Chomiak Pension Letter
We are not accountants, nor will we pretend to be. We don't know if retired Captain Phillip Chomiak is an accountant either, but he has consulted with accountants and drafted a pretty convincing argument that our pension is horribly screwed up. He asked up if it would be possible to post his letter and we said yes. We know there are remote servers and such where we could post this as a .pdf file but we haven't had time to look into it. It's only a four page letter, so we scanned it and are uploading it here for you to read.
Click on the individual pictures to bring up each frame. Use the "View" button in your browser to increase/decrease the text size if necessary. If Captain Chomiak consents, we'll publish his e-mail address in the comments or updates so that people can contact him with questions. Otherwise, use our comment section for the time being.
Notice that the unions who actually have the power to strike manage to maintain a higher funding ratio of their pensions while public safety employees, the ones who arguably are the most necessary (but cannot strike), are the ones with the crappiest funding. Go figure that one out.
Click on the individual pictures to bring up each frame. Use the "View" button in your browser to increase/decrease the text size if necessary. If Captain Chomiak consents, we'll publish his e-mail address in the comments or updates so that people can contact him with questions. Otherwise, use our comment section for the time being.
Notice that the unions who actually have the power to strike manage to maintain a higher funding ratio of their pensions while public safety employees, the ones who arguably are the most necessary (but cannot strike), are the ones with the crappiest funding. Go figure that one out.
Labels: pension
posted by SCC at 12:03 AM
105 Comments:
Looks like the CFD is in even worse shape than us. That's a feather in our cap.
Hey SCC any chance that the retired Capt. has a son named Phil who just happens to be a graduate accounting professor at Depaul's school of business?
Have worked for Chomiak in the past. I found him to be a good and honorable man. Now he really has me worried.
We really need to consider our future. Will it take an extra $20 a check to be used to help fund our health care upon retirement? I for one will gladly give it, but to who?
OK now what? Will our emasculated fraternal leadership do anything to help us? The rank and file blue shirts have the general public and city hall(our employers) now as advisaries.
Talk about feeling like a fart in the wind...
Good luck with getting any kind of help from the Illinois State legislature. Their own pension funds are vastly underfunded also. I doubt they will be willing to force the city to do anything as it might focus some attention on the state's inadequate funding of Teacher's Retirement, and other state pension funds. I am talking about Teacher's retirement for the teachers in the state who are NOT in the city of Chicago. About the only money going into that fund are employee funds. The state has failed to meet its commitment to retirees for years now.
That is a very plain and understandable explanation of the problem with our pension fund. Leave out for a second the question of why the other funds are so healthy. We (and the firefighters) are looking at a big problem, and it will only get worse because of the changes made to when we reach full pension (compression). FOP, PBPA, we need some help here. This is a serious problem, as serious as discipline, as serious as the retiree medical, and more serious than residency or any of the other problems that we might be facing, or complaining about. Please, someone step up and help us out. How about we start a letter, e-mail and phone calling effort to our lawmakers. We cannot wait till it's too late. Even if you are in your first few years, this should be high on the list of concerns. Because believe me, retirement will be here before you know it. Thanks Captain Chomiak, for explaining it in such a clear manner.
big surprise.
if you are not getting a pension RIGHT NOW, do not plan on having one. This Shity will suck you dry then kick you to the curb. And don't count on your 401k!
I'm between 5-10 years. I made $74k before taxes last year. As of right now, a pension of 75% of that = ~$56k. If I lived from 55 to 75, to get $56k / yr from a 401k I would need a grand total of $1,120,000 do you think those mutual funds will carry you to that goal?? Not f-ing likely!
Ofcourse all you stock and real estate whizzes moonlighting as the police will do better. And you all can chime in now how you want your own retirement plan and you know better than The Donald, and Warren Buffet and Gorge Soros and Bill Gates, and ........
Phil was and is a class act! A great guy who is again 100% correct! Where did the money from the skyway go? Into another hidden daley and friends private fund? daley promised the money would be used to shore up sagging city pension funds but then again the autor of all lies daley cannot ever be trusted! will he ever get indicted and put away with his friend and comrade georgie boy ryan and then scoop up blago and stroger?
Just wanted to thank the capt for taking the time out to bring this issue to light. Why is pension funding not in our contracts? I do believe that our union does a lot for us and have been fighting strongly for our causes. I think we just need to let them know sometimes what's really important to us and give them direction of which fights to fight.
So what is the solution? State Law, "constrains employer contributions to be twice the employee contribution level in the second prior fiscal year." If we refuse to reduce our benefits, will present working officers have to pay more towards the pension, so that the city will subsequently pay more? It could be worse, the fire department's funding ratio is almost 9% worse than ours.
Holy shit, better up my deffered comp.
When I came on the job I remember that the pay was not the best. (28,000) The benefits however were far better then any other job. As a young 23 year old I believed that the pension would be there at retirement and be able to sustain me for years to follow. This mistake made me believe that there was no reason to save for the future. Now 17 years later, I'm finacially ok, but the future of the pension fund is not what I thought it would be. If nothing changes I'll have to work longer then I thought just to save in the deffered comp program. this is de to the enormous social programs that continue to expand every year by the Democratic liberals in goverment. Because of liberals constantly writing checks on our tax dollars to buy votes from the people whos only job in life is to professionaly work "the system" We'll have to work longer.
The most ironic kick in the ass that we had to give money out of the pension fund to get the 2.5 percent. The mayor and his band of liberal theives have been trying to get a hold of the pension fund for years. It's the shortsighted FOP elected pension fund mangers that are bankrupting the fund. By voting to allow the politically connected investment groups such as DV Urban Reality developers (15 million dollars with one dissenting vote by the sergeant assc. which the FOP lied about saying they voted against) and inferior investment groups based on the single qualification they are alledgly black operated and not their past and present perfomance we are screwed.
I am also retired, mentioned the pension problem on this board numerous times, seems as if the average P O does not get it.
Have a degree in Finance.
Another question, Capt is retired. Why was he never an exempt? Compared to the clowns now
The Mayor has not paid into our pension fund for 4 years.Our pension is woefully underfunded.In all probability WE WILL NOT HAVE a pension fund in 5-10 years.It was only 5 years ago,our pension fund was rated at 70%.Now its rated at 50%.I have spoken to a pension fund analyst and they looked over our pension fund numbers and stated it will be gone in 5-10 years,if the City of Chicago(DALEY)keeps refusing to pay into our pension fund.
This jagoff will defer making any reperations to the Pension Fund until his beloved Olympics is finished. He will do everything he can to forestall any payments. Would everyone please increase their contributions to deferred compensation so you won't be sorry later. By the way--what is the status of Aldermanic Pensions? Inquiring minds want to know.
Although I thank the Capt for posting the letter I would lke to tell him to fuck off in regards to the increase to 2.5% per year after 20 and the other "enhancments" that he calls them. The cpatin sure did not bring up the nice jump in pension that he and all the other captains receive for working a few or their golden years in that rank bu yet will rep the benefit of that higher salary in their pension benefits while never contributing at that level for a majority of their carrer
SCC, In answer to 12:08:00 AM no its not his son, its him who is the professor or it was if he is now retired from there also. We used to get calls all the time at 013 asking for Professor Chomiak.
Plus he was quite proud and talked about it.
I'VE DECIDED TO TURN MY PENSION OVER TO CHARITY AND EXCEPT MY EXPERIENCES AS A BELOVED CHICAGO POLICE OFFICER AS PAYMENT....NOW I WILL PRETEND TO RIDE A BUCKING BRONCO AS "PLAY THAT FUNKY MUSIC" PLAYS IN THE BACKGROUND.
KOO KOO KOO KOO
Capt. what can we do collectively as a group (retired and active members) to get the attention of the lawmakers and change the direction in which our retirement fund is headed?
The Chomiak brothers, Phil and John, are good people.
Anything that they bring forward should be considered by all to be honest and thoughtful.
The 2013 retirement health-care doomsday should have gotten ourselves and the FOP in gear, but no one has stepped up.
By the end of the decade, we'll see a two-tiered retirement plan forced upon us. Current CPD will receive traditional fixed pensions, new hires will get "self-managed" to 401k-like accounts.
By 2017, the political and financial realities of Chicago and Springfield will have eliminated fixed pensions for those CPD not yet retired. State law will then mandate a reduction in retiree pension benefit levels in a manner similar to what occurred at United Airlines in 2005.
Time to mobilize folks.
I have no problem giving an extra 20 bucks a check to fund our pension. The problem I and all of us should have is how the city "borrows" from our pension and never repays that and the union allows this to happen. Even if we all give an extra 20 bucks a check who is to say that the union isnt going to allow the city to use that for necessary city services when they cry broke all the time? This scares me quite a bit as I only have 7 yrs on and the thought of what will be there for me and guys my age when it comes time for retirement concerns me. I want every copper to have a pension, old and young but I dont think a lot of the older guys will be willing to help out if they think they are secure enough. Unfortunately its a "me" world we live in
Not trying to step on any toes here, but I think what I will say reflects reality.
Pensions are being phased out in the private sector, and in most cases being carried out in a casket. The amount of liability is astronomical when you consider contributions guessed in the 1950s and 1960s being used to pay for old age through the 1990s and 2000s. People are simply living longer, and the amount to draw out is going far beyond the earlier estimates.
I can't help but think that the city should not offer the pensions for new hires. Instead, just offer a standard 401K with employer matching. The city has more than enough to worry about just satisfying its existing obligation for pensions, and sure as hell should not be allowing these unfulfillable promises to get bigger.
On the one hand, the new hires would bitch about not getting what the older guys were given. On the other hand, they wouldn't have to face the uncertainty of an unfunded pension, and they would still be receiving the same type of retirement scheme that is just about universal for new hires in the private sector.
Maybe the correct people to ask about our pension problems is our elected representatives. The rep for the exempts, Capts and Lts is Lt. Jim Maloney who believes in giving the exempts any benefit he can, nothing is too good for them. Time to elect new representatives from each of the ranks!!!!
Phil Chomiak is the smartest and classiest man I've met on this job. He is currently a Professor of Accountancy at Depaul. The issue of our pension's underfunding is the most important problem we face today. We must hold the leadership of FOP and PBPA accountable. Contact them and let them know that you think this is our #1 problem! The teacher's pension is well funded because they are an integral part of the Democratic party. We, on the other hand, are considered a liability by a white administration that rules a majority minority city. Never forget that the reason for this administration's existance is to loot the public treasury for the benefit of a select group of developers, builders, etc....They will spare no expense to buy off various entities (reverends,"educators",activists)to ensure theat they can continue the hustle! They view the Olympics as the last big "score" before they are turned out of office on a tidal wave of black votes. If they plan on hanging the tax payers out to dry for the Olympics, what do you think they'll do to you? Organize, lobby, fight for your future now!
I’m a Non-believer!!!
In 2013 retiree health care will be gone and soon (it is coming quicker then most people realize) our pension will be gone! But the politicians, bosses, and FOP officials will be set because they have been reaping the rewards on the backs of hardworking P/O’s their whole careers.
Keep working all you P/O’s kissing ass and trying to impress the bosses then, in 10 or 15 years, after they retire and move out of state to a nice sunny location to get away from all the corruption that they have been a part off, you can continue to work and try to impress the next “merit” boss that you are working for. Then when you’re 63 and forced off the job you can be a greeter at Wal-Mart while the bosses that you tried to impress are enjoying their retirement.
When are you people going to open your eyes and realize that we are being used and abused? We could put an end to all this BS real fast if we would just stick together! But a lot of P/O’s have no idea what unit cohesion is or banding together like the brothers we once were.
And for all you P/O’s who want to talk shit about kids in private schools and bills to pay, guess what? I, too, have kids in private schools and bills to pay, but I am more conservative in how I spend my money and refuse to do any more then I have to! Very rarely do I write tickets and get very little overtime because I refuse to be a pawn in this game. But you keep working and making your bosses look good!
P.S. Thanks Capt. for the info, but I am afraid a lot of P/O’s only care about themselves and either can’t or refuse to see the bigger picture.
would the good captain consider running for a seat on the pension board and ousting that do nothing Ken Hauser.
Mission of the city is to eliminate pension funding and provide a 401K alternative. Pensions are a thing of the past, if the city can eliminate another financial liability by producing a pension failure it will!!! The city will blame the amount of retirees and reduce its liability by claiming financial incapability to pay out.
was the pension fund ever fully funded? typically these gov't programes are ponzi like and count heavily on future contributions, deaths and inflation to continue operation.
the state has, under blago, taken a 2yr pension funding holiday in an effort to keep the deficit down.
these gov't officials must know something we don't. how will they meet expected increased future demand without reduceing benifits or increasing taxes or both ?
...Hey SCC any chance that the retired Capt. has a son named Phil who just happens to be a graduate accounting professor at Depaul's school of business?...
The retired Captain is now a professor at DePaul.
THE BIGGEST DRAIN IS ALL THESE EXEMPTS DRAWING FROM OUR FUND, ALONG W/THESE HUBERMAN TYPES THAT SHUFFLE OFF TO ANOTHER AGNECY BUT STAY IN OUR FUND.
ALL YOU ASSHATS THAT THINK THAT ARRANGEMENT IS JUST HUNKY DORY, WELL ENJOY BAGGING GROCERIES @ THE JEWEL WHEN YOU'RE RETIRED.
MEANWHILE, HUBIE WILL BE OILING UP SOME HUNKY STUD @ HIS RETIREMENT VILLA IN HAWAII.
DUMMIES THE LOT OF YOU!!
Another question, Capt is retired. Why was he never an exempt? Compared to the clowns now
I HAVE A QUESTION ITS 5AM AND YOU ARE RETIRED, SHOULDN'T YOU BE IN BED FOR ANOTHER 5 HOURS? :)
Retired Capt. Chomiak is indeed a accountant an is currently employed by DePaul University. I had the pleasure of working for this man in 013th District.The Dept. lost a good Boss, it was a sad day that he had enough of the Dept's Mishaps. Promoting goofs like Commander Kolman and her nutty ways of managing people made him say goodby. He is very knowledgeable in this area of business and should be taken seriously. Our union does nothing for us we need to stand up and let the city know we will not tolerate this on our pension.
We are SCREWED!!
Sell crack, save, and shut the hell up !
the other unions also receive 80% of pay when retired
i'll never understand why fop gave the city back the millions owed to pension fund
the capt is a cpa and is the professor
less then 15years on the job you'll be in a 401k
Phil Chomiak should have been exempt or on the pension board
looks like the young po's will be screwed when it's time for retirement
FOP sells out. They have to, because when they get dumped in an election they come back to patrol where they are susceptible to retribution.
Why are the other pensions in better shape, does daley have more friends and family there? How is it that a retired capt. figured this out and figured out what needs to be done yet our illustrious union hasn't? A lawsuit is needed now and sorry to break it to you donohue, but next election you and the rest of the citywide team are gone. We're going to vote in a group of chimps that can do a better job.
daley, I hope you have a stroke and die. Prison is to good for you.
Captain Chomiak was a class act and great boss. Worked for him in 013. He knows the game and is very intelligent. Retired and now teaching at De Paul University I believe.
I would be happy to have him as a boss on the scene of any incident I ever got in!
I ran for a pension board postion and would have supported POLICE OFFICERS interests. I was opposed by Steve Robbins our current patrolman's representative (Supported by the FOP morally and financially) but I lost by under 200 votes. Obviously your patrolmans representative either doesn't understand the issues or is in cahoots with the FOP on the voting issues of the Police Pension Board!
This is serious stuff! What are you going to do in 2013?
NO MORE MED COVERAGE SUPPLEMENTED BY CITY!!!
CAN U RETIRE???
PRE-EXISTING MED ISSUES???
WE HAVE PROBLEMS AND OUR FOP IS NOT ADDRESSING THEM! WE NEED TO SOLIDIFY AND FORTIFY OUR UNION AND PENSION FUND AND STAND UP FOR OUR CONTRACTUAL RIGHTS!!!
This is the most serious concern of all our careers! I have a spouse and 2 kids and CANT RETIRE until my kids are out of college. (15 years)
To keep them insured!
That will put me at 32 years in at 55.
SO MUCH FOR ENJOYING RETIREMENT!
NOW I HAVE NO BENEFITS!
PRE-EXISTING CONDITIONS, UNINSURABLE!
POSSIBILTY OF NO PENSION!!!
WHAT ARE YOU GOING TO DO!!!!
Patrolman J. Tierney (013,016)
Its looking more and more like it LOOKS like we need that new casino--political posturing agian by little dick.... I find ALL of the budget problems, CTA crisis, Metra problems, and our pension problems, as suspiciously only really being problems now that there is serious talk about a casino.... The feds eventually took Capone down for tax....what is it going to take for them to take down daley, the REAL meat on the mob's bones????
Anonymous said...
Looks like the CFD is in even worse shape than us. That's a feather in our cap.
11/25/2007 11:53:00 PM
THAT'S LIKE BEING THE WORLD'S TALLEST MIDGET
It is cheaper for King Richard to fund our pensions fully than to wake up one morning and see 13,000 armed police officers and 20,000 armed police retirees, thousands of teachers and axe-swinging firemen running wild over city hall.... We are much cheaper than the national guard, which is the only body that is going to be doing ANYTHING in this city if the pensions fail....soldiers will have to teach, drive the busses, put out the fires etc....While it is true coppers don't do anything to help their cause, stop paying them and I bet we will make operation push look like a passive, quiet bunch.....cops are CHEAP people (and damn proud of it), hurt our wallet, boy, look out!
Richie Daley's take on this,
"If they don't like what we offer them, they can quit."
The mayor does not belong to any municipal pension fund. He belongs to the state legislators pension fund. NO wonder he does not care about the working stiffs.
Keep voting democratic!
Whoever said it, hit the nail on the head. The government has to start taking care of those that take care of themselves, those being us taxpayers. Start cutting the cord on the ones who do nothing or scam the system and those on SSI for asthma, crack addiction, etc. who have not put one dime into the system.
I know that this is only beating a dead horse, but when is it going to stop, when are we going to do something about it. I have not voted for Mayor in Chicago for several elections, I just leave that portion blank. What else can be done?
Maybe if we, as police, did not see on a day in and day out basis a shit load of people abusing the system and the government letting this happen, we might just start treating these people better. Maybe if we did not constantly get shit on by bosses, the media and the public maybe we would have better attitude towards the things and people we are sworn to protect. I know that we are suppose to be held to a higher standard than treat us like that in what we should be receiving.
If you think about it all we are as Chicago Police are the shitbirds of the working class without reaping the welfare benefits.
MEANWHILE, HUBIE WILL BE OILING UP SOME HUNKY STUD @ HIS RETIREMENT VILLA IN HAWAII.
DUMMIES THE LOT OF YOU!!
11/26/2007 12:05:00 PM
look for him on the 5th floor taking up that superintendents position for a few years, might be coming soon now that our legislassture has finally gotten a transit bill to pass.
Retired Capt. Chomiak is indeed a accountant an is currently employed by DePaul University. I had the pleasure of working for this man in 013th District.The Dept. lost a good Boss, it was a sad day that he had enough of the Dept's Mishaps. Promoting goofs like Commander Kolman and her nutty ways of managing people made him say goodby. He is very knowledgeable in this area of business and should be taken seriously. Our union does nothing for us we need to stand up and let the city know we will not tolerate this on our pension.
11/26/2007 12:47:00 PM
Don't be a hater, Commanduh Kolman is "Good People".
2013 there will be no FOP then no need for the ball less ones by then it will ALL be gone and so will I KMA!! KMA!!
IT IS TIME TO DECERTIFY THE FOP!!!!
To 11/26/2007 07:59:00 AM,
You Sir, are an idiot. Now I realize why our department is so screwed-up. Myopic high school only grads like yourself-too stupid to see the truth, too stupid to get just one promotion. And now your bitter? You're probably a Southside Irish cretin, or one from Edison Park who has made a career out of voting for sell-out Irish politicians who have stuck it in our asses since the first theiving Daley took the reins in the Fifties. Most recently you endorsed Lisa O'Shield Madigan on the quid pro quo that her father would ensure an eighty percent pension with twenty-five years. Fuck you imbecile. And Nolan and Donahue, too. If you have any sense of self preservation you will elect the Pallohuskys, Chomiaks, et al. to represent you. Chump.
We also need to get back all of the benefits we have lost under Social Security. At this time, because we have a pension, we DO NOT receive our total benefits under Social Security, but rather, just a miniscule portion.
The powers that be will never worry about armed police and ax wielding firemen running wild at city hall because they know it will never happen. We can not even get enough people to go to a union meeting and raise hell. It is easy to bitch anonymously and watch and hope someone else does something. When nothing happens than tsk tsk look what they did to us now. A lot of people wont take the time to go or are afraid people will yell in their face at a meeting. Now is the time to get militant and demand what is fair and ours. Look at all the exempts on big money pensions working in other agencies toward another pension.
When we were hired the city only promised us a partolman pension, and that's all we should get. Those who get promoted should take part of their gains and invest it, but the only promise they received was a patrolmans pension. NO MORE GOLDEN PARACHUTES!!!
Just so everyone knows, If the city goes bankrupt from the Olympics and shortfalls in the pension fund it can legally take our deferred compensation (457b) money to pay its creditors and there is nothing you can do about it.
http://www.gao.gov/archive/1996/he96038.pdf
Happy Holidays!!!
That will put me at 32 years in at 55.
SO MUCH FOR ENJOYING RETIREMENT!
NOW I HAVE NO BENEFITS!
PRE-EXISTING CONDITIONS, UNINSURABLE!
POSSIBILTY OF NO PENSION!!!
WHAT ARE YOU GOING TO DO!!!!
Patrolman J. Tierney (013,016)
-----------------------------
I have an MBA in finance. You will not be able to live on the pension. Your years between retirement age and medicare eligibility will crush you financially. You will need an income of some kind for the rest of your life. That is the Cliff Notes version of your future. Seriously. Start doing something aboutit. I had to gamble a little bit and take risks with my private portfolio. Didn't like it, but you have to go for it when it's fourth down and time is running off the clock. Start looking for Plan B. I'm serious, I didn't post this to be an asshole. I had to do some financial planning and take some risks because of the position I foud myself in some time ago.
Just so everyone knows, If the city goes bankrupt from the Olympics and shortfalls in the pension fund it can legally take our deferred compensation (457b) money to pay its creditors and there is nothing you can do about it.
http://www.gao.gov/archive/1996/he96038.pdf
--------------------------------
True, hardly anyone knows this, but they do.
I can't help but think that the city should not offer the pensions for new hires. Instead, just offer a standard 401K with employer matching. The city has more than enough to worry about just satisfying its existing obligation for pensions, and sure as hell should not be allowing these unfulfillable promises to get bigger.
__________________________
Ultimately this is the only solution. Tell the FOP to agree to this.
The exempt-rank retiree kickback to the DemocRATS & Co. should be investigated by the Feds. Is anyone naieve enough to believe the city gives lots of these career-long fuckups these giant pensions without getting some back from them? Duh, can't you FEDS figure it out???
Sorry Cap.,too many what ifs in the scenario. Draw comfort from some facts. Fund established 1921,never diminished in 89 years,Constitutional guarantee challenged in the courts and upheld.Fund funded ratio never higher than 70% in its history.Over 8,000 retirees and the 1,200 hired in the last 24 months are vested in provisions of current plan. I agree,Medical plan is Citys domain,but according to Korshak ,2013 is still officially an unknown. However,recent Federally legislated use of a portion of tax deferred income by active or retired public safety personnel to pay for HSA,S, VEBAS,Flex Accounts ,and Long Term Healthcare Premiums is a step in the right direction.Retiree healthcare is the real issue.We need to stay focused and plan ahead.Hey Cap,thanks for still caring and making us think about whats important.
One solution is to stop giving out Duty disability pensions to those not deserving one. They also do not pay for retiree medical insurance. Secondly, not enough people called the pension board to complain about the "loaning" of our monies.
Although I thank the Capt for posting the letter I would lke to tell him to fuck off in regards to the increase to 2.5% per year after 20 and the other "enhancments" that he calls them. The cpatin sure did not bring up the nice jump in pension that he and all the other captains receive for working a few or their golden years in that rank bu yet will rep the benefit of that higher
Lets not forget exempts always walk away with a Cash payout for OT Etc of an average of 150 grand, time on the books. give me a break
Happy Holidays!!!
11/26/2007 07:45:00 PM
That was from April 1996!
Can you post one more current so I don't eat my glock! Thanks!
Anonymous said...
To 11/26/2007 07:59:00 AM,
You Sir, are an idiot. Now I realize why our department is so screwed-up. Myopic high school only grads like yourself-too stupid to see the truth, too stupid to get just one promotion. And now your bitter? You're probably a Southside Irish cretin, or one from Edison Park who has made a career out of voting for sell-out Irish politicians who have stuck it in our asses since the first theiving Daley took the reins in the Fifties. Most recently you endorsed Lisa O'Shield Madigan on the quid pro quo that her father would ensure an eighty percent pension with twenty-five years. Fuck you imbecile. And Nolan and Donahue, too. If you have any sense of self preservation you will elect the Pallohuskys, Chomiaks, et al. to represent you. Chump.
11/26/2007 06:32:00 PM
JACKASS--
NOT FROM ANY OF THE AREAS AND DID NOT VOTE FOR ANY OF THOSE PEOPLE. IF I AM A PO OR NOT BY THE TIME I LEAVE ALSO HAS NOTHING TO DO WITH MY POINT. I GUESS EVERY GUY WHO LEAVES THIS DEPT IN A BLUE SHIRT IS STUPID? I WOULD TAKE 100'S OF BLUE SHIRTS OVER ANY EXEMPT MEMBER ON THIS DEPT ANY SAY.
SINCE YOU ARE SO SMART I AM SURE YOU COULD SEE THE POINT IN THE POST IT THAT THE CAPT BITCHES ABOUT THE "ENHANCEMENTS" TO THE PO'S WHO MAKE UP A MAJORITY OF THIS DEPT ALONG WITH THEIR WIDOWS AND THE LIKE BUT YET DOES NOT MIND TAKING HIS NICE INCREASE FOR THE REST OF HIS LIFE FOR THE FEW YEARS HE WAS A CAPT BUT DID NOT PAY INTO AT THAT RATE.
DO FIND HIM, TAKE HIS ACCOUNTING CLASS AND THEN COME BACK AND EXPLAIN TO ALL THE STUPID PO'S HOS IT IS FAIR THAT HE CONTRIBUTES TO THE DRAINING OF OUR PENSION AT HIS RATE BUT WE DO NOT DESERVE 2.5% AFTER 20 YEARS
The captains analysis of the situation is right on the money. Adding to the misery is the probability that the stock market will enter a lengthy "Bear" period, making many pension investments losing propositions. The effects from the housing-loan debacle will be felt for many years to come. This should motivate all of us to pay much closer attention to the latter years of our lives. Happiness and financial well being are by no means guaranteed because you wore a star.
Is the allocations of loans based on the pension fund public info. or are we barred from finding out where it went?
This shit is scarier than a "man with a gun" in a dark alley! Can't we get Seiser on the Pension Board?
TIF dollars are TAX dollars
November 25th - 5:11 p.m.
Remember the movie, Soylent Green, with Charlton Heston?
Remember the last words he spoke, at the end?
"Soylent Green is PEOPLE!!!!!"
TIF dollars are like that.
TIF dollars are TAX dollars, skimmed off of our total tax burden and funneled wherever the Mayor, his pals and buddies and select aldermen want it to go.
Unless one embraces the fallacy that the Mayor and each individual alderman ACTUALLY represent the wills of all, or even most, citizens residing in our 'fair' city, this means that there is substantially NO accountability concerning what TIF/TAX dollars are spent on.
Not only that, but, there is also NO requirement for the purposes of said TAX dollars to be revealed to the taxpayers, nor to be justified to same.
Further, the stated purpose for which the TIF legislation and TIF districts were written and created, respectively, in the first place, are being blatantly ignored.
$500,000,000 this year alone.
That's HALF A BILLION tax dollars being NOT spent on authentic, specified and essential city services.
HALF-A-FUCKIN'-BILLION DOLLARS.
From the pockets of this county's taxpayers.
NOT being spent for the providing of city services.
If this ain't enough to get the tax-paying public, voting and non-voting alike, to pay attention, what the hell will?
Maybe if Mayor Mumbles holds a picnic, serving roasted human babies?
Lets not forget exempts always walk away with a Cash payout for OT Etc of an average of 150 grand, time on the books. give me a break
11/26/2007 09:54:00 PM
Exempts i know a sgt at the airport who has over 4,000 hours on the books and he has little time on the job how did that happen? That would be about 2 years pay 92K X 2 = $184K the emempts mosre like 500-800K payout!
Let the good capt run our pension fund... end of problem.
Why did the Union allow the City to forego making the required contribution to the Fund several years back?
Donohue and Pleines should both be terminated because they agreed to same!
We need new leadership that looks out for us not themselves!
The City is on the hook for those pensions according to state law. But don't bet on it. the City will get that law changed pretty fast if they really need it to be changed.
Now THIS is something we should be getting on the FOP about. the FOP should be filing lawsuits against the city to get that funding multiplier increased, in stages if necessary, but it is clear the City needs to kick in at least $4 for every $1 we put in, not the paltry $2 they do now, and they have been forgiven even putting that in at times.
This ought to be the main topic at every FOP meeting until something is done. If 10 officers come to the General Meetings from each unit and LOUDLY hammer this point home to Donahue each month maybe something will be done.
As it is, it is the same officers every month at every Genral Meeting. If just 10% of the officers who complain on this blog would come to the meetings and complain there...
Well, there's not much chance of that so until the majority of officers want to take their time and skip going to a bar or give up one night or afternoon of whatever and go to a General Meeting and speak their mind there, nothing will happen.
Don't think our pension fund can't go in the dumper, there are other cities that are near bankruptcy paying pension obligations out of their operating funds because they didn't fund their pensions properly. It can happen here too.
Anonymous said...
Why did the Union allow the City to forego making the required contribution to the Fund several years back?
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That was the price the city exacted for raising the pension from 2% extra a year to 2.5%, that is what it cost us to go from 32 years and a day to 29 years and a day to max out at 75%.
Now if you think about it that didn't make sense: increase the outward drain on the pension fund while at the same time decrease the amount the City pays into the system, even if it were temporary.
That $30 million in lost pension contributions the City saved would translate to double, triple or quadruple the amount in years to come if that money had been paid in and allowed to grow in the fund.
We lost $30 million in immediate contributions which would translate to maybe $100 million of future pension funding if the money were in there and growing instead of going down Daley's corruption pisshole.
Think of it this way, instead of going into our pension, the money went to Daley's relatives and friends.
The city wants out of the pension business. Even though they are not now doing so, by law, they must contribute. Our A--HOLE mayor can only concentrate on getting and funding Olympics, like a child with a fixation on a new toy. Keep up the good work, arrests, tickets. They DON'T care about you!!!
I know Chomiak, he's a good guy and really smart. He must be pretty pissed off. He knows a lot of people in high places and it appears he doesn't give a rat's ass.
Well boys and girls it is time to leave this city, because if you speak English and don't collect welfare or some other type of funding you don't count.
Rostenkowski took the Soc. Security away and other people in the private sector like Rostenkowski will get a pension and social security.
Too bad you guys don't see fit to post the HAVE NO DOUBT, VOTE INCUMBENTS OUT voting strategy.
I hope you're spreading the word on it, choosing to not post it because you want to stay under the radar.
Nothing is ever gonna change in this city and county until all the crooks are removed from their positions of authority, by the voters, so, all the problems you regularly complain about will continue to plague every honest and hardworking citizen, no matter how loudly anyone bitches and moans.
It may seem like an impossible long shot, but, bitching and moaning ain't gonna work, never has.
HAVE NO DOUBT, VOTE INCUMBENTS OUT is no different than your proposed ousting of your union's 'leadership', using the same, democratic, one man, one vote principle, focussed on denying reelection to incumbents, thus, opening up the electoral arena to any and all citizens who seek to honestly serve the best interests of all citizens.
The Majority only rules when the Majority gets off it's ass and VOTES IN EVERY ELECTION.
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I have an MBA in finance. You will not be able to live on the pension. Your years between retirement age and medicare eligibility will crush you financially. You will need an income of some kind for the rest of your life. That is the Cliff Notes version of your future. Seriously. Start doing something aboutit. I had to gamble a little bit and take risks with my private portfolio. Didn't like it, but you have to go for it when it's fourth down and time is running off the clock. Start looking for Plan B. I'm serious, I didn't post this to be an asshole. I had to do some financial planning and take some risks because of the position I foud myself in some time ago.
11/26/2007 08:24:00 PM
I thank the above poster for his insight. I am probably better off than most when it comes to investments.
Every one of us needs to seriously LOOK TO THE FUTURE> Start stashing cash in every way possible for the future. WE CAN'T COUNT ON THE PENSION!!!
FOP elections are March 2008 and nominations for office are Dec 18th at NOON. If you have 5 meetings this year then run and voice your displeasure with FOP. If you can't run then at least take the time to VOTE for a change in MARCH 2008.
And all you FOP puke supporters did not think that giving the city a break on twenty million dollars was important. Go ahead, tell us again how effen great FOP is. Tell us how they help us.
Yeah, they gave away twenty plus million dollars of our money and we got nothing. Good old FOP. Having the interests of the CPD in their hearts.
FOP is useless. Wait and see what they will give away for the next contract. Then tell us how they are so great.
uh "keep voting democratic" Yeah last time i checked George W and the replublicans were all for the working stiff. MORONS.
To the poster that said to basically stop voting for the Irish, oh yeah great idea. maybe Rostenkowski? Or stroger? danny davis? maybe Gutierrez? Or the best yet George Bush? Ha. Too Many MORONS on this board
http://www.gao.gov/archive/1996/he96038.pdf
This is a pretty old report-1996- the amounts deductible for the 457 are still quoted at $7500....and it's been raised since then...Any chance there have been more reforms?
those annuity statements come out every quarter and the stacks of them sit in the role call rooms untouched for a month and then are tossed. No one ever reads them. i always read them and have encouraged others to do so because the pension has been in trouble since I been reading about it (10 years ago)
IN PLAIN ENGLISH THAT EVEYONE CAN UNDERSTAND... there is more going out in payments to retirees then what is coming in by current members paying into the fund
The only reason the fund is able to work currently is the money that was paid into in the good old days when many more people were contributing and there were a lot less retirees collecting. The boomers are all retiring and now collecting.
The money left from the good old days will only cover the short fall for a certain time. when it's gone there won't be enough coming in to cover what is going out to retirees pensions.
Hey Guys, I would never let you down! Don't I give you new cars, great equpment and fine bosses to work with? I hand pick your bosses so you can only have the best the city has to offer. Keep trusting me and I will take care of your pension too! I love ya guys.
Lil Rich,
your loving mayor and father figure.....
To all of my brothers and sisters in blue:
DO NOT COUNT ON YOUR PENSION BEING THERE WHEN IT'S TIME FOR YOU TO RETIRE.
Federal, State and Municipal pensions are extremely underfunded. The worst news is that all of those government entities I mentioned are in a financial basket case and have NO INTENTION of paying into our already underfunded pensions.
The government will do what private industry just recently did. THEY WILL WALK AWAY FROM THEIR FINANCIAL OBLIGATIONS.
Our country is facing a very large financial crisis right now. Our dollar is falling dramatically and TODAY AMERICA IS THE WORLD'S LARGEST DEBTOR NATION ON THE FACE OF THIS EARTH! In 1950 America was the world's LARGEST CREDITOR! Already about 23% of our tax dollars go to pay for the INTEREST ALONE on our national debt of 9 trillion dollars.
So, despite all of the facts I outlined above if you are STILL counting on your pension, then you might as well believe in Santa Clause.
Now, what can you do for yourself and your family? Here are some solutions: 1. Self educate yourself on financial matters. 2. Learn not to be afraid of issues of personal finance and making the wrong mistakes. Studies have shown over and over again that average people can do just as well in investing their money as professional Wall Street investors do. As a matter of fact, index mutual funds (which are not managed by a professional investor) do better than professionally managed mutual funds. 3. Read some books by Robert Kiyosaki (he will open up your eyes on issues of financial matters).
Whatever you do, do SOMETHING about your financial future. Because we can only trust ourselves and no one else.
And let us not forget that FOP forgave the City $20 million dollars towards our pension. Every year the people at the retirement meeting always say how the pension is under funded. Then the question begs to be asked, why then forgive the city $20 million.
$20 million over 10 years is $2 million a year and the interest on that is considerable by any measure. But the FOP gave away $20 million, remember that next election!
Sam Bass
Happy Holidays!!!
11/26/2007 07:45:00 PM
That was from April 1996!
Can you post one more current so I don't eat my glock! Thanks!
11/26/2007 09:57:00 PM
That report is still valid the only thing that has changed regarding 457 plans since 1996 is the amount of money you can put in yearly.
One solution is to stop giving out Duty disability pensions to those not deserving one. They also do not pay for retiree medical insurance. Secondly, not enough people called the pension board to complain about the "loaning" of our monies.
11/26/2007 09:46:00 PM
MY little misinformed one. Get your facts right, Duty disability is paid by the city through a special fund.You as a police officer will not receive workman's comp as such, the city is required to fund their own workmen's comp. Understand something the city saves big time doing this as you do not receive compensation for pain or suffering like the private sector does. NO MONEY IS PAID OUT FROM YOUR PENSION FUND> I hope you never get injured on this job and shame on you.
Keep in mind the city pays the dues on behalf of the injured officer. Which is only right.
WHEN THE NEW GUYS EXPECT 80% AFTER 20 YEARS THIS IS WHAT HAPPENS
DID THE CAPTAIN MENTION THE GOLD BRAID BILL??
YEARS AGO THE SUPT GOT A CAPTAINS PENSION ( OR LT's PENSION DEPENDING ON HIS CIVIL SERVICE RANK)
NOW THE EXEMPTS GET A PENSION BEASED ON HIS EXEMPT SALARY PROVIDED THAT HE STAYS EXEMPT FOR JUST 3 YEARS
SO A GUY CAN GO FROM LT ( OR SGT ACTUALLY, EVEN PATROLMAN LIKE HUBERMAN) TO EXEMPT FOR 3 YEARS.
OH WELL
IM RETIRED I HOPE IT LASTS FOR ME
Anonymous said...
One solution is to stop giving out Duty disability pensions to those not deserving one. They also do not pay for retiree medical insurance. Secondly, not enough people called the pension board to complain about the "loaning" of our monies.
11/26/2007 09:46:00 PM
Dear worried hair gell police officer;
My 21 year old son had his neck broken at the Police acadmey three years ago. He cannot use the right half of his body. He needs 24 hour care. He is getting rich on the $3250.00 a month the city is lavishing on him.
He will be glad to give the money back to the city if it makes your hair gel ass feel more secure in your future.
Let me know if you want him to return the money.
P.S. His mom and I had to buy him his electric wheel chair because it wasn't covered by the city.
That little exempt thing is a trick they use. Don't you notice how they make sure they all get three years and then leave to give someone else three years?
One solution is to stop giving out Duty disability pensions to those not deserving one. They also do not pay for retiree medical insurance. Secondly, not enough people called the pension board to complain about the "loaning" of our monies.
___________________________________
If you know of someone on Duty Disability let us know. Where did you get your medical degree? Were you at all the disability hearings? Compared to other big cities the number of CPD coppers getting DD is miniscule. MORON ALERT
How come none of the FOP toadies are posting on this thread?
Maam,
I'd like to apologize for this brain-dead idiot who hides behind his key board. Believe it or not...we're not all scum like him!!
Happy Holidays!!
To 11/27/2007 10:19:00 PM,
You Sir, are correct. Do the rest of you boneheads realize that the affirmative action hires of the Seventies and Eighties are now the Merit promotee's and exempt members today? The Wysingers, Cronins, Rottners, Shields, and Starks would be patrolmen-if ever hired at all; however, now they take seventy-five percent of an exempt salary, not the career service rank salary they never deserve. A gift for their political appoinments. A message to the jack leg preachers at the MB Church's that the superintendents office is wide open to them.
So thank Phil(May I hold your coat Mr. Hanhardt?)Cline for the continued rape of the pension fund. Try to get your hero Irish politicians to enact legislation that would limit pensions based upon career service ranks. The firemen had it-the Gold Braid Bill. But those bonheads just gave it up based upon the expert advice of their Irish sellout leadership! Man, am I happy I married rich!
My favorite duty disability recepiant is the individual who claims he is afraid to go to work because Michael Ceriale was murdered.
He should be indicted!!
Many have spoken but not many ideas to correct the problem. It's time to take some action to correct the pension fund shortfall. Maybe we should plan a massive march on City Hall or some other action.
Many on this board have advised members to put money away for retirment. Perhaps we should consider giving up the paltry raises we get for a couple of years in exchange for the city making addtional contributions to the pesion fund to bring the fund to where it should be.
Considering we lose 15-28% of raises we receive to taxes, and another 9% to the pension, I for one would rather see that money go to the pension fund for a couple of years,without tax lability, to ensure I will receive the pension I worked for when I retire, rather then see the pension fund go bust.
My favorite duty disability recepiant is the individual who claims he is afraid to go to work because Michael Ceriale was murdered.
He should be indicted!!
Your a coward and a prick, story teller. give some of your money to Fat Phil Cline and friends. Leave the DD officers alone.
Many on this board have advised members to put money away for retirment. Perhaps we should consider giving up the paltry raises we get for a couple of years in exchange for the city making addtional contributions to the pesion fund to bring the fund to where it should be.
Considering we lose 15-28% of raises we receive to taxes, and another 9% to the pension, I for one would rather see that money go to the pension fund for a couple of years,without tax lability, to ensure I will receive the pension I worked for when I retire, rather then see the pension fund go bust.
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What bothers me about your idea is that why should we sacrifice MORE pay when the FOP forgave a 20 million debt to the pension. How could the FOP (which is not a union, Fraternity) make that decision when it affects other unions, why didn’t the Sgt, Lt, and Capt unions object? The city or FOP should be made to pay up!!!! As it is now, some years we barely get a 3% cost of living raise. How sad that many approve the contract. For years I have not voted for one single contract, because we have been loosing money. Our medical contribution has been increasing at a higher rate than our pay, while our medical options and coverage has decreased. I don’t understand how so many have failed to see the pay and medical issues and continue to vote for a contract because the union dangles a few extra pennies in our faces for the 1st and 2nd year of the contract. All the other years are a sell out, and when you average the (4 years) raises you come out to under the normal 3% cost of living increases the government understates as the cost of inflation every year. Oh, and don’t get me started on housing cost, tuition cost, utility costs, fuel cost (gas), taxes… that increase every year. Our contracts are not keeping up with inflation or other costs.
I have been complaining to everyone who would listen for the last four years that our unions/fraternity has not done anything to cover our medical for those who retire after 2013. This policy will affect all city employees, not just CPD. A teacher told me that the teachers’ union started to fund a special account for their retirees the same year that the city announce no more medical payments out of their pockets for retirees, what have our unions/fraternity done? I did raise the issue on two occasions with PBBA when I first saw that the city was going to start to gradually decrease their contribution to medical payments for retirees. They looked at me as if I also had four heads and stated they did not know what I was talking about. I asked them if they had read the Medical Package the city had sent out to everyone, the reduction was laid out for all to read, and the union said they had not seen it. After going to several meetings and trying to get them to do something I gave up, because they were only interested in talking about compression, (Oh, which we did get...), and the next Sgt’s Association trip.
There are 47 million uninsured people in the AMERICA, not counting those who are underinsured. After 2013, all retiring city employees will be joining those numbers of uninsured. The worst part is that hospitals are starting to sell medical bills to private companies, (G.E./Capital One and others) or offer a CareCredit Card by these same companies above, who then turn around and bill you at a 27% interest rate. Some hospitals, doctors, and dentists will have you sign all types of forms prior to treatment, so please be very careful with those forms, what they state you are responsible for, how payments will be made, if the payments can be transferred to another agency, and how it will be financed. For more information read Businessweek, this week’s issue covered just this topic. Medicare does not pay for doctors’ visits, prescription drugs and a host of other things. Please inform yourself and prepare yourself.
We are soon to be The Working Poor and The Uninsured. Thank you Asshoe Mayor and our good for nothing fraternity for selling us out and ignoring the issues. I do understand that the city did promise the Lt union that they would be able to set up some type of account where members would have to contribute their own many for retirement medical benefits, but the city and the IRS have been dragging their feet as to what type of account it would be. Thank you Lt Association for having foresight and looking out for your membership.
If you are on duty disability because your afraid of another officer was murdered you should have never gotten on this job in the first place. To many lazy ass officers are on duty disability because they are politically connected, fakers, or liars if their is one. If they are on it legit then good but for another officer being shot fuck you. Thats like being a gabage man and going on disability because you cant stand the smell.
How about pressuring the very same FOP Lodge #7 that forgave $24 MILLION in pension obligation to lobby City Hall and the Aldercreatures to pass a Municipal Ordinance that when any of the City's Assets are sold for naming rights that by law all City Pension Funds have to be made whole first. Need to move fast as Midway Airport is about to be sold to Southwest Airlines for billions.
Question? Will our new Superintendent be allowed to participate in our pension plan? Will he be able to put in four years at his $300,000.00 yearly salary and walk out the door fat as can be? Inquiring minds want to know. Hello FOP, are you there?
If you all think you can sit there and hide behind State Law, that it guarantees you a pension, look at the most recent cases (United Airlines) Bankruptcy Attorneys successfully argued that the Airlines should not have to make pension contributions while in Bankruptcy breaking the pension funds, all the former United States based Steel companies that were either put out of business or acquired by foreign entities, or back 15 years ago when the Muncipality of Orange County California went bankrupt and did not have to honor the pensions of its employees.Precedent is more than established, so just keep sitting on your asses thinking State Law protects you, or that you are owed something. The solvency of our pension plan should have been one of our top contractual issues. In fact there have been 3 major law enforcement agency unions that have taken their municipalities to court for breach of fiduaciary responsibilities in failing to fund the pensions properly in the last 90 days.
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