Thursday, November 18, 2010

No Pension for You!

It's worse than anyone has even hinted at:
  • Chicago's public pension funds are teetering on the brink of insolvency in large part because city officials and union leaders repeatedly exploited the system, draining away billions of dollars in the last decade to serve short-term political needs, a Tribune investigation has found.

    Time and again, the funds have been used as a bargaining chip or a piggy bank. Politicians trimmed budgets by offering early retirement incentives and greased union contract deals with increases in benefits. "Pension holidays" allowed the city to avoid paying into workers' retirement funds.

  • It hasn't always been this way. The pensions were run successfully for decades and, just 10 years ago, were relatively well-funded. The teachers pension was close to 100 percent funded in 2000. Municipal workers had funding levels above 90 percent. City laborers had enough assets to cover 133 percent of their liabilities. The city's police pension, traditionally underfunded, hovered around 70 percent.

    By the end of this year, however, not one of the pensions' funding levels will be above 70 percent. The police and fire funds are already below 40, and the municipal fund is below 50. Pension experts say funding levels below 80 percent place the long-term viability of pensions in jeopardy and are nearly impossible to overcome without massive borrowing, painful tax increases, cuts to benefits and increased contributions.
  • ....a Tribune analysis of nearly 130 private equity and real estate investments made by four pension funds since 2000 found that nearly half have lost value so far. Of the $1.3 billion invested to date, the pension funds have seen just $60 million in added value on their balance sheets.

    Had the funds used an equal amount to buy and hold a 30-year U.S. Treasury bond offered in 2000, they would have received $893 million in interest payments to date — and their principal investments would be secure.

  • Investment firms entrusted with the money, meanwhile, collected millions in fees despite failing to meet expectations.
This could almost be classified as criminal in nature. It certainly stinks to the rafters and we imagine the "Who's Who" of connected "investment firms" reads like a laundry list of connect politicos, their nephews and all sorts of political contributors.

Labels:

218 Comments:

Anonymous Anonymous said...

Can you say "VANECKO?"

11/18/2010 12:15:00 AM  
Anonymous Anonymous said...

In regards to the pension issue we are !@#$%^. That article is accurate and the 4% is the correct return the fund has been earning.

Another caveat is be carefull with the mutual funds in the deferred comp. They are always pushing the funds instead of the fixed option, look at the long term returns of the funds vs. fixed not much difference but much more risk with the mutual funds. They play games with the literature too, always changing the funds to try and get ones that show a higher 10 yr return but many of those weren't available to us 10 yrs ago. The last column says (since inception) with a high return but the inception may have been 4 years ago. IMO you want to know your deferred will be there don't gamble with it.You are better off putting some side money into individual stocks.

11/18/2010 12:19:00 AM  
Anonymous Anonymous said...

Here is some more info for all, that you will find hard to believe.

Most think we have actual health insurance plans. We don't with the Blue Cross Blue Shield PPO for example the city collects our premiums but actually self insures the plan. Paying out to BCBS as claims are submitted.BCBS then pays the bills as they get the money. BCBS is just paid a very small % to administrate the program. The city doesn't pay any premium to BCBS. Much in Chicago is not what it seems.

11/18/2010 12:30:00 AM  
Anonymous Anonymous said...

Everyone needs to read this article, but it will make you SICK! Finally someone is putting the blame on the scumbag corrupt politicians and bad managers, instead of the working man that had nothing to do with the destruction(raping)of our pension. Every A-hole on our pension board needs to go except Mike Shields. Mike wasn't there when the rest of the crew voted to allow this theft. The sickness of what they did to the pension with shady investments and corruption is astonishing!

It would have been very simple to keep the pension sound, but favors, greed and Mayor Daley caused this mess. The media needs to point out these facts every time some A-hole politician starts crying about how the pension system needs reform. Look no further than city hall and it's friends, PERIOD! The working guy didn't make these bad(corrupt) investiments the rich politicians did.

11/18/2010 12:30:00 AM  
Anonymous Anonymous said...

When my partner and I came out to the parking lot in the Area to get into our unmarked car this afternoon, we just looked at each other after just talking about this pension bullshit and said whats next? We have been doing our job for years, taking care of business, locking people up who needed it and now this? It's almost like we have got the stupidest people in the world in political positions in the city. We are doing our jobs and the reward is we may very well have no pension now. Morale booster for sure. Tonight, we didn't lock anyone up.

11/18/2010 12:37:00 AM  
Anonymous Anonymous said...

Get some rope

11/18/2010 12:41:00 AM  
Anonymous Anonymous said...

And that useless asshole Hauser did absolutely nothing to keep this from happening.

11/18/2010 12:50:00 AM  
Anonymous Anonymous said...

They should form a watchdog commitee to watch over the commitee who are watching over the commitee who are responsible for pension investments and pay them a fat check from OUR pension funds. NOW THATS THE CHICAGO WAY. Unreal. We are fucked

11/18/2010 12:57:00 AM  
Anonymous Anonymous said...

Almost criminal?

Maybe because the people making the "laws" are the ones doing the most heinous shit.

Anybody got a guillotine for sale?

11/18/2010 01:01:00 AM  
Anonymous Anonymous said...

Hey, did the District Managers get written out of the Budget?

11/18/2010 01:15:00 AM  
Anonymous Anonymous said...

If this doesn't get people off their asses to get involved nothing will. Thousands can march over a few percent difference over the contract. So ten thousand should come out to do something about the threat of taking hundreds of thousands out of our pockets in the future. Im sure the next fop meeting will have a line out the door then right?

11/18/2010 01:18:00 AM  
Anonymous Anonymous said...

How about a class action law suit be filed?? It may sound silly at this point but it may be a stepping stone to ensure some kind of future money?? Sgt. MG.

11/18/2010 01:19:00 AM  
Anonymous Anonymous said...

shortshank's nephew and the mayor's guy davis did a-ok with our pension money. We all get the shaft. I hate this town and all that shortshanks has done to it.

11/18/2010 01:38:00 AM  
Anonymous Anonymous said...

There are gonna be a lot of pissed off people with guns if they mess with our pensions!!!!!!!!!!!!1

11/18/2010 01:40:00 AM  
Anonymous Anonymous said...

anyone have an intellegent answer to the following question speak up. What is going to happen with police/fire pension?

11/18/2010 01:51:00 AM  
Anonymous Anonymous said...

There is a very real possibility that anyone with more than 5 years to go will never see a pension payment. The country is going bankrupt, as are many states. Illinois is one of them. The economy is not going to get better. Jobs will not return in the private sector. GDP will be 1-2% if that. A double dip recession is very real. Think of the damage another plunge in the stock market will do to equity asset valuations? Pension funds will take another big hit.

Add in the fact that there are less police contributing to the pension fund and more retirements than ever and you have a recipe for even further stress on depleting assets. The federal government is not going to bail out state and municipal pension funds. To bail one out would have every state and municipality expecting the same bailout. It isn't going to happen.

Daley and his mafia friends and family have raided the pension funds for years. It is only now coming to light because of the state of the economy and the terrible performance of equity assests. There should be criminal indictments, but we know that won't happen. Now, Daley leaves the city and all municipal pension funds in shambles. He should be indicted and prosecuted along with Vanecko and the rest of the political hacks like Emil Jones and Gene Saffold.

A two-tier system doesn't address the immediate problem of how to pay current retirees and those already employed and paying into the pension. The city is going to have to buy out each current employee and find a way to pay those already in retirement. I'll take a 100% return on my pension payments to date plus my prinicpal amount. Deferred comp laws will have to be changed to allow for contributing your payroll pension payment in addition to current salary % deferrals.

In sum, give me max out deferred comp + allowing for 9% of my salary (pension payments) into my own deferred comp account. Allow for my principal pension payments into the pension fund and 100% return on that principal to be deposited into my deferred comp account....and the city can stick their pension in their ass! I'll manage my own money. I'll be more diligent than these political hack, scam money managers have ever been. Fucking crooks, the lot of them.

11/18/2010 01:53:00 AM  
Anonymous Anonymous said...

no problem, we can just go to obama for a loan just like the auto industry did---- we pay it back after we are solvent and have a good cash flow----

11/18/2010 02:08:00 AM  
Anonymous lump dump sum for all said...

The final solution: dissolve the pension fund (sorry no refunds) and give everyone the minimum credits for social security, including current retirees.

11/18/2010 02:40:00 AM  
Anonymous REPEAL "GOLD BRAID" said...

We must repeal the GOLD BRAID bill ASAP.

11/18/2010 03:01:00 AM  
Anonymous Anonymous said...

Why does the FOP continue to endorse politicians who allow thesse practices to go on?

It is time for the FOP to open the doors prior to endorsing anyone.

11/18/2010 04:51:00 AM  
Anonymous Anonymous said...

it's funny how quickly things can go to shit. If anyone knows this it's cops.

11/18/2010 05:10:00 AM  
Anonymous Anonymous said...

So how do you feel about event numbers now knowing that you will not have a pension.

I am so glad I have a back up career. There are no words to explain how I feel about politicians. Let alone Mayor Capone...I Mean Daley!

11/18/2010 05:59:00 AM  
Anonymous Anonymous said...

WOW! Politicians raiding our funds for their own gain? The city BORROWING funds to meet other obligations with the promise of pay back? And when the note comes due they cry poor and ask for a pass? And all this happening while on Daley's watch. So where is the public out cry?

All I have seen or heard is the public and the media (up to this point) condemning the greedy city workers for having a defined benefit plan. Common Anita, common Mr. Fed, why isn't anyone looking into this?

11/18/2010 05:59:00 AM  
Anonymous Anonymous said...

I keep telling my co-workers that the pension we have been promised might not be there and they don't seem to believe it. I'm so glad I will get about a 40 or 45% payout of my 90+ quarters I paid into social security. WIth some luck, it'll keep me with a good supply of dog food to live my "Golden Years" out.

We keep voting for politicians that kept underfunding these obligations and keep giving ever more of our damn tax dollars to their friends and those that only drink water and not help carry it. I read somewhere that the average American fmaily has less than $1000 in the bank. How in the world can someone that hasn't saved for a rainy day survive the bumps on the road of life? I know how, ask a stinking politician for some of our money and they'll gladly give it to you for your vote.

The day of reconing is almost upon us. Save your damn money and vote these dogs out of office or we'll be working until we drop dead because the increasing tax rates will remove almost every dollar out of your pockets.

11/18/2010 06:17:00 AM  
Anonymous Anonymous said...

CAN I GET AN EVENT NUMBER?

11/18/2010 06:19:00 AM  
Anonymous Anonymous said...

Well Obama can just send us some of that stimulus money and bail out the pensions right? I mean if you can bail out the big corporations with their billionaire executives you can certainly bail us out as well considering that we had absolutely nothing to do with the theft from and mismanagement of our pension funds.

11/18/2010 06:25:00 AM  
Anonymous Anonymous said...

Were all going into the 401k Venecko managed fund. It's a 2 for 1 deal...deposit $2 and upon retirement you have only $1 left. Add to that tge 90% management fee.

Were set.

Does the dwarf have a fully funded pension?
What about the $50 thieves?

11/18/2010 06:31:00 AM  
Anonymous Anonymous said...

so why are we going to stay and do this job????

11/18/2010 06:35:00 AM  
Blogger john said...

I remember posting about this 2 years ago on this blog. I also remember posting about the "new" police worrying about a retro check of a few thousand and not concerned about the million dollars they have in the pension- 20 yrs retired times 50,000. Could not believe the only concern at contract time was the silly pay raise when you have this much at stake.
I will stick with my prediction

Pension goes under
earliest -2018
latest - 2022

old retired guy

Thanks FOP for past contracts " forgiving " the city from making the mandated pension contribution.

I will keep you from getting bored about the silly investments in CDO, CMBS , etc where the fund lost 100 million or so. Nobody cared then.

11/18/2010 06:36:00 AM  
Anonymous Anonymous said...

How about the Pension Board trustees. Look at their free trips to various places that are sponsored by those elite investment firms.

11/18/2010 06:50:00 AM  
Anonymous Anonymous said...

Uh oh, looks like those who retired got to go back to work.

11/18/2010 07:05:00 AM  
Anonymous Anonymous said...

How much did Daley take, I mean borrow, from us and NEVER paid it back?

11/18/2010 07:09:00 AM  
Anonymous Anonymous said...

The selfish political hack bastards that started that gold braid pension stuff should be brought before a firing squad. It just one more big way to drain our pension funds with politics. The brass could be worthless as cops with no leadership qualities and yet they get a much bigger pension for life. All Chicago patronage suckasses.

Same goes for those captains that the city bribed to make their rank clout with no real merit.

They are all whores.

11/18/2010 07:22:00 AM  
Anonymous Anonymous said...

I read these articles yesterday. It is very disheartening to say the least. I am sick to my stomach. I have 20 on and 9 and a day to go and now I don't even know if I will be able to retire ever because of this. Someone who actually knows what they are talking about needs to post some brass tacks advice about what we should do next. Can we opt out of the pension and put all that money in a 401K or IRA or deferred comp.? If so, is that a good idea? Can we sue the city and the pension board and force them to properly fund the pension? These are only a few of the questions that I have to go along with, Where the hell did all the money go? I am to the point where I am ready to storm city hall. FOP, PBPA, anyone? I know this, if the pension goes under there is absolutely no reason to stay on this job and stay in this city, NONE! I will quit and start over in the private sector and take my chances. I have already given this city my all, If they screw us I say let it implode.

p.s.
Where is the pension board meeting schedule posted?

11/18/2010 07:43:00 AM  
Anonymous Anonymous said...

I will sell off everything i can get my hands hand from this place..when the money runs out..FYI LIFM

11/18/2010 07:43:00 AM  
Anonymous Anonymous said...

I think we need to organize an independent watchdog group. This would have to be voluntary and the members, even if only willing to meet once a week for an hour, would have to be committed. We would have to research the pension thoroughly to learn about it. I know I certainly would. I know very little about it other than attending the protest meeting sponsored by Shields. I am, however, willing to learn.

This is in no way a slam at Mike Shields. If not for him, we would not even be aware of some of these issues.

If we could organize this group, perhaps we could use political pressure to solve this issue. We could use roll call
visits, newletters and of course SCC to get our message
out.

There is no reason we can't achieve this. Ethnic and religious groups do this all the time.

If we get it off the ground, other agencies may join us and we could become a force to be reckoned with.

This is what our union should have been doing all along
and have failed miserably.

Our first act should be to eliminate the gold braid pension. It is just out if control. Eliminate the unpaid furlo days for Exempts. Let the Exempts have their salaries without unpaid days and their cars. If that is not desirable enough
for them, they dont have to accept the position. I believe this can be done if we have overwhelming support by our members.

If SCC would be willing to facilitate this and allow anyone interested to e-mail them, I would be willing to spearhead this campaign. Anyone who wishes to participate must
understand we will not be doing this anonymously.

I am currently in vacation and will contact SCC in several days via e-mail.

SCC, if you post this I will assume I have your approval.

Thank You.

11/18/2010 07:45:00 AM  
Anonymous Anonymous said...

401ks for anyone with less than 10yrs,dont like it you have to sue,it's coming!

11/18/2010 07:46:00 AM  
Anonymous Anonymous said...

Uptowners are reeling this morning with Tribune reporters assessment of their idiot, lame duck alderman, Helen Shiller as a NOTED BUDGET EXPERT...
"With reserves dwindling, Ald. Helen Shiller, 46th, a noted budget expert on the council who is not running for re-election, warned her colleagues to start thinking about ways to cut significant costs and raise new revenue. "There is no doubt – no doubt – that next year there are going to have to be some serious alternatives," Shiller said.

Unfortunately, NONE of the budget discussion was centered around paying the pension funds as they are supposed to be doing.

11/18/2010 07:49:00 AM  
Anonymous Anonymous said...

From another thread:

How about P.O.'s getting sgts pay, that are now P.O.'s getting Commanders pay. Then they wonder why our pensions are in such bad shape.

++++++++++++++++++++++++++++++

I agree with the sentiment here, but this is NOT the reason that the funds are in bad shape. The reason is stupid fund managers making dumb decisions. Whenever I talk to the deferred comp rep, I am told to have some of my money (a smaller part)in more risky investments and more if not the majority in fixed. This also depends upon when the money will be drawn down. Closer to retirement, less risk. Investment 101.

Since there is a constant need to make payouts to retirees from the funds wouldn't it make more sense to put some in investments which have a somewhat guaranteed return. I know nothing is guaranteed, but WTF. My fixed in deferred comp made a bit of money even at the worst parts of the economic downturn. In the Trib articles they talk about T-Bonds. Somebody wake the fuck up. Put it in a savings account for christ sake. Even that will pay 1% or so.

We will address the fees these loser managers and companies take in a future post. Right now just thinking about that makes me want to strangle someone.

11/18/2010 07:52:00 AM  
Anonymous Anonymous said...

Here is some more info for all, that you will find hard to believe.

Most think we have actual health insurance plans. We don't with the Blue Cross Blue Shield PPO for example the city collects our premiums but actually self insures the plan. Paying out to BCBS as claims are submitted.BCBS then pays the bills as they get the money. BCBS is just paid a very small % to administrate the program. The city doesn't pay any premium to BCBS. Much in Chicago is not what it seems.

11/18/2010 12:30:00 AM
==
Maybe it's some big surprise to YOU, but they make it very clear that the city is self-insured and that Blue Cross just administers the program.
Kind of like we don't have 'real' car insurance on the squad cars we drive. The city pays.

11/18/2010 08:04:00 AM  
Anonymous Anonymous said...

Look,this is what is going to happen.The pension funds will be bankrupt in 5 years.You will not get what the contract "promised".

Im expecting a 50% hit.

11/18/2010 08:09:00 AM  
Anonymous SEE THE REALITY said...

Don't just blame the pension fund managers - blame all the "game players" like the teachers (and others) who jack up their pensions by bumping up their last couple of years salaries in order to get higher pensions.

Too many are just "playing the system" and the taxpayer cannot foot the bill anymore.

That seems to be a pretty common goal of government workers. Look at the woman who served as interim Cook County Board President for six months or so - just so she could bump up her pension by $50,000 a year. THAT is criminal!!

No, that's how the system is set up and now blame the pigs at the trough for the shortfalls (don't come asking the taxpayer to keep paying more). There needs to be full pension reform NOW including state constitution changes.

You talk about moving away from Illinois to Florida, then you should kick back 20-25% of your pension because the cost-of-living is cheaper down there - you don't need as much.

The same argument that everyone uses here, "the cost-of-living, the cost-of-living" in order to get higher pay, can be used on the other side of the pension.

You go somewhere cheaper- you don't need as much. It's "the cost-of-living" argument.

You leave the state and all that money is also not re-circulated here in the economy that you earned it in. That is an additional drain on an already stagnant state economy.

Either that - or settle for what a cop or teacher would retire with in Florida or wherever you go to.

When is everybody on the government payroll going to wake up and find -the well has run dry?

11/18/2010 08:11:00 AM  
Anonymous Anonymous said...

so why are we going to stay and do this job????

11/18/2010 06:35:00 AM

Because 90% of the Department has no other viable option. Try and find a $70k+ job out there right now. Might be a few, but for the most part we're trapped.

11/18/2010 08:27:00 AM  
Anonymous Anonymous said...

Now is the time we as police officer stand together. No more tearing each other up on this blog. That is exactly what they want us to do. Stand together. No more outing one another, if you have an issue go to that person. Stand together, no more please.

11/18/2010 08:32:00 AM  
Anonymous Anonymous said...

get rid of Gold Braid and Captains pension , both are merit cloutorious appointments
let them retire at civil service rank
2 police officers from daleys detail , patrolman , retired with a gold braid commanders pension

take it a step further , no merit appointed supervisor should receive a pension higher than a patrolman
we have apprx 80 % of our current captains and exempt rank that never passed a sgt or lt test and were promoted meritoriously

11/18/2010 08:35:00 AM  
Anonymous Anonymous said...

Im not doin shit hope others join in but its not like the old days when we would stand together and make are point we are on the edge of losing so much I can only think of my family at this point how do I protect them and give them. A futre I keep thinking its gonna change but its not were fucked

11/18/2010 08:41:00 AM  
Anonymous Anonymous said...

I'm just a little disappointed that a Policeman would say to the media in effect that he has no expectation of receiving a pension. We should be united in that we did our part and lived up to our promises and we EXPECT and DEMAND that government lived up to theirs.

11/18/2010 08:43:00 AM  
Anonymous Anonymous said...

Thank God for Mike Shields. He was the first of our elected officals to sound the alarm. Now all of the sudden the Donahue ticket has a firm handle on pension underfunding. Bullshit! Goodbye guys.

11/18/2010 08:44:00 AM  
Anonymous Anonymous said...

TALLAHASSEE Florida topped its investment goals in 2009-10, including a healthy 14 percent annual return for the state pension fund, according to an annual report released today.

The report covers investment activities by the State Board of Administration for the fiscal year ending June 30. The board handles a variety of state investment plans but its biggest is the pension fund, which beat its earnings target by 2.5 percentage points.

The fund grew by $13.9 billion for a net increase of $9.8 billion after subtracting $4.1 billion paid to retirees. It provides retirement benefits for state and local government workers including teachers.

The board's executive director, Ash Williams, said pension fund investments have continued to grow since June 30, adding another $9 billion to bring its total value to $118 billion after paying about $1.5 billion to retirees.

"The SBA has a history of cumulatively producing required returns since the fund's inception," Williams said. "Over the past 22 years, more than 66 percent of pension plan benefit payments have been funded by investment gains, not from taxpayers."

The pension fund, though, is still below the $134 billion peak it hit before financial markets collapsed in 2008 and 2009.

As of June 30, it had sufficient assets at $109 billion to cover 87.9 percent of its liabilities. That's still considered financially secure, the report says, although below its 107 percent asset-to-liability ratio in 2008 when valued of $127 billion.

During this year's election season, Republican Governor-elect Rick Scott blamed his Democratic opponent, Chief Financial Officer Alex Sink, for losses in the fund's value because she's a member of the board along with Attorney General Bill McCollum and Gov. Charlie Crist, who chairs the panel.

Sink accused Scott of scaring employees and retirees into thinking their pensions were in jeopardy although the fund, even after the losses, remained one of the nation's strongest.

The annual report makes the same point, citing outside financial firms that give Florida high marks.

They include the Wilshire Trust Universe Comparison Service that ranks Florida in the top 25 percent for one- and three-year performance results among the nation's 10 biggest public pension plans while ranking in the lowest 25 percent in cost last year.

The Pew Center on the States in February rated Florida's pension plan as a "solid performer" and one of only four states with a fully funded pension plan going into the 2008 recession

11/18/2010 08:47:00 AM  
Anonymous Anonymous said...

It is time to wake up to the REAL world!

I will and will ever deny anyone's pension, however, it is time to change things. Years ago, corporations and other businesses had pensions to lure the best of the best into their companies. These same businesses found that pensions were dragging their bottom line and profits to lower standards. They created the 401k. They, then found that they had more profits for the share holders and no responsibility towards the employee's retirement fund (pensions) Yes, its time to change all new city and state employees to a 401k plan. Yes, welcome to the real work world!! My 401??...Yeah. like everyone elses, it took a dive in the last couple of years, however, city and state get their pensions, health benefits and vacations all at the expense of the taxpayer! Hell....the politicians and most state and city workers get raises, whether they deserve it or not! Me and many others in the real world?....we pay onto a 401k with no matching from the employer, two or maybe three weeks vacation and sometimes, only three holidays off, not eleven or thirteen, like some city and state workers. Yeah, some of youse think your job sucks...I myself think my job sucks, too, however, we all chose to work for that employer and also have an opportunity to move onto something else for better or worse. Either way, some look at it, the state and city workers are by far earn more, get more in return and they still bitch about it. I don't get it.....all this to come when its really needed...at retirement. Don't worry, you'll get your pensions, the state pols make all the rules and they are not...will not give them up!! They get automatic pay raises and all on the backs of the true taxpayer!! Good Luck with all this!!

11/18/2010 08:50:00 AM  
Anonymous Anonymous said...

THE MAYOR LEFT BECAUSE HE WAS BECOMING BERNIE MADOFF

11/18/2010 08:52:00 AM  
Anonymous Anonymous said...

let's storm the 5th floor,Marines and army vets up front, lets get the dictator!

11/18/2010 08:54:00 AM  
Anonymous Anonymous said...

The 3% added to the pension every year after you retired is gone for anyone born after 1960.

Madigan has decided that he will not allow the legislation to pass.

What does the FOP have to say regarding this issue?

11/18/2010 08:56:00 AM  
Anonymous Anonymous said...

The stupidist people in the world in charge of City Hall? No, I do not think so. Some of the smartist. They knew what they were doing when they went to Springfield and got their cronies to change thw way pensions were funded and put their friends in charge of the investments. Daley, who many outside of the city consider the greatest mayor in America, now walks away from a bankrupt city, the assets sold off, pensions funds going under, infrastructure considered old and obsolete, the worst maintained mass transit system in the country, the worst schools in the country. Tough times ahead.

11/18/2010 08:58:00 AM  
Anonymous Teechur said...

Back in the 80's I met Bob Stritch, who was the nephew of Cardinal Stritch. He was also in charge of the CPD pension fund. Options on stocks were a fairly new thing back then, and I asked him about the feasibility of writing call options on stock held in the pension fund portfolio. At the time, and even today, lots of institutional investors make substantial returns with a buy-and-write atrategy.

He didn't have a clue what I was talking about. He only held the position for two reasons: 1( He was connected, and 2) He put millions into anything he was told to - without question.

Today this continues. For example, look at who's handling hundreds of millions of State pension money - none other than Quinn's longtime girlfriend.

11/18/2010 08:59:00 AM  
Anonymous Anonymous said...

I do remember when one of the flop assholes stopped by our roll call and stated that our pensions didn't need to be a hundred percent funded. What a piece of shit. I don't believe that bald prick is still in the flop. Maybe he's working for one of the firms that took our money.

11/18/2010 09:00:00 AM  
Anonymous Anonymous said...

Hey, what has Mike Shields done to address these problems since getting elected? ANSWER: Nothing. Now he wants you suckers to elect him FOP president. What a joke. Donahue has been in springfield since monday working to protect your pensions while shields is working his 3 hour days up in chicago begging guys to run with him. Who is the asshole, folks? do not buy the BS.

11/18/2010 09:01:00 AM  
Anonymous Anonymous said...

As long as we get new Stars....who cares!

11/18/2010 09:05:00 AM  
Anonymous Anonymous said...

Im not doin shit hope others join in but its not like the old days when we would stand together and make are point we are on the edge of losing so much I can only think of my family at this point how do I protect them and give them A futre, I keep thinking its gonna change but its not! were fucked! no greater conflict lies within me than to have a job I've loved for years and working for a city government that doesn't give a shit about what happens to us I didn't come on for glory,pat on the back or to get rich I came on to be the police I wanted to protect and serve the citizens of the city I grew up in and where my family built its. Roots it makes me sad that now all I think about is making it out with some sort of way to survive at retirement

11/18/2010 09:08:00 AM  
Anonymous Anonymous said...

Everyone needs to read this article, but it will make you SICK! Finally someone is putting the blame on the scumbag corrupt politicians and bad managers, instead of the working man that had nothing to do with the destruction(raping)of our pension. Every A-hole on our pension board needs to go except Mike Shields. Mike wasn't there when the rest of the crew voted to allow this theft. The sickness of what they did to the pension with shady investments and corruption is astonishing!

Except Mike Shields! Why? He sits on the investment committee that makes these bad decisions. They all have to go.

11/18/2010 09:16:00 AM  
Anonymous Anonymous said...

FOP reps came to our district a couple of weeks ago assuring us that the pension is going to be there and said that the pension is the last thing they wanted us to worry about when we're hitting the streets. When asked what happens if the city files for bankruptcy, their response was "That will never happe." WTF, how can u come in and make statements as if they were fact.

11/18/2010 09:24:00 AM  
Anonymous Anonymous said...

Why does the FOP continue to endorse politicians who allow thesse practices to go on?

It is time for the FOP to open the doors prior to endorsing anyone.

The politicians don't decide who gets to invest our pension money. This is decided by by the trustees that sit on our pension fund. They all have to go.

11/18/2010 09:24:00 AM  
Anonymous Anonymous said...

"How much did Daley take, I mean borrow, from us and NEVER paid it back?

11/18/2010 07:09:00 AM"

Direct that question to Lurch Donascrew The Best FLOP Lackey the Mayor could ever have.

11/18/2010 09:25:00 AM  
Anonymous Anonymous said...

Now does it make sense that Daley and many of the aldermen and women are bailing out ? They have taken everything there is to take, and screwed up the rest. If you challenge any one of them, they will tell you, "You Really Don't Understand How Politics Work", Yea, most of us were not raise as Kiss Asses and Thieves, It's still difficult for us to believe you can get away with this, and have no conscience.
Enjoy the beautiful flower pots the mayor has put in for you, what a great guy.

11/18/2010 09:25:00 AM  
Anonymous Anonymous said...

I posted this on here about a month ago. This says that Chicago has the 2nd WORST funded municipal pension in the nation, behind only Philadelphia. Even Detroit's pension funds are more solvent than ours!


WTF ? ? ?


http://www.businessinsider.com/city-pensions-run-out-of-money-2010-10

11/18/2010 09:31:00 AM  
Anonymous Anonymous said...

Anyone have Greg Bella and Rich Aguilar come to the district recently to talk about pension funding? Just a couple of weeks ago they made a cameo appearance at the district and said, "don't worry about it, we are safe." It will probably only affect new hirees and they don't want safety issues to be factored in the equation of the job and pension fund scenario.
IS THIS BULLSHIT? Today the papers and WBBM news radio are all over this topic of underfunding? Why are the people in charge of our pensions not putting these so called "myths" to rest as stated by the union.
Guys that have enough time to go don't have to worry all that much but guys still entrenched in the system do. WTF???????

11/18/2010 09:41:00 AM  
Anonymous hippy-dippy-1 said...

john said...
I remember posting about this 2 years ago on this blog. I also remember posting about the "new" police worrying about a retro check of a few thousand and not concerned about the million dollars they have in the pension- 20 yrs retired times 50,000. Could not believe the only concern at contract time was the silly pay raise when you have this much at stake.
I will stick with my prediction

Pension goes under
earliest -2018
latest - 2022

old retired guy

Thanks FOP for past contracts " forgiving " the city from making the mandated pension contribution.

I will keep you from getting bored about the silly investments in CDO, CMBS , etc where the fund lost 100 million or so. Nobody cared then.

11/18/2010 06:36:00 AM

I hope that most of you realize that one of the biggest drags on the pension is the fact that you clamored for an increase to 2.5 percent a year increase after 20 years, thus making it possible to retire at 29 years and a day. The FOP forgiving part of the city's payment was part of that deal. Maybe that doesn't look so good now.

11/18/2010 09:42:00 AM  
Anonymous Anonymous said...

FOP needs less time on the blog and more time waking the F@#$ up. This problem didn't happen overnight. Wake up FOP!

YOu forgive the City $20 million...I won't forgive you.

11/18/2010 09:46:00 AM  
Anonymous Anonymous said...

Gee this is right about the time the state passed a law that states minority firms must be given money to invest from the pension funds. Who cares about which firm is the best or most qualified what's really important is being politically correct.

11/18/2010 09:47:00 AM  
Anonymous Anonymous said...

I have been to numerous sporting events over the years and have seen your "pension people" piss your money away on a good time. Feds usually step in when a pension fund drops below 90% funded. You have the fox watching the chicken coop. Stay Safe.

11/18/2010 09:51:00 AM  
Anonymous Anonymous said...

The problem is not us. It's the real estate property tax system.

The ghetto dwellers pay next to nothing in property taxes while we pay a few thousand dollars a year.

The politicians need to reform the system and collect everybody's fair share.

11/18/2010 09:51:00 AM  
Anonymous Anonymous said...

There are gonna be a lot of pissed off people with guns if they mess with our pensions!!!!!!!!!!!!1

11/18/2010 01:40:00 AM

xxxxxxxxxxxx
Ah yes, a revolution!!
And it's coming!
They will take our deferred comp too and put it into a kitty and give x amount to all....Been trying to get my deferred comp out since right before he was elected
but I'm not old enough(have the time but not age)

11/18/2010 09:57:00 AM  
Anonymous Anonymous said...

"Chicago's pension crisis threatens to stain the legacy of Mayor Richard Daley, who has been at the helm of city government for the past two decades and appoints some of the trustees to the city's pension boards."


STAIN his legacy???


This will BE his legacy!


While he squandered BILLION$ on flower boxes, wrought iron fences, luxury expenses and travel for cronies in an ill-advised Olympic bid, exorbitant Daley Crime Family contracts and outrageous cost overruns, he screwed ALL of the loyal city employees out of their retirement funds.


Then again, why would he care? I'm sure HIS retirement is secured as well as the rest of the Crime Family's ! ! !


All of you peons and commoners, SHUT-UP and GFY!
.

11/18/2010 09:58:00 AM  
Anonymous Anonymous said...

And the Fop forgave a $20 million obligation by city to our pension fund not too long ago.

Good work boys! Way to keep the best interests of your membership at heart!

11/18/2010 10:00:00 AM  
Anonymous Anonymous said...

This is an excellent article in that it finally exposes the city's and the mayor's culpability in this mess, instead of foisting the blame onto us "greedy public employees." One area in which I'd like to see a bit more digging, however, is the specific roles unions played in using the pension funds as a bargaining chip. Of particular interest to all of us, the FOP's guilt in creating this fiasco.

The article broadly touches on the fact that union leaders have been cavalier about using our fund as a negotiating tool. It doesn't name names. Well officers, guess who's guilty of letting the city off the hook for tens of millions of dollars worth of pension contributions? If you said our very own Fraternal Order of Police, Lodge #7 then give yourself a cookie officer because you're absolutely correct.

Our fund is not the city's property to use in negotiations, nor is it the FOP's. Yet there they were cutting deals that cost our fund millions. I wonder what we got in exchange for it? After the ace negotiating demonstrated during the last round of contract talks, my guess is somewhere in the range of not much and fuck all.

I'm glad this article is finally placing blame where the blame is actually due, but it's a little disappointing that the FOP was let off the hook. Hopefully this history lesson will serve as a reminder.

11/18/2010 10:07:00 AM  
Anonymous Anonymous said...

Vote out all current pension reps except for Mike Shields. None of them did anything to help us or warn us of the corrupt practices going on at the pension board. In my opinion, they were given something to not speak up. Probably a good job when the pension goes to shit.

11/18/2010 10:13:00 AM  
Anonymous Anonymous said...

Almost Mayor Rahm proposed that those City Employees with under 15 years employed will get back their contributions and told to find their own 401-K and the rest will have to pay 12 1.2 percent of their salary toward their pension contribution.
The Gov. will then tax all retirees 3 percent Illinois State Income Tax.

11/18/2010 10:15:00 AM  
Anonymous Anonymous said...

I retired Monday 15 Nov 10. I went to the union meeting on Tuesday a got an earful on how the City is trying for a two-tiered pension system in Springfield. I guess I timed this a close as possible w/o screwing myself. Mark Donahue was not at the meeting, but was in Springfield. After the meeting I met Ken Hauser, It’s been a while since I saw him at a meeting, I guess being called out here at SCC for voting with the City on a number of issues left him a little gun shy about answering questions. Mike Shields was also there. After pizza I caught the two of them together and asked how bad was it and was not encouraged with their answers. Daley is trying to screw us big time on his way out the door.

But I got two blank stares when I asked why they were not in Springfield. I figure the only reason Hauser was there at the meeting was electioneering. I looked them both in the eye and shook my head.. They are no better the morons we have now. We need their leadership now not after the next FOP election. Come to think of it they are elected to important jobs now, why are they electioneering and not in Springfield during the veto session is beyond me.


T
R
P

11/18/2010 10:17:00 AM  
Anonymous Anonymous said...

Holy shit..

11/18/2010 10:24:00 AM  
Anonymous Anonymous said...

Thank You Mayor Daley, you have made a once great City become a sinking ship. You will be remembered as a failure to the City of Chicago and its citizens.

11/18/2010 10:36:00 AM  
Anonymous Anonymous said...

The city that works along with big corporations, who now have contracts with the city to do the work of streets and san, Look at the new guys planting the trees in the parkway who don't speak English??? you think their illegal. Corporate greed hiring Illegals for cheap labor all the while you pay property taxes to outsource city jobs. This is why Americans have no jobs outsourcing here and abroad. Thanks Congressmen.

11/18/2010 10:36:00 AM  
Anonymous Anonymous said...

. Paying out to BCBS as claims are submitted.BCBS then pays the bills as they get the money. BCBS is just paid a very small % to administrate the program


A small amount your full of shit no insurance company will take a small amount.

11/18/2010 10:38:00 AM  
Anonymous Anonymous said...

What is Obama and the Feds doing to investigate this ? Or are they involved with the embezzling themselves, along with Daley and the Mob, along with our Pension Trustees ? Some people should be on their way to Prison already.

11/18/2010 10:39:00 AM  
Anonymous Anonymous said...

Unfuckin believable!!!
And all we do is bitch and moan on SCC blog?? Unless we fight and come together we deserve exactly what we get...NOTHING!!

11/18/2010 10:40:00 AM  
Anonymous Anonymous said...

Every A-hole on our pension board needs to go except Mike Shields. Mike wasn't there when the rest of the crew voted to allow this theft. The sickness of what they did to the pension with shady investments and corruption is astonishing!

***

Shields is an A-hole too. He has not done shit to fix things.

11/18/2010 10:41:00 AM  
Anonymous Anonymous said...

Un F’ing believable, What is Mike Shields doing about this problem? And why don’t we look into a class action law suit and hold those that did this responsible?

11/18/2010 10:43:00 AM  
Anonymous Anonymous said...

, greed and Mayor Daley caused this mess.

Greed that's the magic word.

Understand something stop the hate if your a Democrat or Republican or tea guy it doesn't matter its all greed, that's the bottom line Greed keeps us fighting each other while they keep killing the middle class. Corporate greed who owns this government wants Communist China to own the USA, wake up look around you.

You want to fight on this blog fight for the middle class buy American and call Congress about the outsourcing of American jobs.
Call the congress about your pension call Dick Durban about the bill to save your pension.

11/18/2010 10:45:00 AM  
Anonymous Anonymous said...

There is no way out of this mess without raising taxes and or cutting benefits, and probably both. Those responsible should be indicted. Will they be, no. Thank you to our unions, Democrats, and all of their enablers.

11/18/2010 10:56:00 AM  
Anonymous Anonymous said...

The final solution: dissolve the pension fund (sorry no refunds) and give everyone the minimum credits for social security, including current retirees.

11/18/2010 02:40:00 AM
Why would you write this and give these thieves an idea - an extremely bad one at that? You are an ....

New hires are gonna be the first ones affected, then probably those not vested (under 10 years)

11/18/2010 11:09:00 AM  
Anonymous West Side, Inside Do-Nothing said...

Why do you think Mike Shields got involved as a trustee at the Pension Board?

For at least two years he's been trying to warn us of the bullshit that was about to come front and center regarding this mess.

Mike exposed Huberman trying to back door (all pun intended) his way into our pension. He called-out Hauser and company for soft-selling and ultimately forgiving Vanecko & Company's $20 million + loan from our monies. He lambasted Stephanie Neeley (SP?) and her personal relationship to the investment firm(s) responsible for the piss-poor management of our cash. He did all this and more to sound the alarm, but...

how many of us listened????? Not fucking many, obviously.

The very few people I heard express disgust and a desire to make phone calls and inquiries into this dilemma were guys and gals that have been around a while and/or were a bit older. Those living check-to-check in some shitty apartment, those still crashing in Mommy's basement and those with an entitlement and laissez-faire approach to life are about to (hopefully) get the biggest wake-up call ever dialed.

As touched on earlier in this thread, a lot (the majority, it seems) of you fucking dummies were concerned about a stupid retroactive check. A one-time payment of a measly few thousand dollars to be used to pay down existing debt because you can't manage simple, everyday finances or to be frivolously spent on a Harley or some other nonsensical "toy". Instant gratification took precedence over your long term financial security; eerily similar to the hedonistic existence of the Obama-voting ghetto masses.

The mayor and our own FOP collaborated once again to pull the wool over the CPD's collective eyes, and you assholes that can't see past living in the here and now took the bait...hook, line and sinker.

To put in in terms you Hair Gels might understand: imagine making all those glorious 3-bag dope pinches (and every other kind of horse shit arrest you consider Earth-shattering) and then having to wake up early to get to court for said arrests and NOT GET PAID OVERTIME FOR YOUR APPEARANCE/TESTIMONY.

The CPD of yesteryear didn't have the option of checking the "money box" for overtime that we currently enjoy. Picture this benefit/option being taken away from you at the drop of a hat...that's kind of like what an insolvent pension fund is going to be like for those of us that put in 20, 25, 30 or more years...only a thousand times worse.

I can't wait to see how many people show up at the next FOP meeting or that plan on attending future Pension Board meetings.

My guess is that the "Blue Sheep" will continue to graze on the grass of distraction sown by 20 years of the Daley Mafia and watered and fertilized by the in-cahoots FOP groundskeepers. Treats of alternate work schedules, sporadic and usually unfulfilled promises of new vehicles and equipment and a pittance of a raise after being years without a contract will continue to pacify many that wear the uniform.

Fucking disgusting...

11/18/2010 11:19:00 AM  
Anonymous Anonymous said...

You must read the article from the Trib, just as you would read any other article form the Trib. It is full of half truths and a lot of misleading information. IT was designed to SHOCK you, not to inform you.

It says, the police pension is UNDERFUNDED! Then it says it hovers around 70 percent.

The guys are running around at work whining that our pension is under funded by 70 percent.

When in fact what is says is that our pension is actually funded to 70 percent. Not underfunded 70 percent.

Now contact the pension board, they will tell you that our pension is worth almost 6 BILLION Dollars!

The City failed to pay 20 Million that it is obligated to pay.

So if the city paid what is owed to the pension it would be fully funded.

But the numbers don't add up. 20 Million is what percent of 6 Billion? off the top of my head and I suck at math, maybe 2 percent.

SO we all know the Trib is the most trusted news paper the world, RIGHT? They are attempting attempt to mislead every one by typing in a way that makes it sound like pension is underfunded by 70 percent.

Now if they printed the real truth the article would read that the city of Chicago has only payed 70 percent of the money that it owes to the fund!

But that's not news! So lets put a little spin on the words and skew the real numbers. Everyone panties now in a bunch. Now that sells papers!

Forget about the Trib and all these alarmists walking around yacking about the pension. Just ask the pension board and get the real numbers. They put out a report every year, have you ever bother to read it.

Yes our pension is underfunded a little! Is it about to collapse? NO, Not in the next 20 years or so!!!

11/18/2010 11:21:00 AM  
Anonymous Consummate Hair Gel said...

now all u hard chargers get out there and bring in numbers and heads for your bosses. theyre relying on you to make them look good so they can retire at captain or better and lock in that big ass pension and hopefully get a couple years of big pension checks before it all goes belly up.

and dont you worry about stepping in shit...these bosses will be there to help you pay that mortgage and the kids tuition when your in a no-pay status until you get back from your suspension. dont sweat the small stuff...your a HERO in the eyes of all your coworkers with all the numbers you bring in. Youre the REAL POLICE, dammit. those old timer salty dogs inside on the desk or that work the wagon who chant 1st & the 16th are a disgrace that shouldnt wear our uniform...they dont know a thing about this job and what it takes!!!!! I dont have time to worry about this pension shit...i got 23 years and a day before it means anything to me.

"Squad, I need an rd & event for an 1811 please"

11/18/2010 11:32:00 AM  
Anonymous Anonymous said...

How's the Aldermen's pensions??? Did they fund those??

11/18/2010 11:36:00 AM  
Anonymous DaBadCop said...

There are gonna be a lot of pissed off people with guns if they mess with our pensions!!!!!!!!!!!!

And??? You mean the IBOs or libtards your surround by and even if you have the balls to go pycho on them that mean your still talking out your lost assets. Let's be honest IBOs and Libtards are not going to help solve this because they'd rather cry I'm being victimize later then fight now. That leaves only a small minority of us with some balls and some brains about this issue. But who?? Put up some names and generate the change from a point if unity. We ask those POs who know to stand up on their brother's behalf...it's what we do!!! Those of you who truly understand this situation go to the meetings PLEASE.

11/18/2010 11:43:00 AM  
Anonymous Anonymous said...

Keep writing those parkers and movers slaves!

11/18/2010 11:54:00 AM  
Anonymous Anonymous said...

Doesn't matter if you voted Democrat or Republican in this State- both lied and spun the numbers to get out of funding the pensions. All the past tax increases and forgiving contributions that were made really screwed public employees. As far as Chicago is concerned, ShortShanks raised taxes & fees and still failed to fund our pension. Some asswipe suckhole weasel licking smelly monkey butt Alderman "praised" Shorthshanks today for "balancing" the city budget. Twenty years of dealing and stealing from the city and this melonhead is praising Shortshanks. Any & all of these Democrat Asshole Mayoral Candidates will be raising taxes and will continue to spend spend spend on crap the city doesn't need right now. Shanks did it, and that's the Democratic Way. Don't expect any sympathy from Springfield Quinn/Madigan either. DV Investments, how are they doing lately, anyone know ?

11/18/2010 11:55:00 AM  
Anonymous Anonymous said...

Just follow the paper trail. How are the contributions to be invested? Bonds seem like the safest choice. (US Treasury) Even solid Blue chip stocks which pay dividends are somewhat safe. (IBM, J&J, Proctor and Gamble). Real Estate obviously fluctuates wildly as has played out.

Who made the decisions to invest and where did they invest. (any connections with the city?)

Is it legal to take pension fund money, knowing the importance of what that money is needed for, and loan it out to others to fund other state/city projects? if so is this advisable? Who gave the ok to do this?

11/18/2010 12:21:00 PM  
Anonymous Anonymous said...

Imagine if all the revenue from police written ANOV's, movers and parkers went to relieve the pension fund. The ghetto would be the cleanest is the world and they would have to build another traffic court. Where's all that red light camera money going?

11/18/2010 12:30:00 PM  
Anonymous Anonymous said...

Sounds like criminal behavior may be involved. Pension board or FOP should look into this because if there are problems paying benefits in the future there will be an investigation where members will have to explain their actions. Everyone who paid into the fund has held up their side of the bargain and the city/state was entrusted to invest prudently. For the city/state to say sorry is not good enough. More than a few will be held accountable.

Next up start cutting pensions for judges, representatives, senators, mayors, aldermen, governors, after all times are tough we all must chip in to fix this mess.

11/18/2010 12:33:00 PM  
Anonymous Anonymous said...

Until all police vote and get involved issues like this will still take place. Do you think if 5000 people showed up to a pension board meeting or to a Fop meeting stuff like this would happen? These people only get away with what you let them. Get involved. Do something, say something. I mean we can march over a moronic boss that was only going to be here for three years. Yet this is something that will affect the rest of your life, and hardly anyone does or says anything to call these people out on on the irresponisible behavior with OUR MONEY. Wake the f*&^ up and get involved.

11/18/2010 12:33:00 PM  
Anonymous Anonymous said...

Where is the FOP? Isn't this why we pay union dues so they can keep an eye on the pension???

11/18/2010 12:34:00 PM  
Anonymous Anonymous said...

They sould be able to fugure it out. GM did...

11/18/2010 12:35:00 PM  
Anonymous Anonymous said...

PENSION: What happens if Chicago pension funds run out of money?
Chicago Tribune

Illinois Constitution raises questions about who's on the hook if they become insolvent

By Jason Grotto, Tribune reporter

10:46 PM CST, November 16, 2010

With some city pension funding levels dropping below 40 percent, a question arises that seemed unthinkable just a decade ago: If a pension fund runs out of money, who pays for the retirement security promised to city workers?

The answer is complicated by changes to the Illinois Constitution in 1970 that made retirement benefits for public employees a contractual guarantee that could not be diminished.

Union leaders say pension benefits are guaranteed not only for retired workers but for those still working, and that if a fund went under, the city would be required to find a way to make the fund whole — by levying more taxes, borrowing, cutting services or all of the above.

Others aren't so sure, saying the financial health of the city should outweigh retirement promises made to its workers. If the city is on the hook for the billions of dollars in unfunded liabilities, there's a chance the pension obligations could drag Chicago into a financial crisis.

"It's a legal issue about whether you can push the city into bankruptcy to pay for these benefits," said Laurence Msall, president of the Civic Federation, a nonpartisan public-policy think tank that has been sounding the alarm on the pension crisis for years.

In April, a commission appointed by Mayor Richard Daley found that the city's funds could start running out of money as early as 2019, beginning with the firefighters fund. The commission's recommendations included lowering benefits for new hires and increasing funding from the city but stopped short of reducing benefits for current workers, which the majority of panel members felt was unconstitutional.

The three civic and business leaders on the panel — Eden Martin of the Commercial Club of Chicago, financier Lester Crown and Msall — issued a dissent, saying more needed to be done to shore up the funds and that benefit reductions should be on the table.

The Commercial Club also commissioned an analysis from the law firm Sidley Austin that found the city could legally lower retirement benefits for current employees. It also raised questions about whether the city is obligated to pay benefits if the funds run out of money. Labor leaders and city officials who made up the rest of the commission vigorously challenged the analysis as "bankrupt."

"The irony here is that the very people who are resisting change are the ones who have the biggest interest in getting this fixed," Martin said. "You need more funding and reform. Otherwise, it's a Ponzi scheme. There are employees paying into funds that may not be around when they retire."

11/18/2010 12:58:00 PM  
Anonymous Anonymous said...

The real problem is that every CBA the city seems to hold our present in one hand and our future in the other and makes us choose. So far we have been choosing to fatten our wallets now instead of protecting our pensions. Now the city is so used to screwing our pension program they treat it like it is not even an issue that they are going to screw the pension program. Then they get away with giving us a minimal raise and our present income is screwed too.

The poster that suggested that we file a class action law suite is correct. We need to get hold of a detailed accounting of where the money has gone and how it has been handled in addition to detailed accounts of what the pension program should be at if we where funded as promised back when the pension program was near to solvent. Then we hold those responsible to their previous promises and take this all the way to the top. Fuck little dick Richi. There has to be a way to tie him into this shit. Get the petition together and start the ball rolling. We are not paying into social security so unless you want to retire after 30 years here and have nothing to look forward to we had better get moving on a viable solution.

I am one of those dumb asses running around locking up as many people as I can, thinking that if I work hard enough it will make a difference. The idea of right and wrong, good and evil resonates with me. When my co-workers look at me cross-eyed like I am ridiculous for working my ass off when I could just show up respond to jobs and go home I laugh because I know they are lazy and I despise them to stealing a paycheck. But this issue will change all of that. Every time I go to work a little banged up I think of the greater good and comfort myself that in my old age I am going to have a healthy income because of the sweet pension that I was promised the first day in the academy. If that mental shield is taken away from me you and the city and all of its fucked up citizens can kiss any effort goodbye. I will become one of those fucked up pussies that collects his check and bitches at the dispatcher if they give me a job within 45 minutes of checkoff because I have a part time to get to and that is more important to me than my role in the CPD. If the city is going to be allowed to fuck me over I am going to return the favor.

The last thing I want to say is that I really hate to think what will happen when all the retired coppers find out they have no more pensions and remember that they have guns in their basement and the know how to get away with most any crime they want to commit. Add that to the fact that what copper is going to want to aggressively pursue other police officers when they realize that they are no longer going to receive a pension and you have a real dilema for our cities well being. These petty little shitheads you have committing crimes right now arent shit. Good luck with that crime wave.

Signed. Former Hairgel.

11/18/2010 01:00:00 PM  
Anonymous Anonymous said...

I have 22 years on and I am starting to believe that there will either be no pension or a very reduced pension when/if I retire!

Thank you Daley and company and all you dummies who voted for the dummycrats!

Now lets go out there and put our asses, homes, and everything we have worked for our whole lives on the line for this city and the up standing citizens who bitch and complain about us.

In the end we only have ourselves to blame because if we would have stuck together like we did when I first came on we would have the city by the balls.

Alas, too many officers are more concerned about themselves and kissing ass then being a cohesive unit.

11/18/2010 01:04:00 PM  
Anonymous Anonymous said...

OT Further obstacles to the job:
http://www.nwherald.com/2010/11/18/dispatcher-tipping-off-drug-dealer-no-crime/ar8xcga/

11/18/2010 01:07:00 PM  
Anonymous Anonymous said...

Were not the only sorry ass city. Read this...
http://kellogg.northwestern.edu/news/rauh_chart.htm

11/18/2010 01:11:00 PM  
Anonymous Anonymous said...

Indictments coming soon for shortshanks et al? Is that why this is suddenly in the news? We can only hope!

11/18/2010 01:20:00 PM  
Anonymous Anonymous said...

Thanks MEAHLER LoL Borat

11/18/2010 01:22:00 PM  
Anonymous Anonymous said...

Why can't we sue the idiots in charge?

11/18/2010 01:22:00 PM  
Anonymous Anonymous said...

You can take you money out and invest it yourself before there is nothing left

11/18/2010 01:23:00 PM  
Anonymous Anonymous said...

jerry Chico = Daley Both no fans of the CPD

11/18/2010 01:28:00 PM  
Anonymous Anonymous said...

Ask Jimbo Blacer to help us. He is always the big mouth for vets. Time to step up

11/18/2010 01:31:00 PM  
Anonymous Anonymous said...

stop payong your FLOP dues and save

11/18/2010 01:32:00 PM  
Anonymous Anonymous said...

There are gonna be a lot of pissed off people with guns if they mess with our pensions!!!!!!!!!!!!1

-Just keep voting for Daley and the machine ala CHICO and da Man

11/18/2010 01:34:00 PM  
Anonymous Anonymous said...

If a dime of pension is missing from legitimate civil service rank officers because of these political fucksticks, there will be a reckoning.

Something on the order of:

"You hear me?!! I'm coming!! And Hell's Coming With Me!!!"--Wyatt Earp.

11/18/2010 01:41:00 PM  
Anonymous Anonymous said...

if you fellas think it is bad and corrupt now, elect Rahm and it is really game over. There is no rule of law when it comes to white collar crime in this country, just look at the banking system and fraudclosure....and DC plays along.We are screwed unless the people decide thay have had enough and run the bstards out of town.

11/18/2010 01:41:00 PM  
Anonymous Anonymous said...

Mike Shields, save us!

11/18/2010 01:48:00 PM  
Anonymous Anonymous said...

so...you voted for change?....well, that's about all you will have left in your pocket when it is all said and done. The Federal Reserve is now in a pissing match with China. If "we" win there will be violence in China. If "they" win, it will be hell here.....who will back down first? Communist China has never favored their populous...so...?

11/18/2010 01:51:00 PM  
Anonymous Anonymous said...

Understand there are 5 members on the board appointed by Daley-They get big rewards to do what he says- ALL politicians suck its always all about them be it as it may stop fighting with each other we are all in the same boat.

11/18/2010 03:08:00 PM  
Anonymous Anonymous said...

I really do not think that the city wants to go to a 401 K or to let employees into social security. You see, if they do that, they would have to come up with the funds right away, instead of diverting the money to other projects. I really do not know what is going to become of us at this point. I feel betrayed by the political class who just saw the police and fire as pawns to be used for their ends. Pensions are needed for police and fire because as everyone knows, you surely ( for most people) do the job safely when you get into you late fifties.

11/18/2010 03:27:00 PM  
Anonymous Anonymous said...

Anonymous said...
How about a class action law suit be filed?? It may sound silly at this point but it may be a stepping stone to ensure some kind of future money?? Sgt. MG.

11/18/2010 01:19:00 AM

If you show up to a union meeting and ask them to file a class action lawsuit they will take a vite and the I's will have it.

11/18/2010 03:32:00 PM  
Anonymous Anonymous said...

Anonymous said...
There are gonna be a lot of pissed off people with guns if they mess with our pensions!!!!!!!!!!!!1

11/18/2010 01:40:00 AM


So true! Wouldn't want to be a theiving criminal politician!

11/18/2010 03:33:00 PM  
Anonymous Anonymous said...

FOP can talk all the smack in the world about Shields. But the FOP has done nothing to address this problem.

11/18/2010 03:36:00 PM  
Anonymous Anonymous said...

Anonymous said...

FOP needs less time on the blog and more time waking the F@#$ up. This problem didn't happen overnight. Wake up FOP!

YOu forgive the City $20 million...I won't forgive you.

11/18/2010 09:46:00 AM


Oh fuck, lighten up over the $20 million. In exchange we got max pension after 29 years instead of 32 years. 2.5% a year instead of 2%. True the city should have increased funding when benefits increase but really, $20 million is about one month of pension checks.

The fund spends $250 million a year on pension benefits. We got something for it and without it we would not have gotten the 29 and a day.

Anyone who thinks the FOP can wave a magic wand and improve the pension fund is sorely mistaken. The FOP does not control the pension fund. The mayor of Chicago has the most sway over pension matters. Daley, not FOP.

11/18/2010 03:38:00 PM  
Anonymous Anonymous said...

I'm just going to hide a couple of grand in the bird seeds every month ala tony soprano

11/18/2010 03:39:00 PM  
Anonymous Ironcrossed said...

And this kids, is why we have a second amendment, although we are too civilized to use it. When government breaches the social contract and steals from the people, that government should expect to be punished. Utterly and completly, as a message to the next government to not do the same crap.

11/18/2010 03:39:00 PM  
Anonymous Anonymous said...

The single best improvement that can be made regarding pension matters is to dump Hauser. His article about China in the recent pension newsletter was particularly illuminating.

I doubt Hauser could find China on a map if you told him where to look.

11/18/2010 03:40:00 PM  
Anonymous Anonymous said...

Here is some more info for all, that you will find hard to believe.

Most think we have actual health insurance plans. We don't with the Blue Cross Blue Shield PPO for example the city collects our premiums but actually self insures the plan. Paying out to BCBS as claims are submitted.BCBS then pays the bills as they get the money. BCBS is just paid a very small % to administrate the program. The city doesn't pay any premium to BCBS. Much in Chicago is not what it seems.

11/18/2010 12:30:00 AM

This is true for many, many and employers as well as all the trade unions. This is the same reason we should be running our health care where exceptions can be made to allow usually uncovered procedures in extreme cases i.g. laser eye surgery

11/18/2010 03:43:00 PM  
Anonymous Anonymous said...

But I got two blank stares when I asked why they were not in Springfield. I figure the only reason Hauser was there at the meeting was electioneering. I looked them both in the eye and shook my head.. They are no better the morons we have now. We need their leadership now not after the next FOP election. Come to think of it they are elected to important jobs now, why are they electioneering and not in Springfield during the veto session is beyond me.


T
R
P

11/18/2010 10:17:00 AM

To the anonymous 10:17 scared FOP trustee posing as a retiree ...Why don't you make some more b.s. up? But do tell what the FOP board does about anything? That's right.. STFU & go believe whatever Mark Donahue blows up your ass.

11/18/2010 03:44:00 PM  
Anonymous Anonymous said...

Thank God for Mike Shields. He was the first of our elected officals to sound the alarm. Now all of the sudden the Donahue ticket has a firm handle on pension underfunding. Bullshit! Goodbye guys.

11/18/2010 08:44:00 AM

Really Mike. You have been at the pension board for two years and the funding has gone down. You promised when we elected you that you would increase the funding. It was on your campaign material. If you like I can send a copy to SCC to post. You guys at the board do nothing but go to dinner and trips.

11/18/2010 03:47:00 PM  
Anonymous Anonymous said...

But I got two blank stares when I asked why they were not in Springfield. I figure the only reason Hauser was there at the meeting was electioneering. I looked them both in the eye and shook my head.. They are no better the morons we have now. We need their leadership now not after the next FOP election. Come to think of it they are elected to important jobs now, why are they electioneering and not in Springfield during the veto session is beyond me.

I was wondering that myself. Shields wants to be FOP president, but he was at Fop meeting campaigning with his brother Danny. At least Donahue was down in Springfield fighting the fight for our pensions. Seems strange that Donahue who just retired is concerned but the future want to be president Shields is stuffing his face with pizza.

11/18/2010 03:55:00 PM  
Anonymous Anonymous said...

"This could almost be classified as criminal in nature."

Almost?

What do you expect in a town where the very police badges (generic term) are of inferior quality thanks to some shady backroom deal, some "setaside" for a Daley relative or other incompetent?

"...you can see where someone pocketed "saved" a bunch of money using the cheapest stamped metal alloy known to mankind along with tempera paint for the detail work..."

The whole city is like that. Go kick the base of one of those ugly new "cast iron" street lights. Not too hard, or you'll break it. Like the pension funds, it's phony too -- some kind of pot metal, in two pieces.

Saw Emanuel on TV last night - reporter asked him if, as Mayor, he'd consider a rollback on Daley's huge parking meter giveaway. "We've" (notice the premature use of "we" here) already spent that money," he admitted.

He was talking along the lines of bringing in private contractors (the Outfit, GDs, who knows) to "compete" with city garbage collectors.

ANYBODY BUT RAHM.

11/18/2010 03:59:00 PM  
Anonymous Anonymous said...

mike shields - thanx for nothin.

11/18/2010 04:00:00 PM  
Anonymous Anonymous said...

"While he squandered BILLION$ on flower boxes, wrought iron fences, luxury expenses and travel for cronies in an ill-advised Olympic bid, exorbitant Daley Crime Family contracts and outrageous cost overruns, he screwed ALL of the loyal city employees out of their retirement funds."

--11/18/2010 09:58:00 AM

...useless grooves down alleys, stupid banners on phony light poles...

...signs saying "THESE BUSINESSES OPEN DURING STREET RECONSTRUCTION" in front of blocks of empty stores.

"FOR LEASE." "FOR LEASE." "FOR LEASE."

11/18/2010 04:08:00 PM  
Anonymous Anonymous said...

All you tools bashing Shields need to realize he jumped into this game headfirst to at least try to expose all the bullshit and shenanigans going on at the Pension Board.

In the short time he's been there, he's done more to expose the corruption and outright thievery than anyone else that sits on that board. He's only one vote when it comes to time to voting for various things. Call him and ask him how the others vote and why they vote the way they do. And then ask him how some on the board are mysteriously absent when important matters need to be discussed and voted on.

In a nutshell, Mike Shields IS NOT THE PROBLEM. Again, he's been the only vocal person on that board since I can remember in my 20 years that has the balls to rock the boat against the Daley tide. He's not a miracle-worker, and change doesn't happen over night with issues as big as this. You people with short memories read Westside DoNothing's post for a small sampling of what he's accomplished in only a year and a half or so. He's done a hundred-fold of what any other slug has done in our corner.

Mike WILL have my vote and the vote of any and every other copper that I can persuade when/if he decides to run for FOP President.

11/18/2010 04:09:00 PM  
Anonymous Anonymous said...

I read the 10:17 a.m. post and WOW! I want to tell you about my own experience meeting Mike Shields at a fundraiser a few weeks ago. All he could talk about was that FOP had fucked up the pension by getting TOO MANY benefits for the membership. Seriously, he actually complained that FOP was to blame and not the City. If you all think that getting too many benefits for the membership is a bad thing, elect this clown as FOP Prez. Not me. When I read that Donahue is in Springfield while Shields is campaigning for FOPO presz up here in Chicago, it made me sick. If you want a guy that will cave in when the going gets tough, Mike Shields is your guy.

11/18/2010 04:13:00 PM  
Anonymous Anonymous said...

Pension goes under
earliest -2018
latest - 2022

old retired guy

I become a wanted man
earliest -2019
latest -2023

another old retired guy

11/18/2010 04:17:00 PM  
Anonymous Anonymous said...

I read the 10:17 a.m. post and WOW! I want to tell you about my own experience meeting Mike Shields at a fundraiser a few weeks ago. All he could talk about was that FOP had fucked up the pension by getting TOO MANY benefits for the membership. Seriously, he actually complained that FOP was to blame and not the City. If you all think that getting too many benefits for the membership is a bad thing, elect this clown as FOP Prez. Not me. When I read that Donahue is in Springfield while Shields is campaigning for FOPO presz up here in Chicago, it made me sick. If you want a guy that will cave in when the going gets tough, Mike Shields is your guy.

11/18/2010 04:13:00 PM

Who's fundraiser?? Mr. Anonymous please post your name.

11/18/2010 04:20:00 PM  
Anonymous hippy-dippy-1 said...

Anonymous said...
You must read the article from the Trib, just as you would read any other article form the Trib. It is full of half truths and a lot of misleading information. IT was designed to SHOCK you, not to inform you.

It says, the police pension is UNDERFUNDED! Then it says it hovers around 70 percent.

The guys are running around at work whining that our pension is under funded by 70 percent.

When in fact what is says is that our pension is actually funded to 70 percent. Not underfunded 70 percent.

Now contact the pension board, they will tell you that our pension is worth almost 6 BILLION Dollars!

The City failed to pay 20 Million that it is obligated to pay.

So if the city paid what is owed to the pension it would be fully funded.

But the numbers don't add up. 20 Million is what percent of 6 Billion? off the top of my head and I suck at math, maybe 2 percent.

SO we all know the Trib is the most trusted news paper the world, RIGHT? They are attempting attempt to mislead every one by typing in a way that makes it sound like pension is underfunded by 70 percent.

Now if they printed the real truth the article would read that the city of Chicago has only payed 70 percent of the money that it owes to the fund!

But that's not news! So lets put a little spin on the words and skew the real numbers. Everyone panties now in a bunch. Now that sells papers!

Forget about the Trib and all these alarmists walking around yacking about the pension. Just ask the pension board and get the real numbers. They put out a report every year, have you ever bother to read it.

Yes our pension is underfunded a little! Is it about to collapse? NO, Not in the next 20 years or so!!!
11/18/2010 11:21:00 AM
__________________________________
It is nice to see that at least a few of you are not on the verge of panic, but there are some miscalculations in this statement. First of all to set the record straight, the pension fund, as of 31Dec2009 the latest figures available, is funded at 44.47 %, which is down from 48.26% at the end of 2008. That is not good, but it is not the death knell of the fund. It is interesting to note that while the fund distributed $506.85 million in 2008, their net assets increased from $3.009 billion to $3.3260 billion. That is about $325 million.
So the funding level is not as good as the poster stated, and there is not $6 billion in the fund, but it will be around for a while.
I suspect that at some point soon new hires will have a different pension system. That requires massive legislation in Springfield.
Incidentally all these figures come from the Pension Board Annual Report. There is a wealth of information there and you should all take the time to read it even if you do not fully understand it. Yu can at least then ask sensible questions.

11/18/2010 04:31:00 PM  
Anonymous Anonymous said...

you about my own experience meeting Mike Shields at a fundraiser a few weeks ago. All he could talk about was that FOP had fucked up the pension by getting TOO MANY benefits for the membership.



I agree I'm a neighbor Mike is a company man not a union man. the Fault is Daley he caused the shortfall starting in 2000, he started using funds as his own the downtown area was flushed with cash.and anyone that went against him went to jail. Remember that one.

11/18/2010 04:32:00 PM  
Anonymous West Side, Inside Do-Nothing said...

To Former Hair Gel, 1:00PM, 18 Nov 10...


WAY TO GO, KID!!!!!!!!

It's about time that you figured it out.

Now all you have to do next is burn all of your 5-11 tactical clothing and gear, wean yourself off the DOPW arrests and move out of your parents basement.

11/18/2010 04:33:00 PM  
Anonymous Anonymous said...

How about a class action law suit be filed?? It may sound silly at this point but it may be a stepping stone to ensure some kind of future money?? Sgt. MG.



That might be nice however the Supreme court is getting ready to knock out all Class action law suites-corporations have a court field with Judges against the working man.

11/18/2010 04:35:00 PM  
Anonymous Anonymous said...

All you tools bashing Shields need to realize he jumped into this game headfirst to at least try to expose all the bullshit and shenanigans going on at the Pension Board.

...........................Really? His job is dead serious. It is to manage a multi billion dollar fund. It is not to expose shenanigans. He has done nothing other than gripe.

11/18/2010 04:38:00 PM  
Anonymous Anonymous said...

When my partner and I came out to the parking lot in the Area to get into our unmarked car this afternoon,







Really whats your problem is your self esteem so low, you think your special me and partner Unmarked CAR. Give the tough guy shit a rest.

11/18/2010 04:40:00 PM  
Anonymous Anonymous said...

He was talking along the lines of bringing in private contractors (the Outfit, GDs, who knows) to "compete" with city garbage collectors.

ANYBODY BUT RAHM.


I got news for you- He is the one who can save our pensions along with Dick Durbin, I don't care if you like it or not. Truth be told.

11/18/2010 04:44:00 PM  
Anonymous Anonymous said...

Really Mike. You have been at the pension board for two years and the funding has gone down. You promised when we elected you that you would increase the funding. It was on your campaign material. If you like I can send a copy to SCC to post. You guys at the board do nothing but go to dinner and trips.


I agree whats in it for me. all of them.

11/18/2010 04:45:00 PM  
Anonymous Anonymous said...

I'm so glad I will get about a 40 or 45% payout of my 90+ quarters I paid into social security.

Interesting question. If our pension becomes insolvent, will we then qualify for full Social Security benefits?

11/18/2010 05:24:00 PM  
Anonymous Anonymous said...

We should be like China 1 child allowed or your taxes go up can't pay taxes to bad ther is no welfare. China doesn't care and their passing us by. Protest should be held on Michigan Ave during Holiday season that should get everybodies attention

11/18/2010 05:41:00 PM  
Anonymous Anonymous said...

, it made me sick. If you want a guy that will cave in when the going gets tough, Mike Shields is your guy RIGHT If so then he should run for FLOP

11/18/2010 05:42:00 PM  
Anonymous Anonymous said...

Almost Mayor Rahm proposed that those City Employees with under 15 years employed....NOT TRUE STOP SPREADING LIES.

11/18/2010 05:45:00 PM  
Anonymous Anonymous said...

Ugh! When's the FOP election? This blog is going to be unbearable until then. Apparently both sides think the readers here are too dumb to see through the bald, blatant partisan sniping taking place anonymously in the comments section.

Wake me up when it's over. According to "anonymous" everyone running is a jagoff.

And yes, sign me anonymous as well.

11/18/2010 05:53:00 PM  
Anonymous Anonymous said...

I came onto this job with a background in financial management.
I always asked fellow coppers why are they putting their money in deferred comp?
It seemed that a lot of them thought that you get a higher rate of return or it was some sort of retirement account(which technically it is)
I always try to persuade them why not take that money, your money, and place it into a personal investment account diversified with YOUR interest and personal lifestyle choices.
Deferred comp is nothing but another pool for the city to fuck with.
Your personal investment portfolio will perform better,be liquid and the best of all...be managed by you or someone you personally know and trust.

To all new coppers, invest the money you would have placed into deferred comp into a well diversified portfolio based upon your age,income,family situation and career goals.

DO NOT put any of your hard earned money into any account managed by this city.

11/18/2010 06:06:00 PM  
Anonymous Anonymous said...

Not a cop. I have 24 unpaid furloughs next year, which decreases the amount of money I contribute to the pension. But, the City still claims 8.5% of my salary in the pension fund, when in fact, only 7.7% of (what I should be paid) is taken out. So, in other words, the pension fund is in theory claiming more $ in to it than it actually receives from the other City employees. All I can say, cut back in every way and put in your deferred comp. Avoid the new car, or luxury items, or newest ohone, and put at least $400 a month in deferred for those under 40, and at least $600 a month for those over 40. To you cops, get out asap and get your pensions. For the rest of us... we need new jobs!

11/18/2010 06:30:00 PM  
Anonymous Anonymous said...

To the anonymous 10:17 scared FOP trustee posing as a retiree ...Why don't you make some more b.s. up? But do tell what the FOP board does about anything? That's right.. STFU & go believe whatever Mark Donahue blows up your ass.

11/18/2010 03:44:00 PM


Why not copy my whole post. I called the current FOP Morons too. This internal politics divides us. Why the elected members of the pension board are here and not in Springfield for the veto session is the question. He is just as bad as these mopes are! Stop running for office and do the job you are elected to now or step aside. He is taliking the talk but not walking the walk. If he wants to be FOP President resign from the pension Board if he is only going thru the motions. And he should only take his patrolman's salary. Or is he in it only for the money or his ego?

11/18/2010 06:53:00 PM  
Anonymous Anonymous said...

Anonymous said...

There are gonna be a lot of pissed off people with guns if they mess with our pensions!!!!!!!!!!!!1

-Just keep voting for Daley and the machine ala CHICO and da Man

11/18/2010 01:34:00 PM


Well they HAVE been messing with our pensions and they have been doing it for years.

And your next move?

11/18/2010 07:01:00 PM  
Blogger john said...

Been posting for 2 years about the pension fund and finally someone else heard the rumblings.
A couple of things can be done
1. Benefits are going to be cut- no way around it- just make sure it is fair and just. The Pols will do this in Springfield and have some knowledgeable FOP people there. Not the glad handers that run it-- someone has to have some financial background.
2. Either get rid of the elected trustees or put so much pressure on them to act correctly-- those free junkets to florida, vegas , etc. given to them by the advisors is a conflict in interest. They have a fiduciary responsibility.
3. When the contract comes up next time- worry about the pension fund not some nickel-dime retro check. Immediate gratification is not a good financial plan.

old retired guy

11/18/2010 07:06:00 PM  
Anonymous Anonymous said...

Based on similar verbiage and punctuation, it's painfully obvious that the Shield's naysayers, detractors and "haters" are the same handful of people.

You goofs are too "smart" for your own good, it seems. If you've got something personal against the dude, you should be a man a bring it to him, or at the very least sign your name to your post.

Keep up the good work, Mike.

- not a cop (but not THAT not a cop)

11/18/2010 07:20:00 PM  
Anonymous Anonymous said...

Morale booster for sure. Tonight, we didn't lock anyone up.

11/18/2010 12:37:00 AM

I thought the same thing.Almost 25 years of jumping every time some nit wit dials 911.Going towards shots fired.Risking life and limb for this??

11/18/2010 07:40:00 PM  
Anonymous Anonymous said...

So Mike Shields is blaming the pension problems on FOP now? Our pensions are "too good?" FOP got "too much?" Hope Shields is first to take a reduced payout. He is already all in favor of our contribution going from 9 to 10.5%. Didn't take long for him to show his true colors.

11/18/2010 08:05:00 PM  
Anonymous Anonymous said...

Mark Donahue retired but is still the FOP pres.

11/18/2010 08:12:00 PM  
Anonymous Anonymous said...

That will leave a lot of people with guns very angry. Would not advise. In all seriousness, take away the pension, and you may get the type of police we had before the pension. If officers have little to nothing to look forward to in terms of retirement, many may find ways to make up for the city's lack of contractual contribution to our pension. Removing the pension would void the current contract thereby allowing us to strike... If we could only stick together.

11/18/2010 08:20:00 PM  
Anonymous Anonymous said...

Rahm will solve all of our problems!

11/18/2010 09:11:00 PM  
Anonymous Anonymous said...

It says, the police pension is UNDERFUNDED! Then it says it hovers around 70 percent.

********************
tell me where in the article it says we are currently funded to 70%?
read the article before you post. I hope you are not a detective.

11/18/2010 09:38:00 PM  
Anonymous Anonymous said...

I can say Vanecko and young Daley as well.

11/18/2010 09:48:00 PM  
Anonymous Anonymous said...

5 BILLION DOLLARS to bailout the city's pensions, not going to happen. The state and the Fed are all broke, there will be NO PENSION!!!

11/18/2010 09:58:00 PM  
Anonymous Anonymous said...

Mark Donahue excused the City of Chicago of $25,000,000 worth of OUR pension fund debt.

I hope that prick gets the shaft with the rest of us when this ship sinks.

11/18/2010 10:01:00 PM  
Anonymous Anonymous said...

TO 11/18/2010 08:50:00 AM;

Civil service is not now, nor has it ever been a corporate environment, neither has the military or federal law enforcement agencies. Police and fire departments were not intended to be revenue generating agencies....just ask Mayor Daley. By law, we aren't permitted to draw social security funding to supplement our retirement packages like everyone else, that was part of the bargain, a CONTRACTUAL agreement. Many of us do have the ability and training to find different careers, we simply chose this career for whatever reasons we had, you chose your cubicle, so be it, but at the end of the day, after risking my life, my personal freedom and my personal property, based upon that CONTRACTUAL agreement, I certainly intend to collect, and an additional nugget of information, we also contribute into our own pension fund, so this isn't some welfare state gimme gimme program like LINK or public housing.

11/18/2010 10:16:00 PM  
Anonymous Anonymous said...

Luberman went to Springfield to help fuck over the funds. How does he sleep at night?

On silk sheets.

11/18/2010 10:20:00 PM  
Anonymous Anonymous said...

The CITY spent our pension money and the FOP forgave them...

11/18/2010 10:25:00 PM  
Anonymous Anonymous said...

The country is going bankrupt, as are many states. Illinois is one of them. The economy is not going to get better. Jobs will not return in the private sector.



Unless we step to the plate as one no more divide and conquer Demand the outsourcing of jobs stop and return America back to a country that produces things. Stop the tax breaks to corporations that send our jobs overseas, demand a living wage. Corporations that hire Illegals will be charged criminally(See what happens) That includes the city contracts that hire Illegals and exploited them for greed. Stop the wars.

11/18/2010 10:28:00 PM  
Anonymous Anonymous said...

I'll take a 100% return on my pension payments to date plus my prinicpal amount.


Look at your statement, You want your money back all of 95 thousand after 25 years how long do you think that would last, your a goof.

11/18/2010 10:31:00 PM  
Anonymous Strap In, Kids...Rough Roads Ahead said...

The powers that be wouldn't dare leave several thousand coppers twisting in the wind by reneging on the promise of a pension now, would they?

"Blue Flu" would be the LEAST of Chicago's problems...just wait until a few hundred or more retired and desperate coppers take the law into their own hands to make ends meet, to keep the kids in school and to keep the roof over their head, etcetera, etcetera...

Combine this with an already-demoralized work force and you'll see police "laying down" in droves. The ONLY thing they'll proactively protect is the proverbial "home front". This city and the police-hating assholes that inhabit it will be left to fend for themselves. Anarchy will be an understatement.

Think it can't happen? Just try them Boys In Blue and see what happens.

11/18/2010 10:53:00 PM  
Anonymous Anonymous said...

Question to all of the police who are working the field. Mike Shields (I like the kid as a person) and his slate of new guys get elected. You are forced into a situation that you have to shoot someone. Who do you want to handle your shooting? Maybe the kid needs to start as a filed rep on someone else's ticket first. Would you want his first shooting with IPRA and J-Fled to be your case? Maybe I would want someone who has a track record. He needs a little OJT first. Just saying

P.S. I am not all that happy with the incumbents either.

11/18/2010 11:07:00 PM  
Anonymous Anonymous said...

"The City That Fucks"
Richard M. Daley
Mayor of Malfeasance


Buck Naked
(not a cop)

11/18/2010 11:24:00 PM  
Anonymous Anonymous said...

The whole problem with cops is that we have an attitude of don't worry, meaning that we trust or have no interest in worrying about pension issues because its so far away, well 30 yrs ago I thought the same way, and now by this time next year I will end my career as a police Sgt. I'm very worried right now about wether or not my pension will be there in 5 yrs or will the checks stop coming. We have all trusted the pension board and they ran wild with our money, that little asshole Gallagher, the executive president or whatever he calls himself, Hauser is another. All they care about is themselves, and how about letting Daleys nephew and daleys pal take millions to invest and lost it supossedly. It is now time for all of us to take great interest and storm these pension board meetings, storm the FOP meetings and Sgts. Meetings. before it really is too late.

11/18/2010 11:34:00 PM  
Anonymous Anonymous said...

I'll take a 100% return on my pension payments to date plus my prinicpal amount.


"Look at your statement, You want your money back all of 95 thousand after 25 years how long do you think that would last, your a goof."

How much of an idiot are YOU? I've paid 70k into the pension and I only have 13 years on asshat. I can easily do another 20 years all the while maxing out. Right now I'll take my 70k PLUS another 70k buyout for a total of 140k, add that to what I already have in deferred comp and STILL max out for 20 more years. Fuck right I'll take that now asswipe. It's obvious you're and old fucker on this job, given your 25 year 95 thousand comment. Which means you were on the job when salaries were much lower and you didn't pay in as much then as you, or current higher salary PO's are. Now go get your fucking shine-box you fucktard!

11/18/2010 11:37:00 PM  
Anonymous Anonymous said...

TO 11/18/2010 08:50:00 AM;

I would also like to add that, unlike the pensions for teachers/principals, cook county board and other politicians, the police officers pension ALREADY RESTRICTS US TO A PENSION SOLELY BASED UPON OUR BASE SALARY, NOT INCLUDING ANY OVERTIME OR OUT OF GRADE PAY WE EARN... WE CANNOT PAD OUR PENSION BY WORKING A LOT OF OVERTIME THE LAST YEAR... Additionally, our pension is already based upon an AVERAGE of the top 4 years out of the previous 10 years, so - many of the restrictions being talked about for the teachers/politicians pensions are already in place for us.
I also think that it is a sacrilege that ANY public employee should be collecting a pension of $400,000.00, which apparently some former school principal is... that is or should be a jailable offense... it is cheating of the highest order.

11/18/2010 11:45:00 PM  
Anonymous Anonymous said...

"I came onto this job with a background in financial management.
I always asked fellow coppers why are they putting their money in deferred comp?
It seemed that a lot of them thought that you get a higher rate of return or it was some sort of retirement account(which technically it is)
I always try to persuade them why not take that money, your money, and place it into a personal investment account diversified with YOUR interest and personal lifestyle choices.
Deferred comp is nothing but another pool for the city to fuck with.
Your personal investment portfolio will perform better,be liquid and the best of all...be managed by you or someone you personally know and trust.

To all new coppers, invest the money you would have placed into deferred comp into a well diversified portfolio based upon your age,income,family situation and career goals.

DO NOT put any of your hard earned money into any account managed by this city"

The city of Chicago does not manage your deferred compensation account. Nationwide Retirement Solutions is a branch of Nationwide Financial. Why would you not advocate placing pre-tax dollars to work in a tax-free account to grow, rather than a personal account in which you don't get the pre-tax benefit, and you have to pay Uncle Sam every year on any gains? I manage my deferred account, not the city. I pick which investments within the deferred compensation account to invest in, and there are simple ways to diversify within market caps just using Vanguard funds. The only thing you are correct on is that you're money is not yours until you retire. Then it is yours, at ANY age, at which time you will pay taxes. And you have a background in finance management? And now you're a cop? I wonder why? Not!

11/18/2010 11:51:00 PM  
Anonymous Anonymous said...

If its true that our pension is on its way to bankruptcy, I say fuck it. Lets just take what is left now and plan the biggest feast, party, blow out bash that was ever had. All current and former contributors invited. I'd say we could have a pretty good time maybe lasting to Dec 2012.

11/19/2010 12:12:00 AM  
Anonymous Anonymous said...

came onto this job with a background in financial management.
I always asked fellow coppers why are they putting their money in deferred comp?



Mr financial management- Because we are not taxed on it now, but later when we are older and our income is less. Pretty good reason I think,

11/19/2010 12:25:00 AM  
Anonymous Anonymous said...

If I had to take a wild guess I'd bet that King Ritchie's and the alderthieves pension funds are healthy and adequate. I'm sure their pension fund hasn't been used as a piggy bank to the connected ones. Crooks, every last one of them. We need to sue these crooked politicians for breech of fiduciary duty. We need to keep this topic in the limelight until a legitimate plan to address this is developed.

11/19/2010 03:36:00 AM  
Anonymous wrong answer, but thanks for playing said...

So Mike Shields is blaming the pension problems on FOP now? Our pensions are "too good?" FOP got "too much?" Hope Shields is first to take a reduced payout. He is already all in favor of our contribution going from 9 to 10.5%. Didn't take long for him to show his true colors.

11/18/2010 08:05:00 PM


FLOP lackeys always seem have plenty of Dick's steaming hot bitter lemonade to sip on.

10.5% or HEAVEN FORBID a greater employee contribution -- even if the long-term numbers could work to save our pension it wouldn't matter, as long as the FLOP/Shitty Hall misinformation machine keeps chugging.

FLOP IS to blame. Our Fraternal Leaders couldn't care less about what our pension fund looks like today, let alone in 2018. Look into how much employer pension contribution monies the FLOP threw away in concessions to the City over the last twenty years. In the name of foregoing labor concessions? Bullsh*t! The FLOP muzak factory has never given a flying f*ck about our pension fund as long as they got theirs in the end. Marky Mark D is the latest example: he will get a $140,000+ yearly pension (80% of total salary) vs. $0 (0% of total salary) for those of us retiring in 2018 and beyond...What a deal!

A hearty "Thank You" from Marky Mark D to all the FLOP (er, Shitty Hall) Lobbyists in Springfield!! And we get what we deserve because we keep electing these inbred hacks.

Grab another gallon of Dick's steaming hot bitter lemonade before it runs out next year...mmm mmm good!!

11/19/2010 03:38:00 AM  
Anonymous Anonymous said...

I suspect any "significant" reduction in pension benefits will result in massive slowdowns or work stoppages by the men in blue.

11/19/2010 06:34:00 AM  
Anonymous Anonymous said...

Interesting question. If our pension becomes insolvent, will we then qualify for full Social Security benefits?

11/18/2010 05:24:00 PM

Don't count on it. There will be some pols that would take our side, but I'm not sure enough would step up to the plate to help us. All of the large cities are blue and their elected reps don't care for us any more than their constituents. I would think they'd just tell us tough shit, we're suffering also, welcome to our reality.

11/19/2010 06:34:00 AM  
Anonymous Anonymous said...

Mark Donahue retired but is still the FOP pres

Good then I wont have to wonder who will be fucking us over!

11/19/2010 07:14:00 AM  
Anonymous Anonymous said...

Almost Mayor Rahm proposed that those City Employees with under 15 years employed....NOT TRUE STOP SPREADING LIES.

Sorry to say that it is true. Do you read the news at all? He just made this statement in the past few days, when asked how he would fix the pension. FACT

11/19/2010 07:36:00 AM  
Anonymous Anonymous said...

All I know is that Donahue is in Springfield, Shields in Chicago. Case closed.

11/19/2010 08:05:00 AM  
Anonymous Anonymous said...

so I took this job why

11/19/2010 10:34:00 AM  
Anonymous hippy-dippy-1 said...

Anonymous said...
came onto this job with a background in financial management.
I always asked fellow coppers why are they putting their money in deferred comp?



Mr financial management- Because we are not taxed on it now, but later when we are older and our income is less. Pretty good reason I think,
11/19/2010 12:25:00 AM
___________________________________
While I don't exactly agree with the financial management guy, I would say that if, and it is a big if, you can manage to put your money in after tax dollars instead of deferred comp, you would be better off doing so. Two main reasons: First is is your money to withdraw at any time you have a need. Deferred comp is almost impossible to withdraw from until retirement. Second, being taxed on when older, after retirement, used to be a huge advantage when there were more tax brackets and you were almost assured of being in a lower one after retirement. That is not so true now. Most of you well remain in the same bracket as you are in now. Most withdrawels from deferred comp require a 20 percent tax withholding. It can still be a good deal as long as you are aware of the above caveats

11/19/2010 10:52:00 AM  
Anonymous Anonymous said...

I'm sure Daley's pension will be quite safe.

11/19/2010 11:31:00 AM  
Anonymous Anonymous said...

Almost Mayor Rahm proposed that those City Employees with under 15 years employed....NOT TRUE STOP SPREADING LIES.

Sorry to say that it is true. Do you read the news at all? He just made this statement in the past few days, when asked how he would fix the pension. FACT

11/19/2010 07:36:00 AM

Very true. He did say that to a fireman while visiting one of the northside firehouses a couple weeks ago. he told him things will have to change for the guys on the job who havent been around very long.

11/19/2010 11:37:00 AM  
Anonymous Anonymous said...

Mike Shields, save us!

Like he's saving the pension fund.

11/19/2010 11:40:00 AM  
Anonymous Anonymous said...

All you tools bashing Shields need to realize he jumped into this game headfirst to at least try to expose all the bullshit and shenanigans going on at the Pension Board.

In the short time he's been there, he's done more to expose the corruption and outright thievery than anyone else that sits on that board. He's only one vote when it comes to time to voting for various things. Call him and ask him how the others vote and why they vote the way they do. And then ask him how some on the board are mysteriously absent when important matters need to be discussed and voted on.

I'm not convinced. He sends us these e-mails that the Fop won't let him post an article in the fop newsletter. Yet when the newsletter for the pension board comes out he doesn't expose anything. Read any of the articles he wrote since he's been in there. In the latest one he praises all the other trustees. Go to a finiancial meeting and find out. Shields is part of the problem.

11/19/2010 11:50:00 AM  
Anonymous Anonymous said...

To the po that came on the job with a background in financial management. With the advice you are giving, you should be glad you are a po because if you worked in financial planning you would be unemployed by now. There is absolutely nothing wrong with deferred comp. You make the choices of investments and where you want to keep your money and it is managed by Nationwide which is as good as Vanguard or Fidelity. And what makes you think that your personal investment portfolio would perform better if managed by someone you know or trust. Werent most of Bernie Madoff's investers friends and he was trusted by them and look what that got them.

11/19/2010 12:29:00 PM  
Blogger john said...

To the financial guy
1. The deferred comp money belongs to the city.
2. There is a big advantage to investing tax deferred with the caveat that you get your money back.
3. The money transfers to you when you retire.
4. A couple of smaller cities in California actually tried to use 457 b monies as collateral. The courts intervened on the side of the employees ( this time).
5. Your income will probably be less than when you working but.
6. Tax advantaged saving is based on a lower ( at least stable) income tax rate when you retire. Is there any advantage to saving that money only to find that the government entities have now raised taxes?
That is the assumption everyone makes-- lower tax rate but is that a valid assumption?

old retired guy

11/19/2010 12:46:00 PM  
Anonymous IT'S A WIDESPREAD PLAGUE said...

This is NOT just a City of Chicago CPD problem. Many suburban departments are in the same boat (the Titanic) and most are clueless as to what underfunding means.

As a former elected official in one of the suburbs, I can say that pension funds are complicated and most cities/suburbs have some type of pension board that tries to oversee it. (Don't trust them)

The problem that I saw in our community is that most of the people who make up that board are NOT financial experts but more of the "good ol' boy" network of a retired cop, a couple of "friends of the mayor" and others who don't know about rates of return or other basic terms. (This is typical)

They rely on some outside financial company that may not be much better then them.

Again, the financial firm is someone's buddy or the one that took out the Mayor for the best dinner or golf outing so that's how they qualified to manage the pension.

We had a firm that based the municipality's contribution on a rate of return from equities/funds of 9.5%. NO ONE is getting 9.5% returns so the amount we were supposed to kick in every year was DEFICIENT.

After pointing that out, they rushed to change the rate-of-return on investments to something more reasonable like 6%. (even that is high) The municipality had to make up the difference BUT look at how most are going along.

If your expectation is that your fund is going to grow 9.5% and you are only getting 4-5% returns each year, you are building up a HUGE DEFICIT. That is exactly what has happened in many municipalities where they do not have anyone questioning the so-called "experts".

Pensions were over-promised and underfunded. Everyone wanted that same contract GM had years ago. Well - GM went bankrupt and had to get bailed out. The only problem is that every municipality cannot be bailed out. Where is the money?

NOT in Springfield.

And if you have officers retiring at 100 at a time, look at your pension reserves again. 100 new checks that have to be cut every month will deplete that fund real quick.

Do some number-crunching and find out how fast that will suck money out of it.

You might find out the reserves are not as big as you thought.

11/19/2010 12:50:00 PM  
Anonymous Anonymous said...

Where the fuck is Fitzgerald?! This shit makes ENRON and Bernie Madoff look like baby shit!!

11/19/2010 01:39:00 PM  
Anonymous Anonymous said...

How many cops voted in the election this month?

Did they loudly get their families, friends and neighbors to vote?

Are the Aldermen AFRAID of pissed off cops, fire fighters, and other city workers?

11/19/2010 02:42:00 PM  
Anonymous Anonymous said...

Two things about deferred comp
1. If you make money on the mutual funds, they are taxed as ordinary income when you withdraw money from deferred comp, not at the 15% capital gains rate that they would be taxed at if not in deferred. Big savings there
2 You are right about the assumption of paying less taxes when retired. Not a valid assumption only because of the amount of our pension. Most of us are in the 25% bracketand also that since the Bush tax cuts came in we have had tax rates reduced. I had a friend with a mortgage and five kids when he joined deferred in the 80's. With the mortgage deductions, deductions for the 5 kids and the deductions that were allowable without the thresholds of 7.5% for medical, 2% for misc he paid very little taxes if any.
Now that he is retired with no mortgage, no 5 children dependants deduction plus other deductions that go along with raising a faily he is in the 25% bracket. So if you think about it he was having money put deferred into deferred comp when he was in the 10% bracket and drawing it out when he retired at 25%
Deferred was really for people making an average or larger salary when working and then to supplement their income if they had no pension and had to live on social security
It is good for a forced savings so you cant withdraw money until retirement

11/19/2010 04:01:00 PM  

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