Why is Illinois Broke?
Here's a major reason the pension systems are broken:
Let's just grab a few examples at "random:"
- Jim Edgar, former governor, made pension payments totaling $164,000. For his troubles, he collects an annual pension of almost $135,000 per year. His total since leaving the governor's office - $1,229,827. And from everything we can see, Edgar is reasonable healthy and like to live a quite a few more years;
- Dawn Clarke Netsch, holder of many offices, paid a whopping $87,000 in pension payments and collects an annual return of $125,372. Her grand total - $1,644,511;
- James Thompson, former governor, made pension payments totaling nearly $85,000. He collects an annual pension of $131,000 and change. Total payout to date - over $2,000,000. Half the contributions of Edgar, but double the payout.
The table we linked above has 25 names on it, a mere drop in the bucket of Illinois politico's feeding at the trough. We're sure the complete list is more than awful enough to even imagine.
It would be interesting to compare the payments put in by these folks over the course of their political careers compared to those of say, Chicago Police Officers, who right off the bat, contribute nearly 10% of their base salaries to a pension fund that is nearly insolvent and that percentage is sure to rise during the next contract negotiations.
Keep an ear out for calls to be made and letters to be written.
It would be interesting to compare the payments put in by these folks over the course of their political careers compared to those of say, Chicago Police Officers, who right off the bat, contribute nearly 10% of their base salaries to a pension fund that is nearly insolvent and that percentage is sure to rise during the next contract negotiations.
Keep an ear out for calls to be made and letters to be written.
Labels: pension
posted by SCC at 12:03 AM
60 Comments:
Why are they bitching about our 75% of under $100K per year when they're taking cash like this? Unfucking real. When will the madness end?
wouldn't it be nice if i took requests?
oh well......
Chalkie
Criminal polititions, that's why.
First thing we heard when we joined the CPD...."Shit rolls down hill". The money we pay into the pension system allows these connected scum to get huge bucks every month sitting on their assholes.
In 2006 Mayor Daley made $216,210. His total pension contributions according to the article were $88,000. I saw this and pulled out my most recent "Personal Statement of Benefits" which was dated Dec 31st 2010. (I assume we will receive this year's very shortly)
"$75,737.... is the TOTAL SUM OF ALL CONTRIBUTIONS YOU HAVE MADE to the Policemen's Annuity & Benefit Fund of Chicago through December 31st 2010." I have just less than 15 years on. If I were to retire with 20 years I would have to wait five years before I could begin to collect my pension. My pension of roughly $40,000. I contribute just under $8,000 per year so I will have contributed an additional $48,000 in that time bringing the grand total to over $120,000 in contributions. So again here is a brief synopsis:
Daley, 88k in contributions, approx 120k in pay.
Me, 120k in contributions, approx 40k in pay. *
LADIES AND GENTLEMEN OF CHICAGO, I AM SORRY I AM THE REASON THE CITY IS BROKE.
*these numbers reflect 22ys of contributions for Daley and only 20 for me.
Luckily for me the U of C is offering me a job making 50k+ per year starting immediately after I retire.
Don't forget these 2010 figures, of the top 100 Illinois pensioners:
http://www.taxpayersunitedofamerica.org/news-releases/revised-%e2%80%9ctop-100%e2%80%9d-il-gov-pensions-reveals-astronomical-monthly-annual-payouts
They make Edgar and Thompson look like paupers.
Peruse the website, you'll see Illinois is not alone. The recent report is on Indiana, which seems just as insane.
http://www.taxpayersunitedofamerica.org/
C'mon.....its the average city/state worker causing all the problems....not the politicians....right?
The whole pension system has to be reformed. You are NOT going to keep getting what is an equivalent to a LOTTO jackpot payout for a pension.
When all the private sector keeps getting aced out of pension and benefits and losing their houses because they cannot make all the payments anymore, you cannot expect them to foot the bill for some platinum pension and benefits program so that you can go buy a $750,000 townhouse in Florida.
Pensions have to become more in-line with the new realities of the economy.
Dozens of people, at all levels are involved in this mess.
The legislators NEED to dis-allow this retroactively. Let the receivers of their multi-pension deals sue the govt. Most of them are so old that they would not live through the end of the case.
1 person=1 pension
OH--that's right--these are the most hooked up of the hooked up so normalality does not apply to them.
Now you see why they are so desperately spinning the media to blame Police/Fire pensions? To divert attention from things like this! I've yet to see a media piece informing the public that ALL Illinois lawmakers get a pension:
* With 85 PERCENT!! of their final salary with 20 years of service credit. (Plus 3% increases EACH year after age 60)
* After ONLY 4 years of credited service (begins age 62).
* After only 8 years of credited service in which case they can start taking it at age 55.
Yes, the Ruling Class gets this while deciding what to TAKE from us! Go to the link below if you think this isn't real. It is their pension website.
I suggest many take a screenshot of the below pages from the General Assembly Retirement System of Illinois website. I suspect it may be very soon hidden from the public (vassal's) view.
Source:
http://www.state.il.us/srs/gars/retireben_gars.htm
Folks in the private sector today would love to achieve the same rates of return on their contributions into their 401K that public employees get on their pension contributions. Think about it folks, the private sector puts money in a 401K having it at risk in some investment where its value changes at the whim of the market, while public employees contribute a pittence towards their pension and retire in as little as twenty years with lifetime healthcare and a pension that was generous and gauranteed all at the taxpayers expense.
I cringe when I see articles like this published. Granted, they found the most egregious examples of state employees who are taking out the most pension for the amount of money paid in. But it's very misleading and doesn't tell the whole story.
When you pay into the pension system your money does not sit in some shoebox in Springfield collecting dust! It's invested. Just like a 401k or deferred comp. IF you contributed $150,000 or more into the system throughout your career for 25-30 years the money compounds and makes money. Even with the market down huge in the last few years, you would have certainly doubled or tripled your money in the last 25-30 years in a private retirement account.
So why doesn't the media bring this up every day until the politicians change their elected official pension code.
It's a 2 way street....
So we pay into a pension fund to give them giant payouts every month??
This ain't right
The whole pension system has to be reformed. You are NOT going to keep getting what is an equivalent to a LOTTO jackpot payout for a pension.
When all the private sector keeps getting aced out of pension and benefits and losing their houses because they cannot make all the payments anymore, you cannot expect them to foot the bill for some platinum pension and benefits program so that you can go buy a $750,000 townhouse in Florida.
Pensions have to become more in-line with the new realities of the economy.
12/05/2011 05:33:00 AM
You realize that your average city/state worker doesn't get a six figure pension right? The only people double/triple dipping are the politicians themselves and the people they put in. So go hate your local politician not the guy who was a lowley peasant for the city/state before the economy crash while your private sector CEO's were collecting 10 million dollar bonuses and still are. I will proudly collect my 5 figure pension after 29 and a day. Dont hate others for something they have that you dont right now. Those people have families too and believe me they aren't fucking rich like you think!
I paid in for 28 years as a blue shirt the entire way leaving in 2008 and just totalled up my contributions which equals only two years of pension payout. I would have thought I contributed way more than that.
The whole pension system has to be reformed. You are NOT going to keep getting what is an equivalent to a LOTTO jackpot payout for a pension.
When all the private sector keeps getting aced out of pension and benefits and losing their houses because they cannot make all the payments anymore, you cannot expect them to foot the bill for some platinum pension and benefits program so that you can go buy a $750,000 townhouse in Florida.
Pensions have to become more in-line with the new realities of the economy.
12/05/2011 05:33:00 AM
The pension is part of my pay. It's funny, when the economy was booming nobody was falling over themselves to give us any kind of incentives. Before attacking working people how about we reform the welfare system that has generations of family members on it?
Not a cop nor a person lucky enough to get a pension, I have my money in my own 401k. Someone please help me to understand why do politicians even receive a pension in the first damn place. Someone with balls needs to start at the top, give back the contributions and say, your pension is over. Down to the next person so the cops, fire and teachers can get their money. I am sorry but no person sitting their fat ass in a ac controlled or heated office not risking a life should get a damn check. These people are fucking theives.
Hate to say it, but these few at the top of the system are but a drop in the bucket. For every Jim Edgar, there are 50,000 ordinary state employees who got a great deal on their pension benefits - paying but a fraction of the cost. The problem is that the state never put in the money to pay for the rest of the benefits.
Lop off all the Jim Edgars, and the system is just as radically underfunded as it ever was. Blame lies with the legislature for never paying its obligations.
Pensions have to become more in-line with the new realities of the economy.
12/05/2011 05:33:00 AM
Perhaps the FLOP should reorganize into an expressway ramp beggars union for CPD retirees so we can have a steady income during retirement.
"Luckily for me the U of C is offering me a job making 50k+ per year starting immediately after I retire."
Lucky for you to have a "golden dildo" retirement plan in place. Congrats.
9% it is 9% ... exactly 9%
Taxpayer said...
The whole pension system has to be reformed. You are NOT going to keep getting what is an equivalent to a LOTTO jackpot payout for a pension.
When all the private sector keeps getting aced out of pension and benefits and losing their houses because they cannot make all the payments anymore, you cannot expect them to foot the bill for some platinum pension and benefits program so that you can go buy a $750,000 townhouse in Florida.
Pensions have to become more in-line with the new realities of the economy.
12/05/2011 05:33:00 AM
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Excuse me, but what retired police officer can afford to buy a three quarter million dollar townhouse in Florida?
Get real, Mr Taxpayer. You need to understand we police officers accepted lower annual salaries in exchange for guaranteed pension benefits.
So, now we see politicians who have STOLEN (no, not deferred, but STOLEN) the monies earmarked for our pension funds screaming 'it's all your fault, you greedy public servants!' and the excuse they use is the bad economy.
When the economy turns around, as it is already doing, and the battle cry of 'blame it on the bad economy' is moot, are we going to see all our benefits restored, after you STEAL them from us today? Yeah, I thought not. Take a hike.
@ 0533hr...
Will you PLEASE STFU?
All you "we lost our ass when our 401K's tanked so why the fuck should you Coppers get anything" people are not only the useful idiots 9.5, Cross and Madigan are pandering to, but you miss the fucking point... Totally.
The average Copper pensions out at less than $50K and you wet eyed punks are clapping & cheering hoping that the average Copper is "pension reformed" out of what he risked his life for because YOU'RE PISSED YOU STOOD IN THE WRONG LINE?
This is all about politically connected hogs getting fat for years. Now that they've busted public sector pensions "taking care" of each other, they want to lay the groundwork to destroy public sector pensions in order to conceal THEIR THIEVERY and walk away from THEIR COMPELLED LAWFUL OBLIGATION $ FIDUCIARY DUTY to honor, safe guard and wisely grow public sector pension funds.
...Not treat muni & state worker pension funds as political slush funds.
Grow up! Stop begrudging us just because it looks like we have a bigger crust of bread in your visually impaired POV...
That goes for all of you noisy "Yeah! Bust those Copper's pension cuz WE got shit on with ours" people...
You're wrong and you know it.
Stop with the hypocritical talk...
"You guys keep complaining and it's making the public not have sympathy for you."
We don't appreciate BEING STOLEN FROM WHILE BEING BLAMED FOR THE THEFT BY THE IDIOTS THE PUBLIC AT LARGE KEEP VOTING FOR!
We don't want sympathy... We stand on what is RIGHT & FAIR for EVERYONE!
Keep letting the politicians & the media spin and manipulate this whole mess as being about "Greedy Coppers not feeling their fair share of the pain."
P.S.
A big thank you to TWENTY and OUT for doing a tidy & timely bit of homework (12/05/2011 03:34:00 AM) to illustrate this point.
Two taps on the "westside door bell" & a nod while doin' da slow-roll...
You just don't see the real problem. These pension hogs are not the problem. Those of us who retire and then live too long are the real ones at fault. That is just what Rep Cross said on his radio interview on WIND last week. He blamed all the pension problems on the people who get a pension living too long.
In Collapse, Michael Ruppert explains how California and Illinois would become bankrupt. The policticians here became greedy and now our state is a reflection of that greed.
Lets also add that the pension fund for politicians and Judges (lawyers) is over 90%, while the rest fo the pension funds for the City of Chicago which were ALL over 90% 10 years ago are all under 40% today! Friggin criminals!
Hey guess what?
All of a sudden the State of Illinois found $95 million dollars to keep open a bunch of mental health centers and other governor Quinn closures open.
Guess what else?
The money is coming out of a pension fund that they claim is over funded.
(via a story on capitolfax.com)
But let me ask you why do we not have better people, more qualified people paying attention to the operation of this state and federal government?
I mean we lost or misplaced $95 million dollars!!
I find that unacceptable. Maybe in the days of slide-rulers and paper ledgers and physical books with written balance sheets inside of them. However this is the 21st century and we have computers. We should know at any minute in time where the money is and where it is being spent!
Oh and meanwhile Rahm has cleared off his entire calender to concentrate on getting his friends over at the CME their tax breaks.
How nice. The taxpayer ponzi scam pyramid scheme is still going strong. Let's see if we can take a little more from them.
So yeah the negotiations with the terrorist and giving into their extortion threats will continue as long as they can get away with it.
Just like Sears whose tax breaks are expiring they will get new tax breaks in an endless cycle.
We do it like this, empower politicians to play favorites, so that the politicians can play favorites and do a bit of their own extortion when it comes to campaign contributions.
It's how we build clout and make clout strong. It's this type of clout building that sets the stage for clouted CFD members to slap down CPD officers and escape being slapped with a felony in spite of all that "Broken Windows" krap that we are being fed by the police super and the "we must respect the laws" from mr. one percent, the little nine point five man. Yeah the exception to ALL the rules. We don't call it discrimination in this case we call it offering "professional courtesy" right? It's discrimination nonetheless when the laws and rules are not applied equally and fairly.
Did you see hizzhonors new department? It's call the "Office of New Americans" designed to help empower all the new immigrants.
I mean that's how any ponzi scam works right? You have to have a constant flow of new people to take advantage of to replace the ones dropping out of the system after getting hip to the scam.
Fucj all that citizens that are already here and struggling. Give the taxpayers money to the "new immigrants"
File under how to beat the system and cheat like a politician.
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Third of Illinois worker comp awards in 12 facilities
SPRINGFIELD -- Workers filing on-the-job injury claims at just a dozen state institutions clustered in southern Illinois collected nearly one-third of the total $127 million awarded in recent years for permanent impairment under Illinois' troubled workers' compensation system, The Associated Press has found.
Leading the pack was Menard Correctional Center in Chester, according to an AP analysis of state records. Employees at the prison, now a focus of three fraud investigations into the injury-claim process, collected $19 million in long-term benefits from 2007 through 2010. That's nearly twice the amount previously reported.
But beyond Menard, the AP study found a pattern of large payouts at 11 other state facilities within 80 miles - including prisons and juvenile detention centers, mental health and developmental centers. In all, the dozen state facilities accounted for $40.7 million of the compensation for injured workers' long-term impairment during those four years.
more >> http://www.chicagotribune.com/news/local/breaking/chi-third-of-illinois-worker-comp-awards-in-12-facilities-20111204,0,360988.story
Fucking thieves should all be in Federal jail!
Like Blago, they all should do more than 20 years in Prison for starters!
Da Pelon
Illinois Taxpayers Bailing out the so-called Best and Brightest AGAIN.
The State of Illinois tax break for Sears is to help give the illusion that Sears is profitable and that the exec's are brilliant right?
Their cost of running the business and funding the corporate executive bonuses are being passed to the taxpayers.
More of the same privatize the profits and socialize the losses because the company is either unwilling or unable to make a business plan work when it's on a level playing field.
This is what I'm talking about....
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(AP) — Moody's Investors Services lowered its ratings Monday on Sears Holdings Corp., saying the retailer's revenue, profit margins and net income were weak.
Sears, which operates Kmart and Sears stores, the chains' websites and the Lands' End brand, the company reported last month that its third-quarter loss was bigger than expected, with weakness in Canada, declining consumer electronics sales and softer clothing sales at Kmart.
Sears is working to turn itself around by cutting jobs and costs, closing underperforming stores and launching exclusive lines such as the Kardashian Kollection at Sears stores. But Moody's still sees a rough road ahead.
Moody's lowered Sears' corporate family rating and probability of default ratings from "Ba3," already a "junk" grade, to "B1." The ratings firm said Sears has shown persistent negative trends in revenue and operating margins.
Read more: http://www.chicagobusiness.com/article/20111205/NEWS07/111209901/sears-ratings-cut-by-moodys#ixzz1fhMixb9z
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So when Illinois taxpayers give them a tax break, the money will go straight to the fraudulent bankers to cover the higher borrowing cost from the ratings downgrade right?
Follow the transfer of wealth from our pensions and wages to the elites. They have the politicians paid for and will continue to receive the corporate welfare while distracting you with the have-nots wanting to get your money.
tick tock tick tock..........pension reform coming soon!
Folks in the private sector today would love to achieve the same rates of return on their contributions into their 401K that public employees get on their pension contributions. Think about it folks, the private sector puts money in a 401K having it at risk in some investment where its value changes at the whim of the market, while public employees contribute a pittence towards their pension and retire in as little as twenty years with lifetime healthcare and a pension that was generous and gauranteed all at the taxpayers expense.
12/05/2011 07:17:00 AM
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First, our pensions do not come at the taxpayer's expense. Half the contribution came from my paycheck, half was matched by the City (or was supposed to be, anyway). The 'return' doesn't come from taxes, it comes from investment dividends.
Retiring with 'as little as 20 years' means we get a pension 25% lower than someone who stays 30 years and that percentage is permanent. (And we can't collect it, regardless, until we turn 50, even if we retire at age 41.)
Even with a bad couple of years, the investment, over thirty years of paying into the fund, should equal far more than what is paid out over my remaining lifetime.
We do NOT get free paid medical coverage for life. Stop spreading your half-truths and outright lies.
Pension reform is fine but reform the Offenders. I've been on for 20 years so I should get about 125% in the Politicians system.
That sounds good to me.
One more note, if the City did not stop contributing to our fund more than 10 years ago as they are required by law, there would be no problems with the Police pension fund!! How about them apples Rahm.
Hey Rahm, be a man and quit using Tom Cross like a puppet.
Tell us how you really feel about unions and pension reform....
Folks in the private sector today would love to achieve the same rates of return on their contributions into their 401K that public employees get on their pension contributions. Think about it folks, the private sector puts money in a 401K having it at risk in some investment where its value changes at the whim of the market, while public employees contribute a pittence towards their pension and retire in as little as twenty years with lifetime healthcare and a pension that was generous and gauranteed all at the taxpayers expense.
12/05/2011 07:17:00 AM
Aaaaaah gee wiz more of the Private Sector Haters posting bs on this site. You guys are becoming so
b-o-r-i-n-g! Bud public sector employees do not pay a "pittance" of our salaries into our pension. In fact we contribute almost 4% (over 9% total) more a paycheck to our pension plans than the mere 6% that you are required to contribute. So get your facts straight.
You chose to work in the private sector and thus chose to have your retirement plan structured as you have it. Sorry if that didn't work out for you. If it did great. However taxpayers include ourselves. Yep the shocking truth is that police and other public employees pay city and state taxes. I know! Can you believe it!!! While the other half of the money that goes into our pensions was supposed to be paid by the city that money hasn't been paid in many years so "taxpayers" haven't been tapped pal. Did you see a line item on your increased tax bill recently for police? Didn't think so.
I'm really bored with the negativity the private sector has toward public employees. Its almost like an "I lost so you should lose too" mentality.
What is a better option that would serve the general public for the future is going back to your private sector employer and demanding that your pension plans and wages etc. are as protected as public sector employees are currently - you know the ones you think are so unfair. Bottom line is that, if every jealous private sector employee would do that, the state of security for workers across the United States would be in a better position.
By tearing down the public sector so that it is in shambles that matches the state of your private sector, you do a disservice to your own working future and the future of all workers in America. You guys need to get smarter and take a step up instead of down and support the rights of workers and yes demand more for yourself. Don't hate those who didn't lose what you did. If you want to equal the playing field, make it equal on the way UP so that your benefits are protected rather than put in continually perilous conditions do to the whims of your employer. Think again bud. Your children's future depends on it.
Anonymous said...
In Collapse, Michael Ruppert explains how California and Illinois would become bankrupt. The policticians here became greedy and now our state is a reflection of that greed.
12/05/2011 02:10:00 PM
Illinois wants badly to declare itself bankrupt so it can have the legal ability to restructure all pension plans. That is what is the goal of this Illinois is Broke organization. That is the only legal way they can get out of their obligations to pensioners and they are willing to bankrupt the state to achieve the goal. Pretty low if you ask me since we are not broke. We just keep spending on crap we shouldn't be.
Anonymous said...
Not a cop nor a person lucky enough to get a pension, I have my money in my own 401k. Someone please help me to understand why do politicians even receive a pension in the first damn place. Someone with balls needs to start at the top, give back the contributions and say, your pension is over. Down to the next person so the cops, fire and teachers can get their money. I am sorry but no person sitting their fat ass in a ac controlled or heated office not risking a life should get a damn check. These people are fucking theives.
12/05/2011 09:19:00 AM
These politicians also get pensions for only being in office for a few years. Most public sector employees require 30 years to retire with a full pension.
Taxpayer said...
The whole pension system has to be reformed. You are NOT going to keep getting what is an equivalent to a LOTTO jackpot payout for a pension.
12/05/2011 05:33:00 AM
Dear Taxpayer,
I here the determination you must feel when you tell us what we WON'T get. You must be late to this game. I just don't remember your determined voice speaking so forcefully when Rostenkowski took public employees ability to pay into Social Security away so many years ago. I also don't remember hearing your candid protest when the pension legislation was added to the Illinois Constitution years ago. I only hear your voice because you perceive that you will have to pay for something. Here's a revelation: No matter what, you (and I) will unjustly have to pay for whatever these dumb politicians do because that is just the way it is unless we fix it. Politicians and special interest groups would like to make you think you have to pay for our pensions but that just isn't true. We don't get healthcare for life. This is not a lotto game and we did not make the rules however I didn't hear your determination when those rules to which we have are employed by were being made.
Its clear that you are very determined to break the back of the public employee and you might succeed but this really is not the solution to this country's problems. The politicians and financial instrument fads are. Hopefully you will turn your determination that way one day, but I doubt you will.
First, our pensions do not come at the taxpayer's expense. Half the contribution came from my paycheck, half was matched by the City (or was supposed to be, anyway). The 'return' doesn't come from taxes, it comes from investment dividends.
Retiring with 'as little as 20 years' means we get a pension 25% lower than someone who stays 30 years and that percentage is permanent. (And we can't collect it, regardless, until we turn 50, even if we retire at age 41.)
Even with a bad couple of years, the investment, over thirty years of paying into the fund, should equal far more than what is paid out over my remaining lifetime.
We do NOT get free paid medical coverage for life. Stop spreading your half-truths and outright lies.
12/05/2011 06:20:00 PM
A large portion of your pension does come from the taxpayer, via the taxes and fees that the city collects from the taxpayer, maybe you also forgot who pays your salary- the Taxpayer
Anonymous said...
First, our pensions do not come at the taxpayer's expense. Half the contribution came from my paycheck, half was matched by the City (or was supposed to be, anyway). The 'return' doesn't come from taxes, it comes from investment dividends.
Retiring with 'as little as 20 years' means we get a pension 25% lower than someone who stays 30 years and that percentage is permanent. (And we can't collect it, regardless, until we turn 50, even if we retire at age 41.)
Even with a bad couple of years, the investment, over thirty years of paying into the fund, should equal far more than what is paid out over my remaining lifetime.
We do NOT get free paid medical coverage for life. Stop spreading your half-truths and outright lies.
12/05/2011 06:20:00 PM
A large portion of your pension does come from the taxpayer, via the taxes and fees that the city collects from the taxpayer, maybe you also forgot who pays your salary- the Taxpayer
12/05/2011 11:07:00 PM
Taxpayer get over yourself. We ALL pay taxes. How do you think we were able to bail out all those banks? Where do you think the govt got that money? From me and you. We also pay taxes in Chicago. Your great burden of paying my salary is directly and only related to any tickets or law enforcement fees you accumulate. Go put that in your pipe and smoke it.
"The whole pension system has to be reformed. You are NOT going to keep getting what is an equivalent to a LOTTO jackpot payout for a pension."
First of all, it's nowhere near a Lotto jackpot. That's purposely inflammatory and definitely an over statement.
Second, you have to remember WHY police and fire pensions are so good: because without these kinds of benefits, no one was willing to take these jobs, particularly when the economy was good.
Sure, now people are willing to go into public safety, but do you really want people doing these jobs when their heart isn't in it?
Someone just looking for a paycheck? We have enough of those now.
"Folks in the private sector today would love to achieve the same rates of return on their contributions into their 401K that public employees get on their pension contributions. Think about it folks, the private sector puts money in a 401K having it at risk in some investment where its value changes at the whim of the market, while public employees contribute a pittence towards their pension and retire in as little as twenty years with lifetime healthcare and a pension that was generous and gauranteed all at the taxpayers expense."
But how many of these private sector people are willing to run into a burning building?
How many will go into that dark basement to catch a burglar?
How many are willing to be up to their elbows in the blood of some gangbanger that got himself shot?
How many of them are willing to take the chance of being murdered not for who they are, but for the uniform that they wear and the society that they represent?
rb
"A large portion of your pension does come from the taxpayer, via the taxes and fees that the city collects from the taxpayer, maybe you also forgot who pays your salary- the Taxpayer"
As a police officer, I am a taxpayer, too.
I guess I'm self-employed!
A large portion of your pension does come from the taxpayer, via the taxes and fees that the city collects from the taxpayer, maybe you also forgot who pays your salary- the Taxpayer
12/05/2011 11:07:00 PM
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I already covered that in the 'city matches the funds we employees conribute' part. Perhaps YOU forgot the City then DID NOT CONTRIBUTE THEIR FAIR SHARE to the fund. We, the employees, were required to contribute, but the City FAILED to do so.
Oh, and I'm a taxpayer, too, so I contributed TWICE toward my own pension. Of course, the City stole and 'redirected' that 'taxpayer' portion of my payment.
@ 12/05/2011 11:07:00 PM
What your average copper paid in property taxes, sales taxes, fines, fees, levies, assessments and the like over their career is much much more than what they contribute or quite possibly even draw from their pension.
Hater...
Or are you even bothered at all about the average lack of longevity amongst LEO's after retirement?
Or is that just an inconvenient fact getting in the way of you grinding your "taxpayer vs. greedy cop" axe to a butter knife? Flawed argumentation full of strawmen.
Hater...
Aren't you happy that Policemen don't live as long as their civilian peers?
It's all about taking money from The Police and giving to the rightful owners... Your vaunted taxpayers. Right?
Hater...
Stop your ignorant posting like Coppers are getting a big something for nothing.
If we turn your illogic on it's ear, every copper should be due a refund?
Hater...
Very amusing how you want to see a fractional percentage of the overall population swinging on the scaffold of YOUR MAKING with you just because they wear a blue suit of clothes to work.
Hater...
Your bed is uncomfortable and you're mad because we have no desire to join in your misery?
What is your fixation with "making The Police share in the pain?"
Get over yourself and stop being a wet-eyed punk.
You know what you are.
Hater...
it is my understanding that if our pension fund were to become insolvent, the state is obligated by law to make the payments--- what happens if the state is bankrupt and they don't have the money to make the payments--- do retirees suddenly just stop getting a monthly check and others who are ready to retire get told that you will get no money upon retirement--- ten years ago we were 75 percent funded and now we are around 37 percent funded--- in about 7 years the fund will be bankrupt--- maybe we should all walk off the job and go do something else---
How many of them are willing to take the chance of being murdered not for who they are, but for the uniform that they wear and the society that they represent?
rb
12/05/2011 11:53:00 PM
how many fingers am i holding up?
Chalkie
Sure, now people are willing to go into public safety, but do you really want people doing these jobs when their heart isn't in it?
Someone just looking for a paycheck? We have enough of those now.
12/05/2011 11:49:00 PM
the same could be said, and should be said, for elected office holders.
A large portion of your pension does come from the taxpayer, via the taxes and fees that the city collects from the taxpayer, maybe you also forgot who pays your salary- the Taxpayer
12/05/2011 11:07:00 PM
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My pension comes from the Pension Fund, which is NOT the city of CHicago. Our fund is intentionally very separate from the common City fund.
The City is supposed to match what I paid in, which it DID NOT DO, which is why our fund is in such bad shape. So, NO, you are not paying my pension, whiner. My pension fund is limping along, trying to stay solvent based on the meager dividends from investing that money.
And that is why a State law had to be implemented to force the City to again pay their full obligation into our fund. Oh, and of course, Rahm is doing his level best to weasel out of the newly implemented legal obligation to do so.
You're wrong about Jim Edgar. He apparently has a congenital heart condition. It has kept him out of politics on an active level ever since he retired as Governor of Illinois. A while back, he had the urging
of his party to run in an election, but he declined,
claiming medical issues. He looks healthy, but his
ticker sucks.
"Folks in the private sector today would love to achieve the same rates of return on their contributions into their 401K that public employees get on their pension contributions. Think about it folks, the private sector puts money in a 401K having it at risk in some investment where its value changes at the whim of the market, while public employees contribute a pittence towards their pension and retire in as little as twenty years with lifetime healthcare and a pension that was generous and gauranteed all at the taxpayers expense."
But how many of these private sector people are willing to run into a burning building?
How many will go into that dark basement to catch a burglar?
How many are willing to be up to their elbows in the blood of some gangbanger that got himself shot?
How many of them are willing to take the chance of being murdered not for who they are, but for the uniform that they wear and the society that they represent?
rb
12/05/2011 11:53:00 PM
For your information over 70% of the firefighters in this country are volunteers and most have the same state certification as those hard working chicago firemen who seem to have enough free time to work that second job. Those volunteers run into burning buildings just like a full time firefighter.
I work in the city every day and risk being murdered because I am unarmed. Perhaps if you union president Mike Shields would have supported concealed carry I would have more sympathy for your pension problems.
TWENTY and OUT posted this comment in another thread and said...
You obviously have inserted the golden dildo far too deep and it has bruised your pea size brain. You see jackass, that was sarcasm because Mayor Daley was given a job by the University of Chicago making big $$ just a week or two after he retired. In fact, the offer to the mayor occurred and was announced before he even retired. If you had a clue I would have been upset by your comment however it was probably the first time you tried to comprehend something above the grade level of a Curious George book. Next tome have an adult read to you and explain it to you so you do not embarrass yourself.
12/07/2011 12:46:00 AM
You must be related to a former Mayor of Shitcago because you can't add or proofread and are way too sensitive in the poopsie. Let me pull the abacus, dicktionary, and golden dildo out of my ass for you and share.
First, don't cheat yourself Dick. Your buddy Sneed says you will make $500,000 for the five-year deal at the U of C (an average of $100,000 per year), and your most unfavorite mouthpiece Duh Huffington Post says $50,000 per speaking engagement.
And try not to get so emotional when you post. Enjoy your Kwanzaa!
P.S., Nice photo in your profile. Kinda looks like former Chicago Mayor Richard M. Daley.
To "Twenty and Out," here's the point: everyone contributes much too little to, and expects too much from, the pension system. In your example, you wrote that when you retire will have contributed $120K during your years of faithful service. For that, you will receive a pension of $40K per year. So, after approximately three years, you will begin to receive more than you contributed. THAT, ladies and gentlemen, is why the State, County, City and local governments are going broke. Lucky for you, you have another job on which to rely....
"For your information over 70% of the firefighters in this country are volunteers and most have the same state certification as those hard working chicago firemen who seem to have enough free time to work that second job. Those volunteers run into burning buildings just like a full time firefighter."
While that may be true, you're comparing apples & oranges.
Volunteer fire departments do not handle the call volume that CFD does. Yes, those volunteer firefighters are as brave as any, but their calls are few and far between.
For your information over 70% of the firefighters in this country are volunteers
Uhhh...it's the Second City COP blog.
"what happens if the state is bankrupt and they don't have the money to make the payments"
Don't be surprised when a man who's got nothing to lose starts acting like a man with nothing to lose.
For your information over 70% of the firefighters in this country are volunteers and most have the same state certification as those hard working chicago firemen who seem to have enough free time to work that second job. Those volunteers run into burning buildings just like a full time firefighter.
I never mentioned the word "firefighter".
rb
The problem is not just that the politicians are pulling out way more than they put in, it's that they are ALSO taking pension funds and using them to defer the costs of the governments overspending AND they are lying to you about what a realistic pension draw should be. Government is OVERPROMISING, OVERSPENDING, and STEALING from YOU. You, the cop; You, the fireman; You, the civilian. Everyone should be pissed and everyone should be demanding changes.
It sucks beyond words but you are NOT going to get what the politicians promised you. They LIED. The promises can not be kept.
"The problem is not just that the politicians are pulling out way more than they put in, it's that they are ALSO taking pension funds and using them to defer the costs of the governments overspending AND they are lying to you about what a realistic pension draw should be."
TRU dat. But if the politicians pulled out just a little bit more, we'd have a few less clouted siblings to deal with.
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