Another $25 Million Pissed Away
Chicago’s public pension funds, already reeling from years of inadequate contributions, took another financial hit when Mayor Richard Daley’s administration and the city’s unions agreed to require workers to take unpaid furlough days, according to a report released today by the city Office of the Inspector General.
Under the agreement, city workers were not required to make pension contributions for the furlough days even though they continued to accrue benefits. The city, meanwhile, gave itself a pass on another $13 million in payments for its share of pension contributions for the furlough days.
That means city pension funds were shortchanged nearly $25 million over the three-year period, at a time when funding had fallen to levels that threaten the retirement security of thousands of policemen, firefighters, teachers and municipal employees.
We will repeat ourselves once again:
- we contribute 9% to our own pensions - that contribution is about to climb to 12%
- the city has refused to increase their pension contribution for almost 30 years now
- we cannot collect Social Security
- after 20 years service, we get 50% of our salary - under $40K a year.
Labels: pension
posted by SCC at 12:03 AM
54 Comments:
There is a ton of cash to steal if they did not have to fund those pesky pensions.
Gee! If it didn't know better, I might tend to think that Daley was taking advantage of the situation.
Never let a crisis go to waste.
Shortshanks Strikes Again!! said...
Shortshanks strikes again... a little slide of hand to make the taxpayers think he is saving the city money by making city workers take furlough days when all it is doing is depleteing the pension and saves the city from paying millions into the pension... now we know the real reason the city wants furlough days... to avoid paying the pension, not to save money...of course though, its all gonna have to be paid back anyway... why the fu*k is daley not in jail!!!!!!
http://www.chicagobreakingnews.com/news/local/chibrknews-report-furlough-days-shortchange-city-pensions-20110208,0,5752707.story
2/08/2011 02:00:00 PM
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Totally agree with the post.
The phrase, however (so you don't screw it up again) is SLEIGHT OF HAND.
It's the thing magicians use. (Often referred to as 'misdirection'.) Which seems pretty appropriate.
Daley points 'over there' with one hand, while slyly pocketing our money with the other.
Broken promises.
What you call a moral hazard.
Both social security and pensions are unsustainable. The politicians spent or redirected the money to their friends.
It's the greatest scam in history.
Prepared thyself as the political apparatus uses the threat of bankruptcy to cut benefits.
When I hear these asses hollering about our pensions, how about we cut YOUR fucking social security benefits? Oh, you say we can't do that? You did it to us ALREADY! We pay a higher percentage rate for our pensions than you do for social security. Not to mention the fact that if we are able to collect social security, we get about 40% of what we are entitled to. We already took a hit for YOUR social security because we get screwed on it. And here you come for MORE?
These pensions only started to get into trouble in the last few years. The politicians that have been running these plans screwed up. Now everyone wants to show us that we got too much and need a cut. I'll be forced out in 7 years and I'm not sure what job I was going to take because my pension wouldn't be enough as it is. Now here they come to make my retirement shit? I've worked for 39 mother fucking years now. You bastards won't be happy until I die in the lot of whatever job I'm doing, PROVIDED I live past 63. I've helped raise and support 8 children. I have done my part for our society and continue to do so now. But I'm greedy. I don't deserve to have enough money to eat real food and live somewhere better than a trailer park.
You're damn right, I'm livid.
Read the story of the 84 year old widow, whose retired copper husband died 20 years ago. Her pension check was so low she could not even pay to have her broken furnace repaired.
The story is in the December pension newsletter on their website.
http://www.chipabf.org/1Newsletter/2010/December2010No42-.pdf
.
After saving Goldman Sachs, AIG, nearly every big Wall Street bank and the US Auto Industry from a self-induced collapse, the government is finally drawing a line, right across the families of blameless middle-class cops and firefighters.
They are introducing a Bill to prohibit the government from offering any of the same measures used to save the Wall Streeters and their million dollar salaries from being used to help the modest and hard-earned pensions of Main Street police officers and firefighters.
What hypocrisy. How can the fat cat multi-millionaires at the Civic Federation look in the mirror?
http://www.reuters.com/article/2011/02/08/usa-states-pensions-congress-idUSN0828686720110208
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The city and complainers wouldn't be happy even if you paid 75% into your pension- the other 25% going to taxes.
Hold them accountable for the mismanagement of those funds.
And what do we do to change it. Nothing. We back stab each other and treat each other like shit so the city can just keep stickin it in our pooper.
Dineen and Nolan endorse the Citywide Team. How fuckin redundant. Arent those the 1st 2 fuckers that sold us out? Wait no question mark needed at the end of the last sentence. I know they did. And Donahue followed suit.
So would of Bella and so on.
We are screwed because we dont stick together.
madigan is on record now for talking about reducing current employees pensions!we are screwed boys and girls.
Little known fact RAHM has 666 tattooed at the base of his neck.
Who in their right mind could vote for Ballerina Boy? Look at all the damage Obama and the Ballerina did to the US in two short years.
don't give exempts unpaid furlough days , eliminate 30 % of exempts ,
eliminate captains , reduce lts. by 25 %, hire more sgts .
So let me see here.....the exempts who spend all day crying about how they work all day and night and have to take unpaid furlough days and how its not worth being an exempt (even though they cut each others throats to keep their spot or get another, higher spot) are going to cash in on their huge exempt pensions and actually contribute no more or even less than they would have at their career service ranks??
Sounds like we're getting screwed again.
Yeah. But what you need to take from the story is that the police fund does not have that particular difficulty because though the City wanted police and fire unpaid furlough days, FOP did not budge on the issue.
This is a report from fiscal year 2009 from National Taxpayers United of Illinois. At the bottom is a link to the top 100 Government pensions in Illinois. Politicians and Educators always seem to be clamoring for tax dollars for EDUCATION. A quick look here will show you WHY, and pretty much, WHERE all of that money goes.
Oh, and good luck trying to find us 1st responder public employees on this list with our HUGE pensions that are killing the economy!
NATIONAL TAXPAYERS UNITED OF ILLINOIS
ILLINOIS’ LARGEST TAXPAYER PROTECTION ORGANIZATION
Eighth Annual “Top 100 Illinois Government Pensions” Published – Expert Calls Illinois Pension Systems “Unsustainable”
“Almost all of these multi-millionaire government retirees are educators,” said Zettler. “The top recipient is Tapas K. Das Gupta, whose annual pension for FY2009 was $390,716. That works out to $32,560 a month. And he’s not alone. Sixty-three Illinois government retirees have pensions larger than US President Bill Clinton.”
http://www.ntui.org/news-releases/eighth-annual-top-100-illinois-government-pensions-published-expert-calls-illinois-pension-systems-unsustainable
Give me what I put in plus the 8% per year they say it earned and I'll take care of it myself.
Oh yeah, restore my Social Security to the 100% I should get too.
Fuck this city!
Read the story of the 84 year old widow, whose retired copper husband died 20 years ago. Her pension check was so low she could not even pay to have her broken furnace repaired.
The story is in the December pension newsletter on their website.
+++++++++++++++++++++++
If I had the skills I would help this lady out. Is there maybe a HVAC guy on the job who could help her out? I'd sure help pay!
It would be nice if there was a database of people with various skills who could help our older retirees and their widows when the chips are down. Could the memorial fund help out?
Shortshanks Strikes Again!! said...
Shortshanks strikes again... a little slide of hand to make the taxpayers think he is saving the city money by making city workers take furlough days when all it is doing is depleteing the pension and saves the city from paying millions into the pension... now we know the real reason the city wants furlough days... to avoid paying the pension, not to save money...of course though, its all gonna have to be paid back anyway... why the fu*k is daley not in jail!!!!!!
Why would Shields and the other trustees agree to this?
Why is that Daley's shenanigans are always exposed after the fact? Why didn't anyone expose that our pension plan and others would suffer as a result of the furlo days.
We all know Daley is a low life sneak when doing his thievery. But why not expose this to the media sooner to deter him from doing his dirty deeds?
Headline; Maine biologists nab owl taking heads off chickens.
If only we could get one of these to start flying through City Hall.
p.s. That's our friend the Inspector General complaining about our Pensions!
You all will never be paid what you truly deserve, and sadly, you'll never get the respect you deserve either, and that's sad.
Ordinary citizens don't realize the BS you all see on a daily basis. Just like teachers, nurses, FF's, EMS and our military. You all see the worst that society has to offer.
It's no wonder I hate people so much.
Anonymous said...
Read the story of the 84 year old widow, whose retired copper husband died 20 years ago. Her pension check was so low she could not even pay to have her broken furnace repaired.
The story is in the December pension newsletter on their website.
http://www.chipabf.org/1Newsletter/2010/December2010No42-.pdf
2/09/2011 04:24:00 AM
The story also explained how the widow was able to pay for the repair with the extra check she got from the pension fund.
That annuity isn't enough of course, until there is more to give it ought to be up to us able bodied and still employed officers to donate some time and help the older folks like that woman.
She took care of her police officer husband for many years. She cooked the meals, possibly raised the family, did the worrying until she saw her spouse come through the door safely.
We can help out those old folk, we can come together even when there isn't a duty related funeral to attend.
If Shields Team is elected and I make trustee I will take it upon myself to create a list of willing volunteers to help out the old timers. I will be one of them soon enough.
Vote For Rahm. He's Our Pension Savior. Sorry I Meant To Say, His Pension Savior.
What Makes You Think You Need A Pension Anyway ?
There Are Millions Of People In This Country, Who Are Not Citizens, Do Not Work, And Have No Intentions To.
From What I Have Seen, The Government Is Taking Very Good Care Of Them.
some hard questions need to be asked. when did the city decide to ignore scheduled payments? who made that decision? was that $ diverted into and pilfered from the general fund?
Also remember that a big part of our pension is determined by the stock and bond market. The politicians are using this time to say what bad shape the fund is in because of the bad markets in 2007 and 2008 Last year we made back over 500 million that was lost in the market during those bad times and will continue to make more if the market stays bullish
These crooked politicians will always, always, find a way to steal from any large pool of money such as pension funds. What is needed is a law that requires that the city (or state) fund their portion each and every year, and if they fail to do so, then the city / state gets fined the amount that they failed to deposit into the pension fund. Also, it is imperative that the funds assets be removed from any politicians grasp. Only then will they be allowed to grow as they should have. This is the most important issue affecting government workers at this time. Pension reform is definitely needed, but that focus should be stopping the bloated pensions of merit clout individuals and all of the other folks like the school superintendents who leave with pensions of $250k.
Both social security and pensions are unsustainable. The politicians spent or redirected the money to their friends.
Your wrong Social Security has 2.9 Trillion dollars- they are doing fine its a system that works. Some politicians want you to think its in trouble because they are trying to get their hands on it for the private sector. (WALLSTREET) so they keep telling the lie that its in trouble. Now the pensions are another story again some politicians want the cities to declare bankrupt to destroy all the unions and city workers.
Many in Washington are union haters- it is what it is.
And yet none of this information gets out to the public!!! Yes the media sucks here, but this also falls squarely on the leadership of FOP!! When have they ever strongly challenged, and put in the public view that the city has underfunded the pension. Daley himself made a public statement that our contribution to the pension fund has not increased for 30 years. Where was the FOP response pointing out that not only did the city not increase their contribution, they didn't meet their required contributions for years. They let us get publicly pasted all the time, on every issue. Where is the public challenge to the aldermanic and mayoral pension plans???!!
the USA will look like EGYPT in 2 or 3 yrs!
Someone should SUE Daley and all those who have willfully NEGLECTED OUR PENSIONS.
These asshats better look out for the very angry men with guns!!!!!!!!!!!!!
Your wrong Social Security has 2.9 Trillion dollars- they are doing fine its a system that works. Some politicians want you to think its in trouble because they are trying to get their hands on it for the private sector. (WALLSTREET) so they keep telling the lie that its in trouble. Now the pensions are another story again some politicians want the cities to declare bankrupt to destroy all the unions and city workers.
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This may be about the most ignorant thing ever written here. There is no longer a Social Security Trust Fund. It is a "pay-go" system. Current contributors pays recipients. All SS monies go to the general fund. Nice try Mr. Obama!
What hypocrisy. How can the fat cat multi-millionaires at the Civic Federation look in the mirror?
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Class envy is very very ugly. Grow up and take responsibility for your position in life. I'm very happy with mine and don't blame others for it.
Yeah. But what you need to take from the story is that the police fund does not have that particular difficulty because though the City wanted police and fire unpaid furlough days, FOP did not budge on the issue.
_________________________________
FOP didn't budge because they couldn't - we have a contract. No union employees took furlough days.
Someone correct me if I'm wrong: Pension for the Police is like a Ponzi scheme:I pay for the guys ahead of me and the new guys pay for me. Can anybody tell me what is different?
I am just speechless. And the Union wants my VOTE! unbelievable!
Just don't pay the City any Taxes. No taxation without representation. Proper representation means, in part, that your Elected Representative must account EXACTLY where YOUR Tax- Dollars have gone. If they cant give a FULL account, then you arent being rrpresented in accordance with the Law.
few things have made me as angry as the public discussion surrounding our pensions. Seems asshole politicians love to campaign on the backs of the police. Anita Alvarez campaigned on an anti-police platform. Now Rahm and Madigan are beating the "their pensions are destroying us drum". @#%K these people. They have never had to work holidays or midnights or have experienced violent trauma directly or secondarily. I know I have truly earned my pension. I have paid in blood, stress, and hospitalization. Go Chico
"You're damn right, I'm livid."
The revolution will not be pretty.
xAnonymous said...
Why is that Daley's shenanigans are always exposed after the fact? Why didn't anyone expose that our pension plan and others would suffer as a result of the furlo days.
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Don't panic. They have to make the days up. Nobody is taking anything but the city. The city just got a break on pension contributions.
Yeah. But what you need to take from the story is that the police fund does not have that particular difficulty because though the City wanted police and fire unpaid furlough days, FOP did not budge on the issue.
2/09/2011 10:31:00 AM
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The CPD bosses sure DID take mandatory 'furlough' days.
These asshats better look out for the very angry men with guns!!!!!!!!!!!!!
2/09/2011 08:24:00 PM
since when?
It's no wonder I hate people so much.
2/09/2011 04:24:00 PM
the feeling is mutual.
Chalkie
We all know Daley is a low life sneak when doing his thievery. But why not expose this to the media sooner to deter him from doing his dirty deeds?
2/09/2011 11:56:00 AM
the media?
Shirley you jest.
Little known fact RAHM has 666 tattooed at the base of his neck.
2/09/2011 08:16:00 AM
i don't want to know how you know this.
You wont get what you contracted for.
Glad Chico finally has the balls to hit on the $18M man Rahm
keep pounding away on this out-and-out liar
Ever notice how politicians, of both parties, target the most essential (critical) public employees first? It's citizen blackmail - single out the very people the general public depends on the most and assume that the majority of the morons will assume that these political cost cutting measures will balance the budget. How much was spent on the failed Olympic bid? How much is being spent on illegals? Typical bait and switch. What is even sadder is that the typical Chicago/Cook County voter (dumbest people on the planet) don't have the brain power to realize they are being played. "Never underestimate the stupidity of the general public" has to be the first thing Illinois politicians learn right after they have been sworn into office. Can't wait to get out of this state.
So what the politicians are telling us is, we worked shitty hours, at times a shitty job and because we are honest and hardworking they are going to try and screw us, if we let them!!!
While, all the citizens on link cards, welfare, free apts., free check s for babysitting, free food etc.etc, there is money to fund all the freebies for individuals that don't even try to get a job and never will, and some how they live comfortable by not having to do a damn thing.?? How does a person who never worked get SSI?
There is billions of dollars for rebates to buy a new car and appliances also but no money for the pensions which is our money!
What ever happened to all the corruption with the disaster money?
The media reported about it in New Orleans and then the story just went away. In IL and guess what, no more story. However the Trib loves to hammer us daily with pension woes.
No, unacceptable. Find it. Instead of whining do your job politicians.
You pay my salary, well I pay yours!
Anonymous said...
Little known fact RAHM has 666 tattooed at the base of his neck.
2/09/2011 08:16:00 AM
i don't want to know how you know this.
2/10/2011 12:48:00 AM
What about those horns he tries to cover?
And yet none of this information gets out to the public!!! Yes the media sucks here, but this also falls squarely on the leadership of FOP!! When have they ever strongly challenged, and put in the public view that the city has underfunded the pension. Daley himself made a public statement that our contribution to the pension fund has not increased for 30 years. Where was the FOP response pointing out that not only did the city not increase their contribution, they didn't meet their required contributions for years. They let us get publicly pasted all the time, on every issue. Where is the public challenge to the aldermanic and mayoral pension plans???!!
Not True. City has made the contributions that the legislation requires. Go back into your hole Mr. Misinformed
Yeah. But what you need to take from the story is that the police fund does not have that particular difficulty because though the City wanted police and fire unpaid furlough days, FOP did not budge on the issue.
2/09/2011 10:31:00 AM
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The CPD bosses sure DID take mandatory 'furlough' days.
When did they become union?
what a freaking joke.
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