Detroit Cop on His Pension
- I am a retired Detroit Police Officer and this is my story. I hope this will not happen to you.
I joined the Detroit Police Department in 1986. At that time the city had an agreement with the federal government that made Detroit Police officers ineligible for social security and Medicare. We were led to believe that this was to our benefit. We were told that we would be taken care of upon retirement with a pension and health care.
Today, this is no longer true. Because of the bankruptcy filing by the city of Detroit, the Emergency Manager has stripped me and my fellow officers of our health-care coverage and is trying to void our pension income.
I spent more than 23 years with the Detroit Police Department as a patrol officer. I patrolled the streets of Detroit. I answered calls for service. I did not have an administrative job, nor was I an executive. I have seen some really horrific scenes and fought against the worst violent acts that most people cannot even imagine.
Labels: out-of-state, pension
posted by SCC at 12:03 AM
77 Comments:
It will not happen here. Detroit was a one industry town and not a international tourist destination. With many different international companies located here in different industries we will not suffer the same fate as Detroit.
Rahm and obumma want it to happen here!
I feel for the officer; however, nothing is forever, least of all the promises of a governmental entity. When you get down to it, government exists to firstly serve government, not the governed. The federal government has been breaking solemn promises ever since it's founding 250 some years ago, and continues to this day. The latest's, does "you can keep your insurance plan and doctor" sound familiar.
Understand that it will absolutely happen here.
and rahm and preckwinkle and others like them such as new york's new mayor, will probably laugh at us. Because they hate us and they love criminals.
The Daley, Madigan, Cullerton, Emmanuel et al crime families will be held to account if that happens to PO's here.
I embrace the thought.
How disgusting. I feel your pain brother. But we don't stick together. This is what we let happen. I pray for the best for you and my fellow brothers and sisters in Detroit.
This is outrageous, at a very fundamental and basic human level.
It will and it is happening here.
G-D bless you officer for your service. Shame on your city and our government for allowing this to happen. Only in America can a draft dodger sleep in the white house while a veteran in a cardboard box. Only in America can a man serve his city and get screwed out of his pension while the "do nothings" in that town get public aide.
What is the feel-good dick hard behind the almighty push by municipal politicians and their corporatist allies danking, bojanking and flat out stealing from people who have access to guns?
O_o? O_O? o_O?
Oh...
Muni employee pension funds are financial crime scenes in almost all democrat run large urban centers...
No crime scene, no crime?
Heh... Now would be a good time for the pantyless media here in Chicago to have a nice chat with Miriam Santos...
Yeah... Muni employee pension funds were driving the politicians and and the money handlers on Wall Street crazy.
"GAAAHHHH! ALL THAT FREE, UNFUCKED WITH MONEY JUST SITTING THERE AND WE CAN'T GET OUR HANDS ON IT! GYAAAAAAAHHH!"
They're pulling out all the stops, that's for damned sure!
Here's how the propaganda campaign again The Police and their pensions played out.
First?
"Why should you Cops get a pension when WE had to eat our 401K's?"
Then...
"The greedy Cops don't want to give back some of their cush $100,000 a year pensions!"
Then...
"What makes you dumb Cops so special that you can retire in your mid 50's while WE gotta keep working until we're 70?"
Then...
"Boo-Hoo! You Cops act like what you do is so tough! Just quit already! We'll gladly take your jobs for less pay and a cut in benefits! Fuck you guys! We hope they bust your union and take your sweet pensions and early retirements from you!"
Of course, everyone has the big-eye (O_o?)when Policemen see their interests threatened and decide to fight back.
Just a matter of when and where the righteous shooting starts.
The political powers have subverted/peerverted the law and fashioned a gun out of it...
Pointing a "gun" at Policemen is usually a very bad idea.
These people pushing pension divesture are the same people who wrecked the economy bundling and trading bad debts and they're in bed with the media and the politicians.
"You coppers have rules of conduct! How DARE you get mad and fight us back!"
*The Police are the problem in Chicago... As soon as we "fix" them, everything else will fall in place*
The Police are the Enemy.
Viva Hate...
Torches and pitchforks right in front of their mayors house
Thank you for your service Officer Lawrence. I hope none of us ever go through this. But the reality is that things don't look good - just look at the city's, state's, and the country's financial obligations. Not one, or a combination, of these entities will be able to save our pension system if and when it finally crashes. Other than praying, the best thing we could for ourselves is to develop a "plan B" for retirement (e.g. deferred comp., real estate, etc). Good luck to all and stay safe.
Don't think for one second that the powers that be would miss a crisis (opportunity) to reduce or eliminate legacy costs (pension & medical).
The above has already happened in the private sector so don't look for sympathy there.
Did anyone really think that the U.S. could thrive on the service sector based economy ?
Welcome to the great contraction, good luck.
The powers that be better be very fucking scared of what could happen to them for messing with decent peoples' lives.
We are on the same path. I see the only option negotiating a lesser amount with a guarantee that it is funded. IL doesn't have the money and people are leaving the state daily. How many of you plan on leaving when you retire? Who will be left to pay the bills.
This sucks. We are all screwed.
chicago park district pension reform passed the ill house yesterday...retirement age pushed back to 58yrs old and contribute up tp 12% per check by 2015.
How sad, but this former officer is SOL. I would suggest everyone read the accompanying article "How Detroit went Broke". Overspending, wasted money over the years. Just what is happening in Chicago. Rahm is following the same playbook like Obama in that he blamed all his problems on George Bush and it look like Rahm has the long knives out for Short Shanks. This City continues to give Daley hundreds of thousands of Dollars per year in pension, health care, security, etc. to a guy who completely F***** the City and made his pals rich. "The Chicago Way'.
Yeah watch out for that. Hey, do you think current, retited CFD and CFD etc and their families will stop voting for Madigan etc when they try tthat? Never.
I first posted in 2008. Stated that the fund would be bankrupt by 2018-2022. Had a lot of comments- mostly negative. Worrying about a 3K when a million dollars in your pension makes no sense.
old retired guy
Reading the comments on the article, it appears that it's the fault of the Tea Party that Detroit went broke. Oh yea, also the republicans that have been running Detroit and the state for the past 50 or more years. Romney was mentioned. I imagine the evil Tea Party, and republicans have also infiltrated Chicago and are destroying decades of good democrat government.
The mayor warned you all. He is going to take your pension.
Its fair game now, he told you.
Better get with your union and fight this, or it's on you.
It will not happen here for one simple reason. TIFS. If Chicago tries to declare bankruptcy, they will have to open the books on all the TIFS. There will be no cash cow for the politicians to pay friends and family from without scrutiny. The BILLIONS that are set aside from these TIFS would no longer be a slush fund that can be spent on whatever or whoever they want and the corrupt spending practices would result in some sort of legal (criminal) action I would think.
I doubt it will happen here. Unlike chapter 7 or chapter 13 BK chapter 9 will require the city to open the books and show where the money is going. There is an issue of "not wanting" to pay and "not being able" to pay. The city can pay. They just don't want to. If they stick it to us on pensions do they really think people are going to keep coming to work and "making a difference"? Think about it, you all do those worthless contact cards, my partner included (sorry Billy) to work VRI. You do it because there is something in it for you. If they take away our pensions do they really think anyone will do any work? We get paid/compensated to do a job. How many of us would come to work tomorrow if we hit the lottery? Probably a few but for the most part we come to work to get paid. If they aren't paying us (pension included) then they aren't paying us.
If you think this could not happen in Chicago, you voted for Obama.
I cant stand out system, but many have to realize that both party's want to break all public unions. The dems do in "on the low" republicans come straight out and tell us they hate unions. Just think about that.
Probably coming to Chicago real soon. Hope those retired guys have another skill to fall back on.
Look on the bright side gay marriage is legal. I am sure glad our politicians have priorities straight (or not so straight).
Better wake up on 6 nov Madigan passed a pension bill changing the Chicago park district pension. It will increase employee contribution 2%, it will cut the COLA to 1/2 the CPI and it will raise the retirement age 8 years. The COLA cuts will effect current retirees. FOP and city unions better call their state senators before we are next.
park district raised retirement age from 50 to 58 and increase in employee contributions to save park district pension
it ' s time for fop to do the same or we won't have a pension in 20 years
03:33:00 am...
Scared of what? Not too many people have the balls to do anything and our government knows that. Most people sit back and take it which is why every government entity is like it is.
Yes, Detroit was a one horse town, but what does Chicago produce that could not be produced cheaper and better in India or China? Morons who think it could not happen here are the same loud mouth cops who would shoot off their mouths at roll call blindly defending the pension as being secure. "Da penshun iz proteted by da State Legislachur." You ignorant Mush, in the last ten years we have seen two governors go to prison, every day is a new revelation as to how Lil Dick wasted money on his cronies. Anyone who thinks the pension and economy of Chicago is secure needs to be urine tested, or is a die hard Democrat.
it is happening to other Detroit retirees as well. the politicians made a lot of promises to employees they knew could not be kept down the road. IL and Chicago have made the same kinds of promises. The difference here is that neither IL nor Chicago is in the same kind of financial meltdown that Detroit is.
the same thing has happened to a whole bunch of retirees at private businesses that went defunct or found they could no longer afford retiree expenses.
there is only so much money to spend.
Policemen see thieves and robbers walk away scott free every day in Crook County. Do this to them and quite possibly some of them may say me to! I have seen some major burglaries in my day and know exactly how they were perpetrated and no one was ever caught or charged. Retired broke and angry police would make a great crew!
One way coppers can fight against this is by VOTING. I have heard statistics that up to 70% of coppers are not registered to vote. And the reason for this is to avoid jury duty. Personally, I think all coppers should be given an exemption from jury duty, but I am only one person. So time for a little street fighting.
Any copper who has been to court is familiar with the concept "it doesn't matter what happened, it's only what you can prove in court". Let's put that to work in your favor.
When that notice for jury duty arrives, just run it thru the shredder. The dirty little secret is unless it was delivered certified mail, there is no way anyone can proved you received it. No proof, no case, no problem.
Ever heard of someone being prosecuted for failing to respond to a jury duty notice? I haven't. Ever heard of someone having problems with mail delivery? Like all the time. I get mail for my neighbor at least once a week. Ask 5 of your friends if they have had problem with mail delivery. Guaranteed you'll find some. Plausible deniabilty? You betcha.
And should you feel guilty about shirking your responsibilties as a citizen, look at it this way. Once you are retired, you can go do double and triple stints on jury duty to make up for it. It all comes out even in the end.
Not a cop.
This could be why there is a big push by the democrats for gun control across the nation. You have heavily armed people who they promise a little crumb of the pie when they retire, and then they take it away from them. These thieving politicians should be very afraid. There will be no middle class and that is what big government wants. No guns, no middle class, just big government and thievery. These politicians want to be able to control every aspect of your life. Take away your means to live, and take away your guns. This way the politicians control everything with no fear of reprisals. I would not doubt that Obammy and the other democrats call for some kind of national emergency and make Obammy dictator for life and the other democrats the ruling elite. Be very afraid.
Yes, our pensions and medical were promised to use when I can on the job (1971 ).It was explained then, since we did not have workmans comp, our medical would cover this when we retired. But like anything else, if a politician opens his mouth, you know he is lying.
Over the years, we came up with many ways to improved both the pension and medical. City hall never listened, since it would cut into the profits they gor while looting these funds.
Also, lets not forget a prior city treasurer, Santos, she asked a few wrong questions and Richie &Mike sent her to jail.
I can't stress enough to you younger coppers to fund your deferred comp and open up a Roth IRA and invest what you can. Same advice for your spouse. I retired from the CPD 14 years ago and the wife and I had accumulated one million in stocks, bonds and cash in addition to our pensions. Save as if there will be no pension for you. If you do get a pension, your savings will be a wonderful safety net for your retirement years.
If they don't pay pensions to us then what will the money be spent on? link? They will attempt to hurt us just like Detroit pd. But remember this, at least 70 percent of pension sion obligation is owed to bondholders who never wore a police or fire uniform . That is the crime . We are just the face on a vulgar money scam run by the municipality and banks. Those billions aren't going to buy food for retired cpd cfd and ctu .
Don't worry. Obamacare will take care of your health needs.
And you will probably make more with the LINK card, sec 8 housing, WIC, and you should be able to get SSI disability for your accident. And if you are not getting enough just have another kid.
Looks to me that the government will probably just give you more in welfare rather than give you what you earned for your pension.
Coppers gotta realize the way society is now the government is going to take care of us either way.
If I were police, I'd start to invest in an IRA. Take that sweet VRI time and put it in a brokerage account. Illinois and the city will fuck you come pension time. They'll get theirs, but you'll be left in the cold.
And if turns out I'm wrong, then you can use that money you saved to buy something awesome.
any loss of benefits for current members should =change in residency rule!
keep working people!
"The Daley, Madigan, Cullerton, Emmanuel et al crime families will be held to account if that happens to PO's here....."
*****************************
And how is that suppose to happen?
Really? What laws did they violate?
They were/are elected officials. Their actions are ratified by a legislative body.
Here's what those "families" think of us....hahahahahahahahaha!
Don't say it won't happen here, the rich want more! Here's a thought rolls Royce has a backlog of over 2. Years for the most expensive models wonder why? Watch how they cut the wages of people like us and watch them cry when they are raped and pillaged with no one to protect them!
http://chicago.cbslocal.com/2013/11/06/surveillance-video-captures-flash-mob-robberies-at-3-chicago-area-stores/
Watch video to bad no one had a gun to put these animals down! Hope we have a lot of Charles Bronson's (rip) when the idiots in springfield finally let the sheep turn into the lions
Wanna see the future of Chicago? Read this book: Detroit: An American Autopsy
Who did you vote for those 23 years you were working?
What did you think was happening as you drove around Detroit wondering where all the people were?
How do you guys think fewer people can pay for all these promises?
Do the math.
International tourist destination and it can't happen here?
Next trip ask for heart, courage, and a brain!
To the Police Hater.... Go Fuck Yourself! And don't forget to Pay your Tickets! If I write three more tickets my wife gets a free Microwave!
G-D bless you officer for your service. Shame on your city and our government for allowing this to happen. Only in America can a draft dodger sleep in the white house while a veteran in a cardboard box. Only in America can a man serve his city and get screwed out of his pension while the "do nothings" in that town get public aide.
11/07/2013 01:07:00 AM
could not have been said any better. Obama/tiny dancer would rather take care of those who cheat, steal, rob and kill than those who protect the citizens and who put their lives on the line everyday.
The powers that be better be very fucking scared of what could happen to them for messing with decent peoples' lives.
I bet they are trembling, although you wouldnt know it by the proposals for the pension they are endorsing
They could care less
Municipalities across the country are struggling, but Chicago has more general obligation debt per capita than any of the 10 largest U.S. cities except New York, according to an analysis of those cities’ financial statements. It even has more than Detroit, which recently filed for bankruptcy.
Keep voting for the Democratic powers at be and it will happen here.
The powers that be better be very fucking scared of what could happen to them for messing with decent peoples' lives.
If these decent people come to the point where they have nothing to lose, then the powers that be have a whole lot to worry about. If the bottom falls out and our pensions are taken away, there will be a clean sweep and no survivors. That's the only way that this reckless way of governing will be stopped; if they know that they and their families will be killed if they cross the line.
God Bless you officer and I hope that things improve for you and your peers. Like you say in your article, you don't want to be "given" anything, just get what you have earned.
"The above has already happened in the private sector so don't look for sympathy there. "
and the private sector gets full social security benefits
Anonymous said...
It will not happen here. Detroit was a one industry town and not a international tourist destination. With many different international companies located here in different industries we will not suffer the same fate as Detroit.
11/07/2013 12:12:00 AM
-------------------------------
I HAVE to comment on this comment.
ARE YOU CLUELESS???????
It can SURELY happen in Chicago.
In fact, it's already started.
Better take a GOOD look at how many Corporate HQs have left the city - either by acquisition, merger or just going under.
People who have lost jobs are looking out-of-state, not across the street for a new job. (not everyone works for the city or county)
AND how many major conventions has Chicago lost? You lose two that brought in 50,000 people each and then brag that you're getting two new ones that bring in a total of 20,000 people together that is still a deficit of 80,000 tourists. (AND their MONEY)
Better wake up and smell the coffee. Chicago is susceptible to the same sinking that Detroit is experiencing.
We have a HUGE sales tax - that scares people away.
We have crazy politicians who want to tax anyone for smoking, parking, and just coming downtown with high taxes and parking fees - that scares people away.
We have crime that is on the Mag Mile - that scares people away.
We won't suffer the same fate as Detroit?
No, we'll suffer far worse because people like you are so unaware you don't even see the warning signs.
I cannot believe how clueless some people are in Chicago. WAKE UP!
The politicians have a chance to correct the problem, but refuse to do it. They want to force a bankruptcy. It should be prohibited for them to use our pension funds as loans. There should be a referendum on the ballot before the Mayor is allowed to issue bonds to pay for his pet projects. Now they are issuing bonds to pay for the past interest on older bonds used to pay for pet projects, lawsuits, raises, etc.
Daley must go to jail and his assets should be used to help replenish the pensions from which he had stolen.
thing that make you go hmmmmm....
a 19 million dollar dhs contract to hire top secrete armed security guards for minn. and wis.
think about that
-------------------------------
Armed PSO Services for States of
Minnesota & Wisconsin
Solicitation Number: HSHQE5-14-R-00001
Agency: Department of Homeland Security
Office: Office of the Chief Procurement Officer
Location: Office of Procurement Operations, Federal Protective Service
THIS NOTICE IS FOR INFORMATIONAL PURPOSES ONLY.
The Department of Homeland Security, Office of Procurement Operations, Federal Protective Service Acquisition Division, East Consolidated Contracting Group has a requirement for armed Protective Security Officer (PSO) services at various locations throughout the states of Minnesota and Wisconsin. It is anticipated the Request for Proposal (RFP) will be posted to www.fedbizopps.gov on or about November 20, 2013.
This requirement will be solicited as a commercial item in accordance with FAR Part 12. It is anticipated that a single award, labor hour, indefinite delivery/indefinite quantity type contract will be established as a result of the solicitation. The contract will consist of a 12-month base period with four consecutive 12-month options with an additional 6-month extension in accordance with FAR 52.217-8.
The NAICS code for this acquisition is 561612, Security Guard and Patrol Services. The size standard is $19 Million. This requirement is being solicited as unrestricted full and open competition.
As an integral part of this security effort, the contractor shall provide and maintain all management, supervision, manpower, training, equipment, supplies, licenses, permits, certificates, insurance, pre-employment screenings, reports, and files necessary to accomplish this requirement. The project will have a requirement for the contractor to have a Top Secret facility clearance by the start of performance. The RFP will require the submission of a technical proposal as well as a price proposal. All proposals received in response to the RFP will be evaluated using Best Value Trade-Off Procedures.
more .. https://www.fbo.gov/?s=opportunity&mode=form&id=99fcfaba67468c42e81a0edc0df7e5b5&tab=core&_cview=0
Anonymous said...
It will not happen here for one simple reason. TIFS. If Chicago tries to declare bankruptcy, they will have to open the books on all the TIFS. There will be no cash cow for the politicians to pay friends and family from without scrutiny. The BILLIONS that are set aside from these TIFS would no longer be a slush fund that can be spent on whatever or whoever they want and the corrupt spending practices would result in some sort of legal (criminal) action I would think.
11/07/2013 07:38:00 AM
You are partially correct. The TIF funds disappear then the city will be truly broke. You can use it as a bellwether. And head for the hills because it will get bad.
If it happens here I can see some drastic action, or better stated drastic reaction. There is no doubt that the politicians who are trying to kill municipal or government worker's pensions and healthcare benefits potentially being the targets of extreme rage. There are people in society who function normally but are ready to snap at times of extreme stress, and some of them are government employees. We've all seen and dealt with them. The people who are involved in the causing the demise, whether planned or created, like politicians, their financial advisors and the others helping them to plan and plot could be the targets of some very angry people. Many people have weapons or have access to get them and survivalist mentalities. Hordes of people are speaking out against politicians after seeing what they have been doing, and how blatantly they act, and people who may be getting victimized by them and their actions will in turn make those people suffer, if not worse. There are some straight up crazy muther#@kers out there who are quite capable of violence, not just in the city but some of the downstate country folks. If it happens here, politicians will be in hiding and will all be bidding on the old presidential limos to get around town.
Daley fleeced the city big. Let's build another park for $100 million.
Coming soon to a city near you (CHIRAQ)
Anonymous said...
It will not happen here. Detroit was a one industry town and not a international tourist destination. With many different international companies located here in different industries we will not suffer the same fate as Detroit.
Have to gree with you Also Chicago still has a strong property tax base for both businesses and property owners. Those can always be raised. Politicians dont want to do it, but you just cant say I want to filer for bankruptcy Also layoffs, Chicago and Detroit are not alike at all
I can't stress enough to you younger coppers to fund your deferred comp and open up a Roth IRA and invest what you can. Same advice for your spouse. I retired from the CPD 14 years ago and the wife and I had accumulated one million in stocks, bonds and cash in addition to our pensions. Save as if there will be no pension for you. If you do get a pension, your savings will be a wonderful safety net for your retirement years.
Couldn't agree more. Did just that and am hitting 70 1/2 and now have to start taking mandatory payouts from deferred. Makes a nice supplemental source of income to offset the lower interest rates on CD's
Better wake up on 6 nov Madigan passed a pension bill changing the Chicago park district pension. It will increase employee contribution 2%, it will cut the COLA to 1/2 the CPI and it will raise the retirement age 8 years. The COLA cuts will effect current retirees. FOP and city unions better call their state senators before we are next
Actually raised your contribution to 3% by 2017 12% is alot to contribute
Last years CPI was 1.2% so retirees would get a COLA of .6% every other year as they wrote in the bill no COLA for 2015,2017 and 2019. At current CPIyou would get a raise of 1.8% after 6 years
There are other places to invest in your retirement other than deferred comp. Deferred comp is great for accumulating money, but dispersing it is another story. Ask yourself this...why does the city promote deferred comp and his allow their representatives into any police facility? Don't forget. Deferred does NOT equal tax free and uncle Sam will get the taxes at tomorrow's rate; not at the rate at the time you contributed. If anyone wants more information or a comparison. Email. Chicagosfinestfinancial@gmail.com
Detroit is a test case, eventually they will seize all the pensions. Why ? Because the government and their banks are broke and it is one of the last sources of capital. Wait until the economic crisis.
Anonymous said...
If I were police, I'd start to invest in an IRA. Take that sweet VRI time and put it in a brokerage account. Illinois and the city will fuck you come pension time. They'll get theirs, but you'll be left in the cold.
And if turns out I'm wrong, then you can use that money you saved to buy something awesome.
11/07/2013 10:44:00 AM
~~~~~~~~~~~~~~~~~~~
A Roth IRA is a great investment.
Also, be sure to purchase a Life Insurance policy outside of the City offered plan.
(Take the lowest offered by the city $75k, why spend the extra on the optional plans)
Once you do retire, that city plan is unaffordable and they only allow you $75k anyway.
Anonymous said...
God Bless you officer and I hope that things improve for you and your peers. Like you say in your article, you don't want to be "given" anything, just get what you have earned.
11/07/2013 12:56:00 PM
Political hacks and affirmative action hires "earned it"??????
The repo and derivative partners on Wall Street have already been paid hundreds of millions of dollars by the Detroit bankruptcy trustee thanks to a law passed by Congress in 2005.
Holders of financial derivatives enjoy super-priority in bankruptcy and are not subject to the 'automatic stay' provision intended to prevent a disorderly grab for collateral by competing creditors. As such, they are able to press their claim immediately, prior to bankruptcy proceedings:
http://www.theautomaticearth.com/Finance/promises-promises-detroit-pensions-bondholders-and-super-priority-derivatives.html
God help us all.
This is an excerpt from an interview rahm gave on Bloomberg
"But Emanuel has a bipartisan dream to save the city from the constant cycle of kicking the pension crisis down the road every few years: Pay off the legacy pensions, while putting all new city workers back on Social Security. And if Chicago can do so, so can the rest of our vibrant urban centers."
Anyone really think rahm is going to pay the debt?
Off topic - Is that Peska's kid that got jammed up again as the defendant in the sexual harassment lawsuit file by the female officer in Shakespeare?
Congress can easily extend ERISA ( insurance program for private pensions) to cover all public pension funds, but they will not. Most city and state employees will not get social security because of the democrats and their pensions are not insured. So, if cities go belly-up and the pensions go down the drain public employees are left to hold the bag. Congress said they will not extend ERISA because cities have the power to raise taxes to cover pensions. But, if the middle class moves out of hell-hole cities, who will pay the taxes? The black middle class is moving out of Chicago soon to be followed by the white middle class ,( except for city employees, that is).
was that sgt promoted with the blessing of cpd merit system
There are other places to invest in your retirement other than deferred comp. Deferred comp is great for accumulating money, but dispersing it is another story. Ask yourself this...why does the city promote deferred comp and his allow their representatives into any police facility? Don't forget. Deferred does NOT equal tax free and uncle Sam will get the taxes at tomorrow's rate; not at the rate at the time you contributed. If anyone wants more information or a comparison. Email. Chicagosfinestfinancial@gmail.com
One drawback of deferred if you choose the mutual funds is that when you retire and draw the money out, mutual fund money is taxed as ordinary income(25% for most retirees because of our pension) rather than the 15% capital gains rate if the mutual funds were purchased outside the deferred. A savings of 10%
clout city , investigate what exempts put kid in for merit promotion
THERE IS NO SUCH THING AS A FREE LUNCH.
This is commonly know as TINSTAAFL.
You cannot have glorious retirement benefits without someone paying for them.
And if no one has the money to pay for them, they won't get paid.
With this Obamacare FUBAR costing millions of Americans 4 and 5 hundred dollars a month extra in healthcare premiums you will so bankruptcies, bank failures, and massive unemployment.
And then who is left to pay? Who will pay into Social Security to keep it afloat? Medicare? Medicaid?
Things that cannot go on, won't. Bills that cannot be paid, won't. Promises that cannot be kept won't.
Because There Is No Such Thing As A Free Lunch!
The ineptocracy that destroyed Detroit is quite strong here. Don't be surprised if this does happen. Save every penny you can!
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