Pension Post (and CA 49)
This popped up in the comments:
- On 01 October 2012, our City Council conducted hearings regarding city pensions including the Police & Fire Pensions. John Gallagher, Executive Director of the Police Pension Fund took the stand along with others to answer questions from the aldermen.
Mr. Gallagher is remarkable advocate for his constituents -the active and retired members of the police department. It was recently announced that Mr. Gallagher will be leaving our Fund. I hope the new Executive Director has the same fire as Mr. Gallagher.
Below are some facts and myths debunked at the hearings:
Facts:•Our Pension is currently funded at approximately 35%.
•Approximately 11,800 sworn members are currently contributing to our pension fund.
•3,200 sworn members are 50 years old with 20 years seniority (27% of all sworn members).
•Approximately 55% of retirees continue to live and spend money in Chicago.
Myth:The city does not make their full payments to the pension fund.
Fact:The city has statutorily met all its payments to the pension fund.
Myth:The 2 times multiplier the city currently contributes to the pension is enough.
Fact:According to Executive Director Gallagher, he has repeatedly informed the city that the 2 times multiplier is NOT enough.
Myth:The pension fund is not hitting its mark on investments.
Fact:The Actuarial Assumption for our fund is 8%, the pension fund has actually averaged about 8.8% since 1974. The Fund is currently over 10% for 2012, year to date (October 2012).
Myth:Active members will not contribute more than 9% of their salary to the pension.
Fact:Most active members will agree to a slight increase in the amount they contribute to their pensions Myth: Police pension COLAs are compounded annually.
Fact:Police Pension COLAs are NOT compounded.
Fact:No one born after 01 January 1955 will receive a COLA until they are 60 years of age and that COLA will be 1.5%.
According to a Chicago Tribune/WGN-TV Poll published on 16 October 2012, "Illinois voters overwhelmingly blame politicians for creating the state's public employee pension mess."
Executive Director Gallagher has been sounding the alarm for years. Voters know this is not a problem that occurred overnight. However, Alderman Richard Mell at the hearings is quoted, "We have to solve the situation as quick as we possibly can." (Chicago Tribune, 02 Oct 12). I hope the alderman means long term plans are needed, not a quick fix, because a quick, knee jerk reaction will NOT solve this problem.
VOTE "NO" on the proposed amendment to the Illinois Constitution, Resolution #49!
One of these knee jerk reactions is the proposed amendment to the Illinois Constitution, Resolution #49. This hastily written amendment WILL send many pension issues to the courts because it is written with such vague terms. No one wants their pension money/payments tied up in the Illinois Court System!!
Who will decide what a pension benefit increase is? Perhaps even the inequitable 1.5% COLA increase at age 60 will require a 3/5 majority of the legislature. Why let the courts decide on your pension! Please vote "NO" and tell your family and friends to vote "NO."
Lt. James Maloney
Pension Board Representative
&
Lt. Michael Dejanovich
Headquarters' Representative
Labels: pension
posted by SCC at 12:01 AM
41 Comments:
IF the City is fully funding the pension, as required, why is Rahm Emanuel telling the media he WILL NOT make payments into the pensions until the system is reformed?
Which one is true? And, if Rahm is lying to appease the public, shouldn't they be made aware of it?
Why are yard signs, bumper stickers etc flowing into dist roll calls? Times a wastin!
reduce number of alderman by 80 % and put money into city pension funds
Fact:No one born after 01 January 1955 will receive a COLA until they are 60 years of age and that COLA will be 1.5%.
------
How many years do you keep getting that 1.5 COLA?
Only 20 years?
TAKE A LOOK at the pensions of officers that have retired.
Some of them are almost at the poverty level.
AND we will NOT get Social Security!!!
GO TO:
http://www.bettergov.org
/pension/default.aspx
I'm happy Mell finally snapped out of his coma and realizes something must be done to shore up the pension funds. It's amazing how ballsy these scumbag aldermen have become since our last asshole mayor departed.
I thought the cola was 3%
not 1.5%.
Sad
i always thought daley didnt put in the cities share for 17 out of is 22 yrs in office,i was wrong.
When you go to vote on the touch screen machine, this pension issue appears on page one (of many) opposite the presidential choices.
Went to vote early last week. Madigan got real slick with the CA 49, the way it is placed on the ballot one would not even know it is CA 49. All it states is something about the teachers pension. The powers that be camouflaged it real good to try and fool the people. Be very careful and vote NO on all three of those questions.
What is a headquarters Representative? Why is it a Lt.?
Retiree Houser
Lt Maloney
Sgt Brian Wright (45 yoa)
PO M Lappe (disabled and 58 yoa)
Is Maloney aging out of the job, will he be another recipient on the Board?
Will Sgt. Brian Wright be the only active LEO on the Board?
3,200 members with 20 or more years on. In at least the next five years you can expect at least half (1,600)to retire. Even if it was only 25% (800 officers) the city is not keeping pace to replace them. What if all 3200 are gone?
Doesnt matter how many are inside spots (not many) or units because you still have to take the patrolmen on the streets off the streets to do those jobs.
Fact:Most active members will agree to a slight increase in the amount they contribute to their pensions
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Count me as one of the majority of active members who WON'T agree to a "slight increase" of contributions to help prop up our ailing pension. I gave what was required every paycheck. Why should I be held accountable for the mismanagement, misappropriation and outright thievery of the pension loot? Maybe Mark Donahue can figure out a way to recoup the millions he "forgave" the Daley administration for various piss poor Vanecko/Davis-related investment gaffes.
Demand: a written GUARANTEE that I and every other officer receive the pension as promised when we signed up for this "career".
No diminished percentages. No slick attempts to alter existing pension structures via ambiguously worded Constitutional Amendment proposals.
No further "social programs" or entitlements to non-contributors...not a fucking penny...until the pension fund is shored-up by the City of Chicago, as recently mandated.
Demand: proposed park upgrades commemorating the dead spouse of a criminal ex-mayor, bike lanes that'll not be used more than half the year (ditto the kayaking stations) and monies for CeaseFire and child molesters to help walk children to school because the parent won't, be indefinitely halted until the public servants are guaranteed what was promised them.
Demand: the true amount of the 100s of millions in the TIF Fund accounts be disclosed and an appropriate amount thereof be injected into our pension funding.
Until these demands become reality, you get zero proactivity and zero revenue generation from my happy ass.
To save pensions, why not do something about thsoe who will and are collecting multible pensions from the city and county? One should just get one pension, or an average of all the pensions as one.
Second City...
Plwease remember this comment on
2/27/2009 12:21:00 AM
Check out the FOX 32 calling out John Gallagher (executive director of the Chicago Patrolman's Pension Board) for trying to steal our Pension money to pay for his secretary's Law School tuition for 4 years with our Pension money. That would be $22,000 a year. A total misuse of our money at a cost of $88,000 dollars.
John Gallagher is not our friend. John is moving on to another fund when the ship he captained (our Chicago pension fund)is sinking.
America
"Most active members will agree to a slight pension increase."
Let me make this clear. If the city increases my pension contribution by one penny, I will sue on my own behalf to stop it.
This one aggrieved PO will do everything I can to make sure my pension contribution does not increase by one penny.
To the city, I agree to nothing. There are two choices. Either the city pays me my pension, or the city goes into bankruptcy and is run by a manager appointed by the bankruptcy judge. Either way, I'm satisfied.
Be advised, be aware...
The Illinois Constitution Article 49 is intentionally hidden on the ballot on the left hand side on the FIRST page 'next to' the presidential ballot.
It appears, at first, as mere voting instructions and not as an actual, separate voting article. There are two other articles at the 'end' of the candidate(s) voting process, however Art. 49 appears on the '1st' page to the left of the POTUS ballot, often overlooked as instructions and not a separate voting entity.
Those of us who voted early all made this observation.
Vote "NO" and spread the word about this obscure placement that has the DemocRats & Madigan written all over it.
Anonymous said...
What is a headquarters Representative? Why is it a Lt.?
Retiree Houser
Lt Maloney
Sgt Brian Wright (45 yoa)
PO M Lappe (disabled and 58 yoa)
Is Maloney aging out of the job, will he be another recipient on the Board?
Will Sgt. Brian Wright be the only active LEO on the Board?
10/29/2012 06:52:00 AM
The "Headquarter's Representative" is the Board Representative for all of the Lts. that are not assigned to one of the areas in either patrol or the detective division. He is not on the Pension Board. His name is on that piece because he co-authored it. Nothing more. Let's not go starting rumors. We need to stick together instead of lookiing to stir up the pot a little more.
Go to www.firstresponderpensionfacts.com to keep current on public sector pension legislation and news here in Illinois. You can also follow them on facebook.
No one will be retiring after June 30 , 2013 when ballerina boy takes away health insurance for retirees
city of chicago spent millions to take away our health care and are not going to back off
democrats take away benefits from seniors , retirees , raise taxes
on everything for the working class
some how they never take away from the non working , illegal immigrants . remember we working folks pay for the free cell phones , education , health care , free breakfast , lunch and afterschool snack for the folks that won't take care of their own children . keep voting democratic and you to will end up on welfare
I was at the hearing. The pension board reps repeatedly said officers were willing to up their contributions if the city did as well. I've never been asked, so wondered where that came from.
Also, the ONLY reason the #s of cops paying into the fund was made public and the # of cops eligible to retired was because Ald. Tunney insisted he get an answer. They gave him bogus answers at first, he challenged them and they scurried over to Sheilds for an answer.
If the options for pension reform comes on the table and they force us to pick one; I guess I'd pick the one that I have to contribute 2 or 3% more to guarentee my pension. Would I like it; hell No! I know they fucked us but I still have to worry about my retirement and the survival of my family and I. I would not choose to lose the COLA for 10+ years and I would know way choose to raise the retirement age to 60. I've been working since I was 14 years old, enoughs enough. They stole, they mismanaged, they poorly invested, they refuse to hire the cops we're short which are future pension contributors, they fucked us and continue to fuck us with absolutely no remorse. And on a final note; no copper is living large at retirement. We worked long hrs, missed holidays and family functions, dealt with high stress in a highly dangerous profession in which we might not come home at the end of the shift and all we want to do is retire with a modest, that's right, a modest pension. What sickens me is my pension right now is the equivelant or probably less than the yearly salary Joe the ghetto shithead gets every year from the government for never working a day in his or her life. Travesty
West side do nothing all though I agree with you none of your demands will be met and you will get fucked your only alternative is to quit good luck. All you guys can talk real big and vote no on CA 49 that will slow down the bleeding a little bit, but if the pension is your only source of income you are screwed. Please dont take this the wrong way I agree its bullshit but we are in for real bad times regardless of who gets into office you better start getting realistic real quick.
Anonymous said...
I thought the cola was 3%
not 1.5%.
10/29/2012 01:59:00 AM
OK, now pay attention, the COLA is 3% simple interest for those police retirees born before Jan 1, 1955. The 1.5% is for those who were born after Jan 1, 1955.
There will not be any more pension enhancements that are not paid for in some way. If the economy improves, many of these problems will be easier to solve.
The union could not get the next 5 year chunk on the COLA passed because the economy went in the shitter.
07:54 My guess is you would be surprised how many of the inside jobs are taken by po's with very little time on the job Most are not bid jobs and I see plenty of young ones in the commanders and front offices and many units have the younger po's inside.
Plus for the older ones, why retire, inside job, 4 hours a day and usually weekends Why leave
Not a cop. Daley was elected by landslides each and everytime. Over 20 years in office. Yet each time the contract came up, not a peep about the pension payments. His friends and family nibbled, got some side action on investing the money. Nothing. Now, you want to blame Section 8, Welfare and Obama for this mess? Are you fucking kidding me. Those are crumbs compared to the massive theft run by the law firm of Daley Madigan and Burke. They fucked you in the ass using a gloryhole, no mask because you saw their faces. And you want to call black people animals and beasts. But you want us to carry the weight for your pension? I appreciate the fucked up job cops do, but not this time. Daley fucked you, not me, not Obama.
I wish John Gallagher all the best. He earned my respect years ago after Waters left.
OK, now pay attention, the COLA is 3% simple interest for those police retirees born before Jan 1, 1955. The 1.5% is for those who were born after Jan 1, 1955.
There will not be any more pension enhancements that are not paid for in some way. If the economy improves, many of these problems will be easier to solve.
The union could not get the next 5 year chunk on the COLA passed because the economy went in the shitter.
10/29/2012 03:35:00 PM
My whole problem with age based COLA and 55 yoa free health care is that the guy who came on the job young(admittedly me in my 20's)will have to put in over 30 years service to get the benefits some are getting with 20 years seniority?The last couple years I've seen plenty people retire with less seniority than me,with full benefits +COLA of 3% for life.Some of these guys have been in call back or on some BS disability for years.I show up to work and regularly have some boss threaten/pout/whine at me for more activity??Yeah,keep dreaming boss.
I come from a strong union family. IBEW. All of them go to monthly union meetings and have for years. They have preached the importance of a strong union.Sadly, I think we will dig our own graves with CA 49.I don't think this department has the ability to come together as one.Not even to vote this out.
I have a question. Those Advisors that put the Pension Fund into CDS=CMBO=CDO and the rest of the nonsense-- are they still advising the Pension Fund?These probably cost the Fund a lot more than the Daley/Vaneko nonsense.
Also-- How is Ariel Investments doing-- The person in Charge is a big BHO fan- son of the famous John Rogers of Juvie Court and all around plugged in-- what are their numbers? Are they competitive are just another political connected Advisor?
Thanks for answering
Old Retired Guy
The problem with raising your contribution to the pension or freezing COLA for 10 years it does not guarantee anything. The city can do what they have been doing for the last 25 years, not putting in their share. FOP are idiots if they believe raising our contributions would help, the city would just lower theirs There is no guarantee, we had one for 25 years and look where we are at. Another problem is that once they raise the contributions, they will never lower them. What happens if the economy picks up and the pension funds make money like before to the tune of 500 million in one year. Do you think they will stop the higher rates or take away the COLA freeze Hell no, let the city pay in their share
Until these demands become reality, you get zero proactivity and zero revenue generation from my happy ass.
10/29/2012 07:59:00 AM
Whats your District?
Put up or shut up..not your beat number...but your district.
Cause I know about 10 districts that love to say "we don't generate revenue" but mug street cleaning and rush hour.
Anonymous said...
If the options for pension reform comes on the table and they force us to pick one; I guess I'd pick the one that I have to contribute 2 or 3% more to guarentee my pension. Would I like it; hell No! I know they fucked us but I still have to worry about my retirement and the survival of my family and I. I would not choose to lose the COLA for 10+ years and I would know way choose to raise the retirement age to 60. I've been working since I was 14 years old, enoughs enough. They stole, they mismanaged, they poorly invested, they refuse to hire the cops we're short which are future pension contributors, they fucked us and continue to fuck us with absolutely no remorse. And on a final note; no copper is living large at retirement. We worked long hrs, missed holidays and family functions, dealt with high stress in a highly dangerous profession in which we might not come home at the end of the shift and all we want to do is retire with a modest, that's right, a modest pension. What sickens me is my pension right now is the equivelant or probably less than the yearly salary Joe the ghetto shithead gets every year from the government for never working a day in his or her life. Travesty
10/29/2012 01:02:00 PM
The scary thing is there is no "guarantee" with the scum crew that run this city, county and state. They have no problem lying and going back on their word. Who's to say if we pay more they won't fuck it up again in 10 years?
Retiree Houser
Lt Maloney
Sgt Brian Wright (45 yoa)
PO M Lappe (disabled and 58 yoa)
Is Maloney aging out of the job, will he be another recipient on the Board?
Try to figure out why "Active coppers will pay more" !
Spoiler Alert:
Because board reps are saying "Active coppers will pay more"
"Fact:The city has statutorily met all its payments to the pension fund."
If, in fact, fact, can we stop beating that dead horse here?
I agree it's not section 8 or Obamas fault are pension is screwed up but 2 wrongs don't make a right. nobody deserves welfare or section 8 for life unless you are completely unable to work, and I have seen some real handicapped people, deaf, blind in wheelchairs working jobs.
Anonymous said...
Until these demands become reality, you get zero proactivity and zero revenue generation from my happy ass.
10/29/2012 07:59:00 AM
Whats your District?
Put up or shut up..not your beat number...but your district.
Cause I know about 10 districts that love to say "we don't generate revenue" but mug street cleaning and rush hour.
10/29/2012 09:14:00 PM
025. And while I speak for MYSELF when I say they'll get nothing proactive or revenue-based out of me, there are plenty of people waking up and smelling the coffee. But not enough, sadly. Still too many Koolaid drinkers out there. But I'll bet the reduction in their take-home pay come January wakes a lot of them up.
To save pensions, why not do something about thsoe who will and are collecting multible pensions from the city and county? One should just get one pension, or an average of all the pensions as one.
10/29/2012 08:49:00 AM
First, I get one pension, so I don't have a horse in this race.
Now, if someone legitimately EARNED a second pension by legitimately working the required amount (as required of ANYONE who worked at that job), why deny them the pension?
Whoever does the job (whether they are entitled to one pension or two), should get the pension. I'd be more concerned about the Gold Braid pensions, the "I found a loophole and only have to work here one day" pensions and the Richard M. Daley 'scammer' pensions, than the legitimately earned pensions of someone who worked at two consecutive careers.
John Gallagher is not our friend.
And what you Mike Shields are? Why didnt you stop her while you were our Pension Rep.?
John Gallagher is a thousand times better in character than Jim Waters! You don't know how it was before Gallagher. Thank God for him. I wish him all the luck with his new position!
nowhere in the narrative does it identify DEJANOVICH as a pension board member..........the whole article comes from the lieutenants association (union-ha ha)newsletter.
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