Another Downgrade
- A second bond rating agency has downgraded the city of Chicago's debt worthiness by three notches, citing recently failed efforts to shore up financially ailing government worker pension systems.
The downgrade by Fitch Ratings came after the General Assembly adjourned its fall session without addressing problems in the city's four pension funds, which are about $19.5 billion short of what's needed.
"The city has been unsuccessful in its attempts to negotiate a solution with labor unions and lobby the state legislature, which ultimately controls the benefit formula," Fitch analysts noted in its report issued late Friday.
Eliminate the "gold braid" provision that grants political hacks giant kicks in their pension payouts and cap it at civil service ranks - yeah, that doesn't stop the "meri-clout-orious" from scamming undeserved money, but it's a start. Let's see what that does to start.
Labels: pension
posted by SCC at 12:01 AM
61 Comments:
Funny how Rahm had Cullerton introduced a bill last spring session in Springfield to delay the law which was passed to start paying the 700 plus million dollars starting Jan 1 2015 into the Chicago fire and police pensions. Rahm had Cullerton did this very quietly and it very well could be put back into play in January when session starts again. Cops and Firemen need to be aware of this and call the Mayor out along with Senate President Cullerton.
As of 2015 the City has to start paying into our pensions which would mean property taxes could triple and Rahm hates this idea considering he wants to get re elected.
Keep in mind also that the City of Chicago has not paid or matched our payments into our pension funds over the last 20 plus years. Yet Rahm has found money to build a new Depaul Stadium , 10 million dollars to rehab the Mayor Washington Library and also 12 million dollars for the Maggie Daly park. All these projects from taxpayers money yet our Mayor Rahm had Cullerton introduce a bill last Spring Session in the State Legislature to not make a single payment into the police and fire pension until 2022. Below I listed a link to a article about what I am referring to. Why do I not hear other officers talking about this and voicing there displeasure. If we do not pay close attention and if our Union leaders do not pay close attention this very well could happen.
http://articles.chicagotribune.com/2013-09-25/news/chi-chicago-budget-reckoning-promo-20130925_1_pension-crisis-city-pension-payments-government-worker-pension-system
This may all be a Rahm Ploy.
In order for the City to be bonded, it must maintain its own Police, Fire and EMS...
If the Bond rating drops lower, will Rahm be able to privatize Police, Fire & EMS?
Get rid of the gold braid pension. And if you make merit that is reward enough. The pension should be at the rate of last rank made by test score. If you are a merit Sgt, Lt, Capt your pension should be a POs pension.
If you are a merit sgt but get promoted to Lt. by test score you should get a sgt's pension
I got an easy soultion. Stop wasting money on all kinds of useless pet projects and start funding the pension for the police and fire that risk and give their lives for the citizens of chicago. We have been putting our money into the pension every paycheck and it's time the city does the same. With the $$$$$ being made in the stock market over the last few years it should be easy to do. Stop wasting money and do whats right for first responders. Without them how much value would chicago have? Chicago would be nothing without police and fire.
The stock market is reaching record highs. The real estate market has turned and recovery is becoming evident.
Since the worst is over, what could the problem be? Might it be that we can't REAP the benefit of growing stock market returns because RAHM EMANUEL REFUSES TO FUND the City's LEGALLY MANDATED portion of our pension funds?
He is deliberately undermining any chance for our pension fund to recover. It is CRIMINAL.
You are right, it's a start. But it may be too late, we are going to have to pay more or lose current level of benefits.
Maybe the bond rating firms weren't told that the general assembly passed the gay marriage ruling that places illinois among other states taking this historic step in the name of freedom and equality.
Can we get a better credit worthiness rating now?
No?
Well, then, they must have forgotten, this is one of Obama's home states...?
Umm, sanctuary city?
Early release?
Operation Push headquarters?
Farrakhan's hometown?
No? Nothing?
Man, what's it gonna take to impress these people?
Oh, right, my pension...
I was reading this earlier and could not for the life of me understand what any of this meant. Anyone care to basically give me the gist of it lol?
Take a good look at Nov 2013 Phoenix Az pension changes for current municipal employees. The employees will pay in more each payday as will the city and there will be no adding in sellback vac days or sick days/or any other accumulated sellback time for anything more than a one time payout. Gone is using the sum total of the huge sellback plus the last years salary combined total in figuring amount of pension based on last few years totals. Exactly what should happen in Chicago to gold braiders. There's never been any reason for the top heavy ranks in huge unsustainable salaried positions either. Cola is Not compounded yearly for Chicago police and firemen, that said too many other city and state employees are getting 3%compounded Cola yrly, and end up earning more in retirement than while working...that's clearly not sustainable. Letting clouted political friends dip into sworn members pension fund and squander assets in loser investment schemes should be illegal. I could go on, but point is Phoenix just passed common sense measures which are very fair; and saved their public pensions, and will not touch the current retirees pensions to balance budget for future pensions; which will also be there because this city cares about their public employees. Of course Chicago can do the same....but will it???? Retired CPD
Right into the toilet.
Now, kees me you fool!!!!
Blame the odious and rapacious public employee unions. Public employee wages have grown unreasonably, and forced pensions up. All because of an unholy alliance between public sector unions and politicians. So the citizens and taxpayers suffer.
The highest pension any new hire will be able to receive is already capped at about sergeants pay. It is in the new Tier 2 law that already passed a few years ago.
The only way to eliminate gold braid pensions for current hires is to retroactively reduce benefits
Nobody should want to open that door of reducing benefits in place.
SCC:
Eliminate the "gold braid" provision that grants political hacks giant kicks in their pension payouts and cap it at civil service ranks - yeah, that doesn't stop the "meri-clout-orious" from scamming undeserved money,
----
That would be unconstitutional...
BUT what they could do is this:
Pay all exempts their base pay of Lieutenant or Captain on the 1st and 16th of the month.
Then.. pay them a stipend on the 22nd for their additional "exempt pay" whether they are a D-6, D-7, D-8 etc..
ONLY the base pay of LT. or Capt. would be pensionable.
No constitution would be broke.. no contract violation (exempts are not covered anyway)
The Daley-Emanuel death spiral accelerates.
any change in my pension because of the politicians =change in residency.
How many pensions does "little tommy byrne" collect??????
Be very careful with your desire to cap pensions at "career service rank." remember that the City eliminated one police career service rank already - Captain. They will likely try to do the same with Lieutenant next. And if so, why stop there? Some coppers will argue that nobody should get more than a POs pension. That's absurd.
The Mayor and his cronies are lobbying for the down grades to get the pension issue resolved in his favor and welch out of paying the mandated city portion. A bill is on the governors desk right now relative to the park district where they have pushed the min age of retirement to 58 for current employees under age 45 and increased % from 9 to 12 for current workers and lowered the cola to 1.5 percent. When asked if this was the plan for other pension plans the mayor said yes. It was buried in the Scum Times Friday on about page 9. Why aren't we talking about this especially our unions? We can't hide our heads in the sand any more.
Detroit here we come. (or become)
This is being done intentionally by the city.
The issue of Gold Braid Pensions is something that should really be considered. Here we have a position for which there is no competitive examination, people are simply appointed by political fiat and the appointee gets over $100,000 for the rest of his or her life. Pensions should be limited to the rank you earned as the result of a competitive exam rather than a returned favor from some political hack. Gold Braid pensions are devastating to the Pension Fund.
Here's a suggestion to these rating agencies......if you are going to down grade the city's credit rating how about pointing out how the city continues to spend money that it doesn't have on projects that are purely political in nature.
For example: $6 million for upgrading the Harold Washington Library.
$55 million for Maggie Daley Park.
$1 million to Cease Fire.
$100 million for a new stadium for De Paul University.
The upgrades at the library can wait. Put them on the Would Be Nice list.
Maggie Daley Park. How about publishing the real story about it's creation. The roof for that park of the under ground parking garage is in terrible shape and needs repairs. The problem is that roof is less than 10 years old. So rather than admit the city fell asleep at the quality control switch, they come up with the idea of dedicating a park to a former mayor's dead wife. And HEY, since we want to put the park in the same area as the crumbling garage roof it's a WIN WIN for the city!
CEASE FIRE....Mr and Mrs tax payer should be in an uproar over this one. This was purely a vote buying mission for Rahm, to the tune of $1 million of the working man's tax dollars.
De Paul University's new stadium....a private university is set to get over $100 million in city funds for a 12 thousand seat stadium while only on the hook for $75 million. Oh, and let's not forget that the Metropolitan Pier and Exposition Authority will also kick in $100 million. And after all this the university will have the naming rights and total control over schedule use of the new stadium. So I guess McCormick Place is no longer needed because Rahm has been telling the masses that this new stadium will be also used for conventions.
So it seems that the city is flush with money when it comes to the politically connected but cries poor when it comes to paying their own employees the pension that was promised to them.
look for us to get what parks just got,12% per check 58 yrs old to retire.
Eliminate Gold Braid pension now Include all appointed ranks include Captains , Merit Lt , Sgt , Det
no pension should be above rank of lt.
Besides scrapping the gold braid pension they need to eliminate "multiple" tax payer backed pensions. You get one government pension no matter who you have worked for. Mayor Shortshanks is pulling down pensions from the city, county and state. That's ridiculous.
RAhm blames everything on others when he fails. Almost 2 Billion sitting in TIFS and he claims City is broke while he and his wall street staff spends it on stupid Rahm deals making others rich.
Most estimates are that the city portion of our property taxes would have to double, not triple. Sounds like a lot, but in reality the city's portion of the Cook County property tax bill is only 18%, so the increase is less than 1/5 that he is trying to sell. Compare that to the CPS that has increased their property tax assessment to the max allowed by law for the last 10 to 20 years and their portion makes up 51% of your property tax bill. But then again its for "the children" of a failing school system
Phoenix Az just voted in counsel meeting televised for all interested in the debates as to public pension funding. By a 5 to 4 cliffhanger end result, police and fire and other city workers will not have current retirees pensions altered or diminished. Current employees will pay a reasonable amount more for surety of pension. The political hacks and who sold extraordinary amounts of unused sick, vac,and overtime back in the retirement year to send the total pay for that year shy high and ergo make the pension for the elite into six figures(even after just a few years work for ciy...sound familiar)can no longer count those windfalls into the last three years worked formula for pension. There's actually open meetings before such votes and public welcomed to attend in person or watch on the government channel. Arizona makes using common sense and facts to work out solutions so easy. Wake up Chicago!!! Phoenix does care about its public workforce and gets great work in return.....retired and exChicagoan who was taxed out of hometown.
I sure hope CPD officers are smart enough to be putting VRI money into an IRA.
Here are the top 10 cities with the lowest percentage of funding for pension liabilities City Total Liability % Funded
Charleston, W. Va. $270 million 24
Omaha, Neb. $1.43 billion 43
Portland, Ore. $5.46 billion 50
Chicago, Ill. 24.97 billion 52
Little Rock, Ark. $498 million 59
Wilmington, Del. $364 million 59
Boston, Mass. $2.54 billion 60
Atlanta, Ga. $3.17 billion 60
Manchester, N.H. $436 million 60
New Orleans, La. $1.99 billion 61
When they were building the new park with the bean , you know the one with tens of millions of dollars in cost overruns.
Anyway, our unit was real short, commander was told no additional manpower since they were diverting funds from the police on the street to halp pay for this mess.
Thanks Maggie!!
If you are a merit sgt but get promoted to Lt. by test score you should get a sgt's pension
11/12/2013 12:23:00 AM
Are you fucking kidding? If someone makes Sgt. by MERIT, they sure the fuck are NEVER gonna PASS a LT's test!!
Why do we have 2 different Unions? Total waste. We should all bargain together and put petty differences aside. The Sgt's and LT's Union need to join the FOP and we need to just get on the same page. We also need to stop bickering like women with all this FOP leadership stuff and just get behind a good candidate and move forward. We have way to much infighting and is takes the focus off the real objective and priorities. All the politics at FOP is screwed no doubt but we are in a tough battle with Pensions and close to going bankrupt. All this division is what the powers want. Rahm wants P.O.s hating the Sgt and them hating the LT and then we all argue and lose sight of the real issues. I would also try to get by laws changed if i were the next FOP president to hire a outside person to handle all the major decisions at FOP. Something like a CEO or some type of Executive who would be governed by the FOP.
When people talk about gold braid pensions, I would love to see numbers attached so it's easier to wrap my head around how they are depleting our pension so so dramatically.
One word Bankrupt
Funny how Rahm had Cullerton introduced a bill last spring session in Springfield to delay the law which was passed to start paying the 700 plus million dollars starting Jan 1 2015 into the Chicago fire and police pensions. Rahm had Cullerton did this very quietly and it very well could be put back into play in January when session starts again. Cops and Firemen need to be aware of this and call the Mayor out along with Senate President Cullerton.
As of 2015 the City has to start paying into our pensions which would mean property taxes could triple and Rahm hates this idea considering he wants to get re elected.
Keep in mind also that the City of Chicago has not paid or matched our payments into our pension funds over the last 20 plus years. Yet Rahm has found money to build a new Depaul Stadium , 10 million dollars to rehab the Mayor Washington Library and also 12 million dollars for the Maggie Daly park. All these projects from taxpayers money yet our Mayor Rahm had Cullerton introduce a bill last Spring Session in the State Legislature to not make a single payment into the police and fire pension until 2022. Below I listed a link to a article about what I am referring to. Why do I not hear other officers talking about this and voicing there displeasure. If we do not pay close attention and if our Union leaders do not pay close attention this very well could happen.
http://articles.chicagotribune.com/2013-09-25/news/chi-chicago-budget-reckoning-promo-20130925_1_pension-crisis-city-pension-payments-government-worker-pension-system
And while this was being introduced, Shields was too busy appealing an ILRB decision he has no chance of winning and Dougherty was playing politics with a wounded warrior. Reminds me of the Country band "Asleep at the Wheel."
Funny how no one seems to talk about eliminating waste , fraud and corruption in this state or even the nation for that matter. Root out a quarter of it and we would be sitting pretty. Nope. Lets blame the police and fire pensions. Why doesnt Fitch or Moody think about that for a while. Just a part of the scam I guess.
Blame the odious and rapacious public employee unions. Public employee wages have grown unreasonably, and forced pensions up. All because of an unholy alliance between public sector unions and politicians. So the citizens and taxpayers suffer.
-------------------------------------
The public employee wages have grown with the cost of living. That is all. Yes unions were almost too powerful in earlier decades, but this is not the reason the city is broke, make no mistake about it! If it was up to employers and In private sector it is, many people barely break 30-35k a year. Stop listening to conservative dribble about unions are keeping this country poor shit... unions and American made product built this country. You find me products made here. You cant, unions labor doesn't cost too much, the employer isn't willing to cut into production cost (which is part of running a business) so they sell labor to china. And we wonder why china owns us...
We provide a SERVICE to city residents and are therefore paid for through taxes. We do need union protection because the idiots that are in would throw us to the wolves and media to save their sorry asses. What line of work are you in?
We need to know who owns these ratings firms. For example, Moody's, is owned by Berkshire-Hathway, which is controlled by Rahm's good friend, Warren Buffet. How did Warren Buffet get his start in business? His father, Howard Buffet, was the only U. S. Congressman, for the entire state of Nebraska. Capone said it best, "Ain'r nothing legit."
" Why do I not hear other officers talking about this and voicing there displeasure. If we do not pay close attention and if our Union leaders do not pay close attention this very well could happen."
Because most coppers are too busy being happily distracted by the occasional bananas that Rahm & Co. dangle over their heads. Does VRI ring a bell?
Don't forget to factor in that over 50% of the people on this job are Gen-Xers who have much more in common with the Catered-to Constituency than meets the eye; trudging through life, living day-to-day, paycheck to paycheck, blissfully unaware of most current events and "little" things like fiscal cliffs, recession, trade deficits, weekly unemployment reports and our own city's bond rating and what it means for our pension. They do, however, drive nice new cars every two years.
As for our union leaders... if you had to pick the thing that Shields did most right (besides shit-canning that snake Dougherty) it'd be staying on top of the pension issues that we all face. He has sounded the alarm on this issue since he sat on the pension board and all throughout his presidency. Those that would say otherwise have obviously never been to an FOP meeting or picked up the newsletter.
Ask any of your coworkers under the age of 30 if they have a Plan B for retirement income. Ask those that held a job in the private sector how they feel about what Rostenkowski did to their SS benefits (expect the big look of befuddlement here). If they're in Def Comp, ask them what their rate of return was last quarter. Ask them if they have mortgage and if so, what is their interest rate. The answers you'll get will make you shake your head.
As it often is, my point will be proven here today. SCC will get 2-3 (or more) the times of posts on the karate man store owner apprehending the phone thief than this thread will. Very, very sad.
Anonymous said...
Funny how Rahm had Cullerton introduced a bill last spring session in Springfield to delay the law which was passed to start paying the 700 plus million dollars starting Jan 1 2015 into the Chicago fire and police pensions. Rahm had Cullerton did this very quietly and it very well could be put back into play in January when session starts again. Cops and Firemen need to be aware of this and call the Mayor out along with Senate President Cullerton.
As of 2015 the City has to start paying into our pensions which would mean property taxes could triple and Rahm hates this idea considering he wants to get re elected.
Keep in mind also that the City of Chicago has not paid or matched our payments into our pension funds over the last 20 plus years. Yet Rahm has found money to build a new Depaul Stadium , 10 million dollars to rehab the Mayor Washington Library and also 12 million dollars for the Maggie Daly park. All these projects from taxpayers money yet our Mayor Rahm had Cullerton introduce a bill last Spring Session in the State Legislature to not make a single payment into the police and fire pension until 2022. Below I listed a link to a article about what I am referring to. Why do I not hear other officers talking about this and voicing there displeasure. If we do not pay close attention and if our Union leaders do not pay close attention this very well could happen.
http://articles.chicagotribune.com/2013-09-25/news/chi-chicago-budget-reckoning-promo-20130925_1_pension-crisis-city-pension-payments-government-worker-pension-system
11/12/2013 12:02:00 AM
No jenius with a capital "J" property taxes could double but rahm is scaring taxpayers the idiot what could double is city portion average would be $250.00 more per joe berries cook county tax assessor look at your tax bills overwhelming to the failing public schools we are being ripped off adjust the levy and put it into police fire pensions no tax hikes stop throwing money at a shit school system. The mayor brags crime is down reward us, the schools are shit take away simple huh?
Anonymous said...
Get rid of the gold braid pension. And if you make merit that is reward enough. The pension should be at the rate of last rank made by test score. If you are a merit Sgt, Lt, Capt your pension should be a POs pension.
If you are a merit sgt but get promoted to Lt. by test score you should get a sgt's pension
11/12/2013 12:23:00 AM
I agree and why does rahm and the treasurer have a huge contingent of d-3 paid coppers who get a sergeants pension, another drain! No special training just extra.pay for valet services!
We and the FOP should be doing proactive work in any possible way to secure our benefits. And I don't just mean bargaining behind closed doors. By the way, in this so called open society, why is government still going behind closed doors? Use the media more if possible, not just a press conference only when there is a controversey.
A Chicago casino would solve lots of problems for the city as well as the state. Just make it law that the first recipients of the profits would be the underfunded pension systems of the city and state.
Things look upside down from the rabbit hole. What's up is down and what's down is up. Go ask Alice...oh, excuse me. Go ask Rahm.
at least they passed gay marriage....no gun laws, pension changes....just an east liberal vote getting measure...
"Some coppers will argue that nobody should get more than a POs pension."
11/12/2013 06:47:00 AM
Pay in grade should be the only reward for making rank.
Consider you have people like the Burger Queen, Top Cat, Pineapple-Head, Commanduh Chris and the rest of the cavalcade of clowns stealing $75K+ more a year in pension than they deserve because of politicians they squatted, bent over, kneeled and shilled for...
Yeah...
These sniveling, deeply closeted undercover poofters known as Chicago and Illinois politicians are all over gay marriage/peeping through key holes/rifling through the public's panty drawer...
Priorities?
Oh yeah, busting out pensions to hide the thievery they've engaged in.
Besides scrapping the gold braid pension they need to eliminate "multiple" tax payer backed pensions. You get one government pension no matter who you have worked for. Mayor Shortshanks is pulling down pensions from the city, county and state. That's ridiculous.
11/12/2013 08:17:00 AM
I'm okay with two pensions, provided you worked at least twenty years or whatever the lifetime requirement is at each job.
It's the Daley-type thievery that I abhor. The scam he pulled to get THREE different pensions is unforgivable and should be illegal. Hell, it probably is, but nobody wants to call him on it.
Most estimates are that the city portion of our property taxes would have to double, not triple. Sounds like a lot, but in reality the city's portion of the Cook County property tax bill is only 18%, so the increase is less than 1/5 that he is trying to sell.
...
11/12/2013 08:56:00 AM
Finally, the voice of reason.
Instead of Emanuel's scare-tactics.
Gold Braids must kick back a portion of their Yearly Pensions to the Democommunist party of Chicago. Where's the Fed Investigation?
As soon as they're done reforming our pension, they'll suddenly agree on all sorts of boondoggle arrangements for thier own benefit like casinos, which will suddenly shower money through expanded gambling for everything but the pension issue.
Why do we have 2 different Unions? Total waste. We should all bargain together and put petty differences aside. The Sgt's and LT's Union need to join the FOP and we need to just get on the same page.
----
No
screw you.. The P.O.'s can join the PBPA with us! HA!
Anonymous said...
Anonymous said...
Funny how Rahm had Cullerton introduced a bill last spring session in Springfield to delay the law which was passed to start paying the 700 plus million dollars starting Jan 1 2015 into the Chicago fire and police pensions. Rahm had Cullerton did this very quietly and it very well could be put back into play in January when session starts again. Cops and Firemen need to be aware of this and call the Mayor out along with Senate President Cullerton.
As of 2015 the City has to start paying into our pensions which would mean property taxes could triple and Rahm hates this idea considering he wants to get re elected.
Keep in mind also that the City of Chicago has not paid or matched our payments into our pension funds over the last 20 plus years. Yet Rahm has found money to build a new Depaul Stadium , 10 million dollars to rehab the Mayor Washington Library and also 12 million dollars for the Maggie Daly park. All these projects from taxpayers money yet our Mayor Rahm had Cullerton introduce a bill last Spring Session in the State Legislature to not make a single payment into the police and fire pension until 2022. Below I listed a link to a article about what I am referring to. Why do I not hear other officers talking about this and voicing there displeasure. If we do not pay close attention and if our Union leaders do not pay close attention this very well could happen.
http://articles.chicagotribune.com/2013-09-25/news/chi-chicago-budget-reckoning-promo-20130925_1_pension-crisis-city-pension-payments-government-worker-pension-system
11/12/2013 12:02:00 AM
No jenius with a capital "J" property taxes could double but rahm is scaring taxpayers the idiot what could double is city portion average would be $250.00 more per joe berries cook county tax assessor look at your tax bills overwhelming to the failing public schools we are being ripped off adjust the levy and put it into police fire pensions no tax hikes stop throwing money at a shit school system. The mayor brags crime is down reward us, the schools are shit take away simple huh?
11/12/2013 11:56:00 AM
I am the "Jenius" who posted this comment. What am I wrong about Sir? I have to ask you to explain yourself and your point that your attempting to make? You are missing my point buddy. My point is that the City is attempting to prolong there obligation to our pension. Do you not find what I stated a serious issue. What I said is all factual and accurate. This is a huge deal and we need to be aware of whats taking place in Springfield. Rahm realistically could win this battle and get a deal made to prolong paying into our pension for a long time and I find this troubling considering some experts say our pension could be gone by 2022. Our pension is funded only 28 percent give or take and thats bad. Again I am not a genius or a Jenius but I try to pay attention and know whats going on before I open my mouth. Please Sir what is your point? Are you even a officer or FIreman? Do you not find it ridiculous that the CIty finds money to build a new Stadium for a private institution by the name of DePaul? Don't you take issue when they find money for Maggie Daly park and harold Washington Library when at the same time they have failed to pay into our pension fund for the last 20 plus years? Sir what is your point? You sir if your a officer or firman you have been paying your 9 percent every check into the pension fund and your not upset that the city is doing everything they can to get out of there moral and lawful obligation? Why am I speaking foolish?
Anonymous said...
look for us to get what parks just got,12% per check 58 yrs old to retire.
11/12/2013 08:00:00 AM
The problem with that is what will the city do or be forced to do if that happens? Will they follow through? Their track record is a BIG NO! In the end it would not matter if we all put in 50% of our income. Much more needs to be done on the cities part. The have ducked and dodged the issue for many years while throwing money away on all kinds of silly pet projects. How important are police and fire to the survival and economic strength of Chicago? Think about that. Imagine a weak first response.
Lakefront Casino with high speed trains coming in frm Wisconsin, Indiana, Downstate Illinois, into Navy Pier & Casino. All profits first go to shore up Chicago Pensions and debt, before profiting by politicos. Military Vets and honorably retired from City get first crack at the jobs.
Anonymous said...
look for us to get what parks just got,12% per check 58 yrs old to retire.
11/12/2013 08:00:00 AM
CPD retirement age was 55 in the 70's. Then they started handing out pension enhancements like candy without making sure they were funded. Between mid 70's and early 80's it went from 55 down to 50 so all you PO's who think it is your God given right to retire at 50, well, it was 55 for a long long time before you came on the scene.
Federal law enforcement has had retirement at 55 for a long time. What is likely, you retire at whatever age was the age specified when you became vested in the pension. Changes would apply to new people or those not yet vested.
CPD retirement age was 55 in the 70's. Then they started handing out pension enhancements like candy without making sure they were funded. Between mid 70's and early 80's it went from 55 down to 50 so all you PO's who think it is your God given right to retire at 50, well, it was 55 for a long long time before you came on the scene.
Federal law enforcement has had retirement at 55 for a long time. What is likely, you retire at whatever age was the age specified when you became vested in the pension. Changes would apply to new people or those not yet vested.
I came on in the 60's and retirement age was 59, then it was lowered to 55, then 53 and finally the present age of 50
SB3538 raised the reirement age for new hires at January 1, 2011 to 55. Here are the highlights of that bill that changed the pension and retirements for new hires
http://www.mapunion.org/PDFs/PensionUpdate.pdf
Join the PBPA? Nah. Don't think so. You guys are broke and we are not.
if the city and state had been putting in what they were supposed to contribute all these years, there probably wouldn't be a problem, except for shortshanks stealing what he could. And an FOP that 'forgives' what the city owes> That was over $25 Million as I recall, which means it was probably triple that amount.
"...you guys are broke and we are not..."
You will be soon. Just keep watching.
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