Anyone who can do it intelligently and in a simple manner is welcome to try here in this thread.
posted by SCC at 7:05 AM
37 Comments:
Not much more clear than the suntime article. 56% of the police pension is funded.
Hey, where is that guy who was all over the blog running for the Pension Board? Maybe he had come back here and tell us what is going on?
Better yet, let's go to them:
Pension Fund
221 N. LaSalle, Rm 1626
Pax 0357
Bell 4-3891
TOll Free 800-656-6606
There are always pension reps at FOP and PBPA meetings. I would suggest to all of them to be prepared for questions at the next meeting. Maybe even prepare a statement in plain English about this subject for us math challenged.
I want to know if my pension will go to hire trucks for Richie's new monument to himself and be cut Dan Rostenkowski did to my Social Security Benefits.
Can anyone out there post a Federal Pen mugshot of Rosti. I like to see that, and a mugshot of Richie under the same circumstances.
The city wants our pension fund to be incorparated into the City's fund. Our money for Streets and San.,alderman fund and various other city depts.
WHERE IS THE LOTTERY MONEY AT? Remember when they started the lottery in Illinois. The money was to help the schools. Demand to know where the money goes!
Ladies and gents, in the future (very near future) city employees will no longer receive pensions. Don't be suprised when our current FOP contract is up the city bucking big time for all new employees to be 401k instead of pension.
401k has been a wave in the private sector for a long time and gov't employees r next. Private citizens r tired of getting their benefits stripped then seeing their taxes go up to pay for pensions. Everytime they raise taxes for schools most of the money is for the fucking teachers not the students. I know we love to rip the kids in these schools but the majority of the money is going to the administration and staff and their pensions.
A few years ago the Union was a dying breed. In the near future the pension will be a thing of the past.
Only the rich fatcats in charge will have a pension unless we the voters eliminate their pensions to. As they say adapt or die!!
This "gold braid" bullshit is legalized robbery by the clout mongers. Pension reforms NOW!
Prison for political pension raiders.
Here's a suggestion.
Demand that the city's portion of the pension be deposited into either deferred comp or a seperate (not city run) 401k.
Keep BIG DICK's grubby little hands off of my pension money.
Our pensions will be history. Thats a fact. Theres nothing that can be done to change this. 401K here we come.
Sorry off the thread but WTF??
Chicago Tribune
The Associated Press
Published February 28, 2006, 7:50 AM CST
A police union official is criticizing a Chicago proposal to rename a street after a slain Black Panther leader who once advocated violence against police officers.
The City Council's transportation committee approved an ordinance yesterday to rename a one-block section of Monroe Street on the city's West Side after former Panther Fred Hampton.
Hampton was gunned down by police in a controversial raid at his Chicago apartment in 1969.
Fraternal Order of Police President Mark Donahue said it's a "dark day" when city officials honor a man who called for harming police officers.
But Alderman Madeline Haithcock says she sponsored the measure because of the community work the Black Panthers did and their fight against racism.
Alderman Madeline Haithcock loves cop killers and felons. What did you expect? I'm sure there are a lot of alderscum that agree with her...
If you really want to know what’s going on, call the pension board and tell them you want to address the board at the next meeting and make sure you get put on the agenda.
When you address the board make sure that you are on the record, if you are not, whatever is said does not mean squat!
Pension Board meetings are open to the public. They have to let you attend. Go up there, 10, 20, even 100 officers and ask what is going on.
You have every right to go to YOUR pension board meeting, it’s your money.
This city amazes me. As I said before, take my pension and I start takin heads.
What amazes me even more...all the super arrest cops will do nothing about the pension untill its gone. Just like the medical, I dont care said one copper,I never get sick. If they take the pension away I will be a bigger dog than Ive become. Dont do a damn thing for this fucking asshole of a mayor. Whats it going to take to get coppers to stick together? The fucking pension is the only good part of this fucked up job. UNITE!
And Mr Donahue how do you slepp at night?
Holy shit I spelled sleep wrong.
If they were a bit more stingy with the so called disabled POs who could easily work light duty jobs but wont
or with giving the widows of popular high ranking brass duty death pensions for non-duty related deaths, it certainly wouldnt hurt
TO: 2/28/2006 10:16:56 AM
YOU ARE A COCKSUCKER AND ROYAL JACKASS. YOU'RE PROBABLY SO FUCKING JEALOUS YOU CAN'T DISABILITY AND STUCK IN 311, ITS EATING YOU ALIVE. GO FUCK YOURSELF!!!
Go to ---smokinggun.com----for a mug of Rosty.
Sorry guys I'm away from the numbers at the moment , but next week I'll be able to give you he numbers. At the end of last year, we were drawing down on the pension fund at the rate of a couple of hundred thou a month against a pot of 3.9 Billion. The fund pulls in x amount of dollars from our (workers) cotributions (9% of your pay check) each month, the City puts in double that amount of workers pay, but gets to wait two years so they can bugdet the amount in their books. The fund then earns money on investments made by the fund. Several years ago the Fund lost 1 Billion in the market, but it is doing better now and should have a great year. There is plenty of money (3.9 Billion and probably a lot more since the market has been doing well lately, I just don't have accesses to the numbers)) in the Fund for all retirees at this time and the near future. 4 Billion minus about 300 thousands a month will last quiet a log time. The effect of our investments will be the isssue in the future but not a problem today.
oops, long time
and quite
I will now sit down and go fuck myself.
BORING BUT HERE IT IS
http://www.chipabf.org/ar2004.pdf
Gross revenues for 2004 decreased a total of $265,461,620 million as compared to 2003. The decrease is attributable to significant appreciation in the unrealized fair value of investments for 2004 as compared to 2003 as well as an decrease in the realized gains on investments sold in the year 2004 as compared to 2003.
Funding Status
In 2004 revenues of $ 582,453,099 exceeded expenses of $ 409,926,816 by $172.5 million. This increase brought the plan’s net asset base to $3.87 billion.
!!!!!!!!!! The net asset base currently funds 54.96 % on a fair value basis of the aggregate actuarial liability of $7.03 billion. !!!!!!!!!!!
For the purposes of this report the actuarial section details the GASB 25 funding ratio method used by the actuary, which is a five year market smoothing period to arrive at the actuarial value of assets. The actuarial funded ratio of 55.91% is a decrease of 5.47% from 2003. The current funding ratio of 55.91% is considered below normal levels. It should be noted that there has been no increase in recommended employer requirement (tax multiplier) since 1982 when the rate was increased from 1.97 to 2.00 times the employee contribution two years prior.
again
The net asset base currently funds 54.96 % on a fair value basis of the aggregate actuarial liability of $7.03 billion.
as of the last report we need 7 billion only have 3.8 billion..
and the 7 billion is a a lowest number needed too make the pension solvent.
the man ranting has a point folks.
they put those reports in the station every year
The actuarial funded ratio of 55.91% is a decrease of 5.47% from 2003. The current funding ratio of 55.91% is considered below normal levels.
How about the credit union?
I heard they are attempting to run it like a real bank. That a p.o. got a car loan at about 10% because of his credit history. Even though this is his 2nd or 3rd auto loan from them. How does that happen? Isn't it our money they are using? Then again I hear they are letting the neighborhood people use it as their bank. I'm sure if it is true, they have no relation to the police. These are the same people complaining about cops parking around the credit union.
Also heard they bought the land to the west of them to build a new home for them. Didn't they just move into that new building? Guess they need room. Anyone there now must not have been around for the cramped space they had on Wabash. Maybe they should just use it for a parking lot for us.
SCC:
Since most of us do not go to the FOP meetings this seems to be our forum. It appears the FOP looks at this site and maybe some bosses and politicians. If this is our forum lets come up with some issues and priorities that we want in our contract. Lets list them, talk about them and try to send some officers from around the city to attend the FOP meetings and meet with some of the politicians. Its election time and we are a voting block. Politicians want our endorsement lets make them earn it. Its time to walk the walk....
I agree with above post. Lets find politicians who will back our issues and endorce them. Which mayoral candidate will go on record and state he wont mess with our pension and end residency.
Can I get my Street renamed after FRANK COLLINS, the Marquette Park Nazi leader who's office was ROCKWELL HALL on 71st Street? Feds couldn't get him legally so they through some kiddie porn on him for expressing some "white views". What a shame......
back on topic......
Does anybody know of any decent polititians worth voting for or even campaigning for????
I think if we all knew who to vote for, we'd get more of our questions answered.
I thought I saw that the FOP meeting tomorrow at 1700 hrs.
When to their site and no listing.
Who's going with me???
3rd Tuesday of the month. Check it out again
Decent polititian! Thats a good one! Made me laugh thanks!
i'm glad to see people taking this topic seriously. the polititions keep screwing us :
tollways made free after bond payoff.
lottery procedes enhance the funding of schools.
rosty's soc. sec. windfall elimination provision.
soc. sec. in general
etc.
time to wake up and demand honesty and accountabillity in govt. it won't happen over night but we can't afford to give up.
go to chicago Police benefits and annuity web site. it explains in fairly simple terms .future looks bleak though.
Make the politicians FEAR US!!
Some years ago, a police commander from South America came to Chicago for a visit. When he heard what some politicians were doing to the police he asked, "Why do you let them do this to you, you are the ones with the guns."
We are also the ones with the votes, and we can influence votes. If we could just get them together and smash Daley, Blogo, Stroger et al.
Make them FEAR US!!
The Daley's would love to get our pension theyve already raided the Cook County and Park District Persions for Millions?
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