Big Changes in Store
Quite a few big changes working their way through Springfield, none of which bode well for our future:
- Future pension benefits for public workers would be reduced under a sweeping new plan that would impact government employees throughout Illinois beginning next year and impose changes for city of Chicago and Cook County workers in 2013. Current workers would get the option of choosing one of three plans, and would keep the level of pension benefits they have earned up to the point of when the changes takes effect.
The three choices are:
*Paying more to earn their current level of pension benefits in their retirement.
*Opting to earn a smaller level of pension benefits built up in future years. The benefit would be at the lower level of a second-tier pension plan adopted last year for new employees.
*Choosing a 401k-styled plan that would allow a person to self-manage their retirement funds.
Then you have Worker's Comp changes:
- The state Senate is poised to vote Saturday on a major overhaul of the state's workers' compensation system, a push aimed at [saving] Illinois [business] at least $500 million a year and addressing possible abuses.
The measure is the result of months of tense negotiations between Democratic lawmakers, Gov. Pat Quinn's administration and several key stakeholders, including doctors, unions, trial lawyers and business groups.
That one won't affect CPD. Finally, retirees are about to get whacked with big increases:
- More than 21,000 retired city employees under age 65 will pay 15 percent more for their health insurance — an increase a union official called “alarming” and an expert said [spotlights] a $1.3 billion unfunded liability for Chicago taxpayers.
Paul Geiger, general counsel for the Fraternal Order of Police, said the first double-digit increase since 2004 will create an “enormous hardship” for retired couples on fixed incomes who are not yet eligible for Medicare.
Funny thing though - we've been beset by a troll who insists that we support the Tea Party, that Republicans are going to steal all our benefits, that Quinn is the greatest thing since sliced bread, yet we look to Springfield and see a democratic controlled House, Senate and Governorship all falling over themselves to do the bidding of a Chicago Machine democratic mayor and completely destroy how many years of union gains? The mind boggles.
Labels: money questions
posted by SCC at 12:01 AM
73 Comments:
Fyi, the state troopers are going to get clobbered. If they opt for option #1, their contributions will go from 12% to 18%.
All for nothing. What the IL gen asses are telling us is that they will change the rules of the game when it serves them the best.
If you are under 15 years on, you ain't getting shit.
We are very concerned for all members because the House Pension Committee Chairman, Representative Kevin McCarthy has been was recently asked about police, fire, and IMRF employees being excluded from the current bill, "Those workers can be addressed in a separate bill next year."
I've been emailing my reps everyday. I got this reply today.
Thank you for contacting my office regarding the Illinois state pension systems and the changes I’m advocating. My underlying goal is to improve the stability of the pensions system so that teachers and all the other hard-working government workers have a pension they can rely on. That’s why I’m pushing for action to stabilize that system.
The increase in underfunded liabilities are, according to the Commission on Government Forecasting and Accountability, due mostly to lower-than-expected asset returns, which I would call a rough market, and variance and/or changes in actuarial assumptions, or, as I say, not using numbers that reflect total costs like longer life-spans and more payments due to early retirement. “Underfunding caused less than ½ of the increase in unfunded liabilities from 1995-2010” (COGFA). If we are to have a stable pension system, we need to address each of the problems, and we have little control over the markets.
Lawmakers recently voted to make the full pension payment next year, and I applaud that, because it addresses part of the problem. But we also need to address actuarial assumptions concern, and that means participants need to pay more to keep up with the amount of money going out. Finally, I support offering a 401(k)-type plan as a choice for employees.
I value the work of government employees and want to ensure that they have a pension when it’s time to retire.
We must find reasonable alternatives to the state’s never ending cycle of borrowing and spending beyond our means.
Illinois taxpayers deserve an efficient and responsive government. Please feel free to follow-up with me or a member of my staff should you need any further assistance.
Sincerely,
Dan Rutherford
Illinois State Treasurer
These people worked their whole lives and are now on a fixed income and this is the reward they get? Increase in their healthcare costs?!
How about cutting welfare and other programs first? Why should working people be punished and the lazy dogass parasites be rewarded?
We are witnessing the greatest transfer of wealth of all times.
Can someone dig up tue politicians pension plans please.
Unbelieable! Pond scum abusers can live their entire lives off the government with no worries but police officers get fucked for not only working their entire lives but putting their lives on the line on top of it. shame shame on the government. fucking assholes.
>Funny thing though - we've been beset by a troll who insists that we support the Tea Party, that Republicans are going to steal all our benefits, that Quinn is the greatest thing since sliced bread<
you mean Mikey, Mikey, Mikey
So do we also pay less of a mortgage during the housing market collapse. How about paying less property taxes for the lower appraisal. Looks like the responsible people get penalized for their long term investments. The hedonistic live for today and their irresponsibility becomes rewarded.
The truth is that neither side cares about the working man. Republicans showed their colors in Wisconsin, and Democrats are going to show theirs here in Illinois.
Time for a Taxpayer revolt. Or lay down, and do everything the (not so) nice politician tells you to do.
Should have a list of all the politicians who voted yes on this and post it so everyone knows who not to vote for.
*Paying more to earn their current level of pension benefits in their retirement.
-----
They are saying as much as 24%.
INSANE!!!
Congratulations to my collegues and neighbors who voted for the Democrats! You and yours have brought this down upon yourselves, and the rest of us. And to the "fifty-five and out" crowd you had better get down on your knee's and pray the retirement age is raised to sixty-five, or even seventy-you'll need every dime you can make now.
Of course it has been Reublican governors and Republican state representatives from Wisconsin, Ohio, etc. who in their public employee pension reform codified protections soley for policemen and firemen! But since thats not good enough go ahead and march with the Free Mumia crowd in support of Quinn and Co. and start learning how to live with less. Some of you wouldn't know the truth if it beat you over the head.
M. Bazarek
" . . Quinn is the greatest thing since sliced bread . . "
-----
The PBPA supported QUINN.
At least he states he would veto any bill that would be unconstitutional.
BRADY on the other hand would sign it.
HOWEVER. the whole thing would be tied up in court because it is in fact unconstitutional.
I no longer care about ANY police crap or any of the department or city games that are posted on this blog.
All I care about is one thing:
RETIREMENT . . AKA: Getting the fuck out of city.
Perhaps when most of you get 20 years on you will feel the same way.
you can bet that the " 55 and out " free medical will soon be gone--- all you young guys writing all those movers and parkers and tows can give yourself a pat on the back--- you will be writing all the movers and parkers and tows when you are 60 because you won't be able to afford to retire---
Yep thanks to MIKEY MADIGAN AND JOHN CULLERTON 2 of the biggest crooks ever,err beside the daley crime family for fucking us with all the theft! Is PATRICK FITZGERALD still around? The silence is deafening!
I wouldn't mind paying a little extra to help out the retirees with health payments, if that would be done for me when I leave.
Daley's last and Rham's first FUCK YOU to us.
Common Denominator, just ONE word.
DEMOCRATS
Retired from CPD at age 53,maxed out and in excellent health.I am the Citys worst nightmare.I've collected a quarter million already with many good years to come.These health cost increases are merely get backs from the city for fucking them instead of them fucking me.Get out as soon as you can officers.Life is to short and the citys goal is to pay you for as short a time as possible after you retire.Godspeed.Be careful
Get out as soon as you can. If your going to get fucked at least do it somewhere with better weather, better schools and lower taxes. Shitcago will soon be just the liberal rich and the low life poor.
Tiny Dancer 9.5 has every intention of piggybacking the city contracts onto this legilation plus has started an exploratory committee to look at canceling the current 55 and out medical retirement as well as lowering our current 365 day medical roll policy into a 12 days a year medical retroactive to your seniority date.
health ins should be paid for by the city or no more than a 1% increase , contibutions into pension fund must increase or pension fund will be broke
never will understand why fop released city from a 29million dollar loan
Unless you're within a few years of retirement, the 401(k) is the way to go.
The 401(k) is in MY name and MY control. I don't have to depend on the city to properly fund my retirement, and I don't have to depend on their terrible investments.
Those damn republicans...
I'll take the 3rd option provided the following: 1) a tax free move of all my pension contributions to a fund house of MY choice, not the city. 2) a figure commensurate with half the life expectancy of police officers, (e.g. if life expectancy is 10 years, then I want 5 years of "buyout" money up front with no tax, to be contributed with my pension contributions, to a fund house of MY choice, not the city. 3) allow for my pension contribution and "buyout" money to be combined with my already existing deferred compensation money. 4) increase the maximum amount of contributions in deferred compensation, or wipe out the maximum amount and allow people to contribute as much as they want. 5) allow for the current 9% pension monthly contribution, along with deferred compensation deferral, to be carried over into the account I created with no tax, with the fund house of MY choice, not the city.
For me it would look like this. I have 20 years to go max. I would be able to move already existing 80k of pension money + "buyout" money and combine it with 50k of deferred compensation money into one account. If the average life expectancy of a police officer after retirement is 10 years, then I will get 5 years benefit "buyout" to equal approximately 200k.
Total lump sum would give me 330k to grow with monthly contributions of 2k a month (current deferred compensation contribution + 9% pension contribution). Grown over 20 years to age 63 that would be approximately 480k.
330k + 480k would give me 810k without even factoring in compounding 3.5-4% interest (Chicago Fixed Option with Nationwide average percentage return). Once interest is factored in that money would be well close to or above the 1 million mark. I'll take that over the city pension right now. What makes you think the city and/or state is going to pull the same bullshit of crying "we're broke" in the next 10-20 years if you pick Options 1 or 2? I'll take my money and take better care of it then the city or state will.
This is why I retired a year before I planned on retiring. I locked in my retirement under current rules, I'm not going to risk a change in my pension this late in the game.
But I do support the Tea Party!! A plan to invest in a 401k is not always the the best plan either, Rember they do tank and you lose. A 457
plan would be better, more secure, and keep dirty hands off our retirement money.
Anonymous said...
The truth is that neither side cares about the working man. Republicans showed their colors in Wisconsin, and Democrats are going to show theirs here in Illinois.
5/28/2011 02:49:00 AM
Wisconsin is better than the deal we have now.
Nice to know the U of Chicago just made Richie Daley a "Fellow" For 5 years Fatarce will get $100,000 a year to do what? Give a few lectures on government. What is this money for? Past Favors! Can you imagine how many corporate boards Fatarce will be sitting on for $Millions. The Old Man always told the kids never take any cash. Line up the goodies for when you retire. In the meantime we are sweating out our pensions and insurance with the very folks deciding who created the mess in Springfield. Why is the city bankrolling 17 bodyguards, cars, AND FREE GAS if this Mutt is making so much money?
Best thing those with over 10 years on can do, is pay the extra, stay on for 20. Quit after 20 get another job in your early 40's than start a 401K. You get 50% at fifty save some invest some. Move somewhere with a lower cost of living. Don't buy a bigger house than you need, relax and enjoy. Under 10 years leave asasp. It really is only going to get worse.
if you under 20 years in cpd & cfd
you'll current contributions will be transferred to a 401k or you'll have to contribute 15% to keep current pension benefits
good luck , i've got 25 on and i'll pay the 15% for 4 more years to keep my benefits
Bunch of PUSSIES we have all become! They are stealing from us what we have earned and paid into and all our Labor Leaders do is tell us to contact your elected officials. FUCK THAT, we need civil disobedience until these fucking politicians get through their fucking heads that nothing gets done in this country without the will and consent of the PEOPLE. We can learn a few things from Europe how the people act when they feel they are being fucked over by the government. Stop already with waving the don't thread on me flags and lets fucking do something already!
Move as much of your wealth "off the books" as possible and minimize participation in government savings plans.
Most of us know how the very poor do it, so spend some time studying the very rich. Marvel at the simmilarities and note how both position themselves to take advantage of gov't programs. See how our middle class values and education have made us the slaves.
The writing is on the wall and the "plan" is to sparate you from as much of your wealth as possible.
Times are changeing so we must observe, learn, adapt and overcome.
I have posted this in the past and will repeat myself.
Pension fund will be gone
Earliest -2018
Latest - 2022
old retired guy
Over 30 years all I heard were about retro checks- quarterly checks and the rest of that nonsense. Very few were concerned about the pension and health care. How about trying recoup some money in those terrible investments a few years ago. Pension funds are suing some bankers but I guess it would too much to ask.
Any Fop Rep. available to answer this retirees question publicly for the benefit of all retirees? I plan on contacting the FOP separately.
Currently, as a single 20+ year retiree who is not Medicare eligible, I pay $314.00 per Mo. and will begin paying on Jul. 01, $364.00 per Mo. If I were Medicare eligible now, my payment would go up to $84.00 per month at which time Medicare would become my primary insurer and the now less costly city plan would become my secondary insurance. Okay, I got that. And next year in Jul. 2012 we will have similar payment increases too. Okay, got that also.
In 2013, 14 days before the current contract expires, I turn 65 and thus become Medicare eligible with the City plan becoming my secondary insurer. Well, For 14 days anyways.
So, finally, here's the question?
WHAT THE HELL HAPPENS AFTER THAT?
Unless the FOP Onion starts addressing that issue very soon, there will be a whole lot of retirees scrambling to find secondary insurance to cover Medicare gaps and most will have a hard time procuring a plan due to preexisting health concerns regardless of what Obamacare says.
The Fop needs to see that City secondary insurance continues to be available to us and needs to begin now with that goal in mind during all healthcare negotiations with the City.
Fight for the current employees but don't forget about us or use us as a bargaining chip. And all of you current employees, remember, you'll be retired too someday.
SCC, thank you for providing this venue. Keep it up.
And boys and girls, stay safe out there and watch your partners back.
The increase in underfunded liabilities are, according to the Commission on Government Forecasting and Accountability, due mostly to lower-than-expected asset returns, which I would call a rough market, and variance and/or changes in actuarial assumptions, or, as I say, not using numbers that reflect total costs like longer life-spans and more payments due to early retirement. “Underfunding caused less than ½ of the increase in unfunded liabilities from 1995-2010” (COGFA). If we are to have a stable pension system, we need to address each of the problems, and we have little control over the markets.
Lawmakers recently voted to make the full pension payment next year, and I applaud that, because it addresses part of the problem. But we also need to address actuarial assumptions concern, and that means participants need to pay more to keep up with the amount of money going out. Finally, I support offering a 401(k)-type plan as a choice for employees.
I value the work of government employees and want to ensure that they have a pension when it’s time to retire.
We must find reasonable alternatives to the state’s never ending cycle of borrowing and spending beyond our means.
Illinois taxpayers deserve an efficient and responsive government. Please feel free to follow-up with me or a member of my staff should you need any further assistance.
Sincerely,
Dan Rutherford
Illinois State Treasurer
5/28/2011 12:28:00 AM
That is BS! How many people in our profession do you know that choose early retirement? The market has underperformed? The market has been off the charts this year. People with hundred of thousands of dollars invested are making a killing. Our pension fund is mismanaged period. Has been and now they want the workers to shore up the shortfall. Early retirements my ass. I am SICK of hearing the lies. You will be one of the people voted out of office. You guys might shove this down our throats but rest assured that this will be your last term in office. We would be fools not to ensure this is the last set of people these guys screw over.
But we also need to address actuarial assumptions concern, and that means participants need to pay more to keep up with the amount of money going out. Finally, I support offering a 401(k)-type plan as a choice for employees.
I value the work of government employees and want to ensure that they have a pension when it’s time to retire.
We must find reasonable alternatives to the state’s never ending cycle of borrowing and spending beyond our means.
Illinois taxpayers deserve an efficient and responsive government. Please feel free to follow-up with me or a member of my staff should you need any further assistance.
Sincerely,
Dan Rutherford
Illinois State Treasurer
5/28/2011 12:28:00 AM
Yeah if you re in favor of 401k type of pension then make sure YOUR pension is a 401k pension before you try to convert ours into one. Studies have shown that this is the worst possible pension plan. If it was so great, why are members of the private sector left hi and dry and hating on public pension plans?
This guy and others like him do not see the bubble they are going to cause when down the road, you have massive numbers of people in the private and public sector who cannot live adequately because they have no money from their pensions. What will that do to America's economy? Will the rich keep the country afloat? No they won't. This is the worst time when they should be looking out for this countries economic conditions in the future not trying to put a bandaid on the extreme situation they caused. Cut out the spending on unnecessary budget items. Pensions are not in that category!
It's not only government workers pensions that are going to get shafted here, think about all those private citizens -
the fathers, mothers and grandparents who worked decades ago and now Social Security is in peril due to the deadbeats and illegals, the same bunch that threatens public employees pensions due to their entitlements. I don't buy into that "it's a bad economy/market" bull, sure hedge funds took a hit, but our pension portfolios aren't invested that way, those funds will never be available for your government 401K, only for your politician bankers.
Reform the Welfare Program and fund our worker entitlements Mr. President, Senator, Congressman & Mayor.
How about cutting out LINK cards please. I see all those baby momma's who weigh 300lbs filling two carts of food at the store. My wife and two kids have to clip coupons and work two side jobs to put food on the table. So I say
F*%K YOU Gov. Quinn.
I have families getting close to $150,000 a year in government benefits and school costs, that have been getting them for years and will continue to get them forever.Their kids don't go to school, commit crimes and reproduce as soon as they are able.No matter what happens, they are never held accountable or asked to sscrific. I have had my state income tax raised, had to take furlough days and now they want to mess with our pensions.I am already way behind from where I was only a year ago , and now it looks like it's going to get worse.Yet I am told to work harder , take more cases and be more accountable. To turn juveniles around without being to violate them or hold them in custody . To get case after case where the juvenile has already had 20 or more arrests before anything sticks.Where they have to commit a real serious crime BEFORE we can get them off the street.
I JUST CALLED ALL MY REPS AND THESE ARE THE ONLY TWO THAT TOLD ME THEY OPPOSE THE PENSION BILL!!!SENATOR IRA SILVERSTEIN OPPOSES SENATE BILL 512!! Thanks Ira!!!
Representative Michael P. McAuliffe OPPOSES senate BILL 512...KUDOS TO YOU MIKE!!
Keep voting democratic my friends, we will owe them money when we retire.
We all need to do something about this now. Everyone and their families need to call/write/email the Governor and their local state senators and state representatives to either stop this bill or have it amended to exclude police officers. Better yet, our police organizations/unions should reach out to our brother firefighters organizations/unions to join with us to have both police and fire workers/retirees excluded from this unfair proposal. We the working police and fire personnel are not the reason for this financial mess. Our elected officials caused it. They did not keep their end of the bargain. They spent our tax money on their pork projects, instead of properly funding our pensions. The money was there and they used it on other issues. We should hold each and every elected official personally responsible to not balance their failure to properly fund public pensions on our working or retired backs. We all need to stand up and be heard. Find the time to reach out and touch your elected officials about this matter. If we do not do this now, our quaility of life will be greatly impacted, very badly.
Retiree health insurance was raised because no one was watching the store. I voted for Shields and now realize that that was a HUGE mistake. He hired Donahue to look out for our interests in Springfield yet not a single one of our bills has moved since March 17. So now we pay Donahue and a lobbyist to do nothing. You should call your Representative, but about OUR bills. (Check out the FOP site under "Legislation"; read up on the bills - links are there; pick some favorites and call ASAP). A good defense is a good offense. Get something now before they start taking away. It's your pension; you have to do something. Do not depend on the FOP!
The FOP now seems to want us to be aligned with AFSCME. This organization is more Socialist than the guy in the White House. They like to have police and fire supporters so they can hide behind them. Look at all their literature; they say police and fire are the ones all this legislation opposes. But, 95% of the members of AFSCME are bureaucrats. Many members of AFSCME are high paid supervisors and management. AFSCME always wants us at their rallies but has never shown up at a march to support us. Most AFSCME retirees now get free medical insurance. This group looks out only for themselves and uses whoever will allow themselves to be used. Their officials are very well paid and perhaps this is what the FOP officials are looking at.
It would be nice if the FOP could cut a deal now to extend the free healthcare for 55/20 for another 5 years or more.
Bottom line - WE HAVE TO LOOK OUT FOR OURSELVES. CALL YOUR REPRESENTATIVE ABOUT OUR LEGISLATION NOW BEFORE IT'S TOO LATE. We can't settle for hearing, "at least you have a pension" from our union representatives.
Does this increased cost affect Shortshanks?
Hell no. His healthcare is not only better than what we get but it's entirely free to him.
What's wrong with this picture? This prick chose not to adequately fund our pension funds, him and his cronies and their crooked contracts pretty much bankrupted the city yet he gets off completely unscathed. He's hauling in almost $300 k a year,free premium healthcare and he still has $1 million plus in campaign funds . What does Rahm do? Why he gives him 5 Mr. Belvedere's and 2 cars at the city's expense. We all must sacrifice right Rahm?
mayoy daley is receiving 2 cars and 5 security valets at a cost of over $100,000 a piece not counting benefits , but these sob's want to take away the police and firefighters pension
Fyi, the state troopers are going to get clobbered. If they opt for option #1, their contributions will go from 12% to 18%.
All for nothing. What the IL gen asses are telling us is that they will change the rules of the game when it serves them the best.
If you are under 15 years on, you ain't getting shit.
5/28/2011 12:17:00 AM
Well since many of the people with more than 10 yr but less than 15 yrs on will get what the pension promised them up to the time they change the plans. So, you will be vested to the time on the job until they change it. Honestly it sucks all around so if you dont have like 25 + yrs on WE are ALL GETTING THE SHAFT!!!
when are we going to insist that our elected officials pensions be a part of this overhaul? they are hush on the subject, screwing us in springfield, while we sit here and whine and cry about it. well, they are a part of the problem too, with double, triple pensions! lets demand everyones pension is on the table for review!!
Did anybody read the tribune article? It says at the end at Chicago and downstate police and fire are not included under the new proposal. We still have the same pension. Don't worry the sky isn't falling yet.
This will bring about a return to the profit sharing system.
Ask an old timer what that is.
Response received by my Illinois House Rep:
---
Thanks for reaching out to me on this critical issue.
Wednesday night, a 274-page amendment to HB 512 was made available; Thursday morning that amendment was passed out of committee. It is unclear at this point if and when this proposal will be advanced before the full House.
I certainly understand we desperately need a major fix in the area of pension funding. However, I am concerned that the proposal put forth to date fails to address the problem long term and does not take into account the reality that this is a problem that developed over a period of decades and cannot be fixed overnight. Additionally, there has been little or no collaborative discussion on this issue.
While I am optimistic that a resolution can be achieved that addresses these concerns, the current bill has numerous provisions that are unfair to current employees. Furthermore, I have serious concerns that the bill as written may violate the Illinois constitution – resulting in years of expensive litigation while the issue remains unresolved. Finally, I am not comfortable with any proposal which seems to be more about scoring political points than finding a solid, fair and long term solution.
Thank you again for your email and please don’t hesitate to contact me again on this or any other issue.
Sincerely,
Ann M. Williams
State Representative - 11th District
1726 W. Belmont Ave.
Chicago, IL 60657
(773) 880-9082 ph
(773) 880-9083 fx
ann@repannwilliams.com
---
Sounds hopeful but I don't trust any of them. Rep Williams is right on the promise of years of litigation if they get it wrong.
They can promise us one thing and then do whatever they want. They won't lose any elections by sticking it to public employees.
Read between the lines and most of them are telling us that it is a done deal, we will pay more, in some cases, lots more, to keep the current level of benefits.
Notice that there is NO mention of what the state and/or individual municipality/city will pay. That is so far very secret. That doesn't sound good.
You don't think that legislators will stand tall and make good on the failings of legislators of the past? Hell no, not when they can stick it up our keister.
Now go out and be aggressive, make arrests, write tickets, handle jobs, do more with less and work your ass off.
I dare you.
The political apparatus is A.F.U.
They have us working for them when it's the political apparatus that works for us!
They fail to meet their obligations and commitments (that were signed, in writing -- on contracts) and now everyone else is penalized for it because we did not stand up and hold them accountable.
Now what's wrong with this picture?!
Oh yeah, we are supposed to be so thankful for the choices given to us all -- as our futures are brazenly stolen -- right in our faces.
Yeah we get to contribute more of our own paychecks towards retirement because they lied and cheated us. Isn't that a nice choice?
Like getting your home robbed and you're given the choice of which store to go to, to buy all the stuff that's gone back.
Hey, look we gave you a choice what do you want from us..haha..
Try that with any of your creditors and see how it goes...
Talk about your moral hazard and society in decay you're looking at it. How in the world did we ever let it get to this?
The government spending and corporate tax breaks for the connected elites is making us all prisoners of debt.
What benefit are we getting from the tax breaks given to corporations -- There's no living wage jobs in return. The number of people currently employed is less than it was back in 2000. Google it!
We are indentures servants.
Corporations are nothing more than debtors prisons.
The nation has racked up over $14 trillion dollars in debt. When the debt holders finally come to their senses and demand to be paid what assets will we turn over? That's what you do in bankruptcy ya know... You turn over assets.
How about our oil?
The nation is said to have proven oil reserves of about 23 billion barrels of oil. Yeah give them those assets -- only problem is that even with oil at $100/brl that's only $2.4 trillion dollars out of the $14 trillion owed.
How about we work it off eh? We're prisoners of debt.
The BLS.GOV website pegs the USA employed workforce at 140 million people.
If my math is right spreading that $14 trillion dollar debt over the 140 million workers comes out to $100,000 per worker.
Think about that.
How many years will it take our Walmart workforce to earn $100,000 dollars. They'll be working to pay taxes their entire lives. We're prisoners of debt, take it all.
What can our workforce do that cannot be done with cheap Asian labor or illegal immigrants anyways? There's nothing of value here -- corporations off shored and out sourced it all. USA workers have no unique special talents to offer the world all we have is our assets and there's not enough to cover the bill.
It's said we have 109 million residential homes in the USA.
About 75 million of those homes are owner occupied and the average home value is about $250,000 dollars. You do the math and figure it out when China, India, Japan and the rest demand assets to be liquidated to cover their loans. How many home owners should the government seize property under eminent domain laws....on the current path it will be all of them soon right?
I like the way all these assholes that are "fixing" the problem want to hit the hard working harder and harder.
You want to save money, cut budgets by dropping the bullshit link cards to those who REALLY need it. That’s a start, I have more on the list. When that falls short, then start at the top and work your way down the list. The governor, other elected jerkoffs short go to the top.
Cause when you push folks beyond the point.... who you going to call? I'll be fishing....
i guess madigan has to go
Hey 08:29:00 PM, don't like the pay at Wal-mart? Don't work at Wal-mart. Think the corporate elites got it pretty good? Form a corporation. Stop blaming everyone else and take some personal responsibility.
The FOP is a fucking joke.The only thing that matters to those working there is that they continue collecting those 6 figure salaries.They will continue blowing smoke up your ass,telling everyone how hard they work.If the rank and file knew how little time these these people actually spent in the office and the bullshit they spend our dues on there would be a blue line of officers trying to burn down this building of smoke and mirrors.Just look at our last president,who sold his soul and sold out those he supposedly represented for his own personal gain.They all turn into politicians,and as we all know,politicians are as low as dog shit on your shoe.
Did anybody read the tribune article? It says at the end at Chicago and downstate police and fire are not included under the new proposal. We still have the same pension. Don't worry the sky isn't falling yet.
It will if we don't take action now. It's the slippery slope. We need to fight anything adversely affecting our retirement rights.
free health care at 55 is gone
next contract
"...we need civil disobedience..."
Sadly, that may not be enough. We may need a real revolt. An armed revolt.
"Don't worry the sky isn't falling yet.
It will if we don't take action now. It's the slippery slope. We need to fight anything adversely affecting our retirement rights."
Got to agree with this posting. It's not simply a slippery slope, it's DIVIDE AND CONQUER. The operational word is "yet."
They attack one group of employees and let police & fire think "Whew! We dodged that bullet!"
In reality, it's just a test to see what they can get away with. We're the next target.
The sky isn't falling, but it IS full of enemy aircraft. We've got to shoot them down. Now.
Perhaps when most of you get 20 years on you will feel the same way.
5/28/2011 08:50:00 AM
already do my friend - 10 years halfway home
Beck Talked about the excessive pay Politicians get.
You know there was a time that they were required to have a second job? I didn't.
Wouldn't mind going back to that.
Madison needs to come to Springfield.
REMEMBER. Almost all of the State Reps and some Stae Senators are up for Election or Re Election this March Primary. Find out who is for this and let them know we wont vote for them. GIVE US a list.
This is why I retired a year before I planned on retiring. I locked in my retirement under current rules, I'm not going to risk a change in my pension this late in the game.
5/28/2011 11:28:00 AM
I'm right there with you. I left last year, blew the last 2 1/2% in favor of ensuring my pension and getting the health care coverage.
Started my own business, which will bring me about eighteen thousand (clear) this year and double that next year. I bank it all, as a hedge against the pension fund evaporating down the road.
"The sky isn't falling, but it IS full of enemy aircraft. We've got to shoot them down. Now."
The sky's full of the rats of the sky-pigeons. They're ready & willing to shit on us.
Shoot 'em down!
Anonymous said...
Any Fop Rep. available to answer this retirees question publicly for the benefit of all retirees? I plan on contacting the FOP separately.
Currently, as a single 20+ year retiree who is not Medicare eligible, I pay $314.00 per Mo. and will begin paying on Jul. 01, $364.00 per Mo. If I were Medicare eligible now, my payment would go up to $84.00 per month at which time Medicare would become my primary insurer and the now less costly city plan would become my secondary insurance. Okay, I got that. And next year in Jul. 2012 we will have similar payment increases too. Okay, got that also.
In 2013, 14 days before the current contract expires, I turn 65 and thus become Medicare eligible with the City plan becoming my secondary insurer. Well, For 14 days anyways.
So, finally, here's the question?
WHAT THE HELL HAPPENS AFTER THAT?
Unless the FOP Onion starts addressing that issue very soon, there will be a whole lot of retirees scrambling to find secondary insurance to cover Medicare gaps and most will have a hard time procuring a plan due to preexisting health concerns regardless of what Obamacare says.
The Fop needs to see that City secondary insurance continues to be available to us and needs to begin now with that goal in mind during all healthcare negotiations with the City.
Fight for the current employees but don't forget about us or use us as a bargaining chip. And all of you current employees, remember, you'll be retired too someday.
SCC, thank you for providing this venue. Keep it up.
And boys and girls, stay safe out there and watch your partners back.
5/28/2011 01:59:00 P
Actually no one knows just what willhappen in 2013, but the smart money is on some form of the current system being continued. As far as being eligible for Medicare and the expiration of the contract, please remember that the contract has nothing to do with the city share of retiree health care. That is controlled by the Korshak Decision, which will be reevaluated in 2013. I don't have any date for that, and I don't know what your birthdate is, but you go on Medicare on the 1st of the month you turn 65. If all subsidies by the city for health care go away in 2013, which as I said is unlikely, you would still be eligible for fair cost (read relatively inexpensive) supplemental coverage by virtue of the fact that you have been continuously covered. I don't know when you retired, but the BC/BS supplement for someone retired abefore 8/23/2005 is 69 dollars per month, including the rescription plan. The other thing to keep in mind is that the payment deducted from your pension for health care is based on a formula pertaining to expected costs for the next 12 months. If the deductons are set too high, you get a refund. I got a check for 300 dollars last year because of that, it usually is less than one hundred. Any way, calm down. As long as Obama doesn't screw up Medicare, things really aren't so bad for us.
As long as Obama doesn't screw up Medicare, things really aren't so bad for us.
_____________________________________
Obama already removed half a trillion dollars from Medicare to pay for insurance for low-income. Look it up. He relies on you not knowing that. Democrats always rely on the ignorance of their constituency.
We just won this battle! Stay informed and active as we will all face this monster again.
In Wisconsin, there is NO talk about reducing or changing pension benefits.
What is being changed is the amount of contribution during work years. Wisconsin currently pays 100% of all contributions (for most) - both the State share and the worker share - they want the employees to start paying their 1/2.
It's not the Republicans who are screwing cops. It's the Democrats.
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