TIFs to Pensions
- What the City of Chicago spent in each of the last several years on tax-increment financing funding exceeded what it owed in pension costs, so any proposal to raise property taxes to fund pensions should consider TIFs, wrote the authors of a study to be released Friday titled, “Putting Municipal Pension Costs in Context: Chicago.”
For 2012 alone, the city owed $385.8 million to its pension funds while putting $457 million in property taxes into its TIFs, wrote Thomas Cafcas and Greg LeRoy, of Good Jobs First, a Washington, D.C.-based think tank that examines public subsidies. TIF revenue more than tripled since 2000, when it was about $129 million, they said, and once the money comes out of the city’s general fund, its uses are curtailed by law.
Meanwhile, in a pension deal that must be approved in Springfield, Mayor Rahm Emanuel has proposed raising property taxes and pension reform for retired laborers and certain other city workers, including school clerks and classroom aides.
This has been suggested many times. We've heard it would require a change in state law, which wouldn't be difficult, except that then Rahm (and Madigan and Daley and who knows who else) wouldn't have money to award in crooked/rigged/clouted contracts to political supporters. And who knows, the money might run out....except that Ben Joravsky of The Reader points out an interesting sidebar to Rahm's proposed property tax increases:
- As you may or may not have read in the papers, Mayor Emanuel's in a big hurry to have the state enact his pension plan. He says it's good for the city.
Uh-oh—beware of anything the mayor says is in your best interest.
The Sun-Times first reported on the plan yesterday, and by today he'd already had a bill passed out of a House committee.
Be really worried when the mayor's in a hurry.
The bill will, among other things, cut payments to municipal retirees, jack up property taxes, and give the mayor more slush funds to play with.
Actually, the mayor doesn't mention that final point about the slush funds. Nor is he ever likely to, as it involves a certain program he supposedly reformed.
And that program goes by an acronym that begins with a T, ends with an F and has an I in the middle. Let me pause while we all figure it out . . .
Yes, sweet taxpayer, there's a TIF angle to the mayor's pension plan. It benefits the mayor and screws you, as the tax increment financing program generally does.
Rahm has plenty of money and is plotting to get plenty more. Hold the line and make the city live up to its obligations.
Labels: pension
posted by SCC at 12:05 AM
79 Comments:
You have to accept that the Mayor and many of the City's Biggies priorities, may be radically different from the coppers, firemen etc. The mayor needs tax derived millions to pay off powerful supporters, rather than paying off pensions. It's all politics.
Is TIF cash going to be used to fund the Bridgeport Heliport? JFK and LBJ used to land at Meigs. Obama lands in a Soldier Field parking lot. Is Rham going to address this inequality?
It's like having a huge credit card bill - getting a bonus check - enough to pay it off . Instead of paying off the credit card - you blew the money somewhere else.
"We've heard it would require a change in state law..."
Considering it was never much of a problem getting a rewrite to state law every time the city wanted to skirt making legally required pension contributions with the promise of making it up later, seems it shouldn't be too damn difficult to get another revision in order to make good on the deferral.
"Rahm has plenty of money and is plotting to get plenty more." -- SCC
The man has enough dough to walk out tomorrow with nothing but a smartphone -- forget the "wedding dresses" in the attic, the "GOLAN MOVERS" boxes in the basement, and his lousy "light fixtures" -- that he'd never have to lift a once-infected finger again for the rest of his miserable life.
There is a terrible animus against ordinary people operating here -- the same disease that Daley II has -- and David Axelrod, and Valerie Jarrett, and Barack Hussein Obama.
It was tagged as "psychopathy" sixty years ago, and still they come.
"Imagine - if you can - not having a conscience, none at all, no feelings of guilt or remorse no matter what you do, no limiting sense of concern for the well-being of strangers, friends, or even family members. Imagine no struggles with shame, not a single one in your whole life, no matter what kind of selfish, lazy, harmful, or immoral action you had taken.
"And pretend that the concept of responsibility is unknown to you, except as a burden others seem to accept without question, like gullible fools.
"Now add to this strange fantasy the ability to conceal from other people that your psychological makeup is radically different from theirs. Since everyone simply assumes that conscience is universal among human beings, hiding the fact that you are conscience-free is nearly effortless.
"You are not held back from any of your desires by guilt or shame, and you are never confronted by others for your cold-bloodedness. The ice water in your veins is so bizarre, so completely outside of their personal experience, that they seldom even guess at your condition.
"In other words, you are completely free of internal restraints, and your unhampered liberty to do just as you please, with no pangs of conscience, is conveniently invisible to the world.
"You can do anything at all, and still your strange advantage over the majority of people, who are kept in line by their consciences will most likely remain undiscovered.
"How will you live your life?"
Download the entire book -- "The Mask Of Sanity" -- here free, courtesy of Dr. Herve Cleckley's widow.
http://www.cassiopaea.org/cass/sanity_1.PdF
We are essentially being squeezed on both sides, Pensions and taxes. They have the money but it's not what the mayor wants to spend it on.
We are essentially being squeezed on both sides, Pensions and taxes. They have the money but it's not what the mayor wants to spend it on.
4/04/2014 03:27:00 AM
There it is in a nutshell. Mayor Emmanuel and his predecessor Mayor Daley have misspent your tax dollars and refuse to pay for services rendered.
He would rather raise your taxes and use more of your money for his projects. This would be bad enough if it was for some emergency we underwent, like an earthquake or the like. It is not. It is willful misuse. It is theft of your tax dollars. He has used tax dollars to curry political favors and a voting base that will keep him in office. He has done this with your money. He, and Daley, are not fit for polite society.
Thisnis exactly what every FOP crew I the last 20 years has avoided. I am expecting FOP with its new found leadership to grossly 3xpose city hall. Im tired of geting pooped on. Coppers will run you over to get that extra VRI. But they wont stick together on fighting forma common goal. Your pension.
per ald. Moreno, McDumdass got a raise from tif money so why cant they fund our pension with it.
Obama landed at Soldier Field? Did he use a helicopter or just glide down from the heavens?
There's a lot more money in TIFs than we think.
i am a firefighter that enjoy's this blog,when the hell are the cpd and cfd gonna join together and march as one down to city hall or springfield and demand the TIFs be used to fix our pensions! stay safe,always beside you.
Pensions going to implode.Will be thing of the past.Your pension fund hasnt been funded since 2000.They stole all the money to buy property for the Olympics,then the market crashed.
Although I moved from Chicago several years ago, I consider it amusing that they want to build a heliport in Bridgeport. Why wasn't this suggested for Meigs Field? Helicopters certainly could have landed there. The Daley and Rahm administrations are only concerned about rewarding their friends. We see more proof of this each and every day.
You want to change the conversation on the pension "reform" issue immediately?
Use Emanuel's current tactic of negotiating through the press against him.
Have the presidents of the FOP Lodge 7 and Chicago Firefighters Union Local 2 anonymously leak to the press through surrogates that they're under increasing pressure from their members to get rid of the city's residency requirement,(which they actually are)and point out that they've avoided confronting that issue because their hands are tied by state law.
But if a state law that protects their pensions can be changed then the law that forces them to live in the city would have to challenged as well.
" Anonymous said...
"We've heard it would require a change in state law..."
Considering it was never much of a problem getting a rewrite to state law every time the city wanted to skirt making legally required pension contributions with the promise of making it up later, seems it shouldn't be too damn difficult to get another revision in order to make good on the deferral"
Seems like a change in the state law regarding residency could be lifted or challenged in court too.
The Rhamulen plays hardball. When do we challenge him with the only thing he actually fears?
Love this quote from the Suntimes article:
“We cannot stop the bleeding of the City’s pension crisis through the use of TIFs or TIF surplus, which would only serve as one-time revenue,” Kelley Quinn, a spokeswoman for the city budget office, said in an emailed statement.
Dont believe that for a minute.
First, the stuttering prick sold the parking meters on a 75 year lease (long term asset) and then shot his wad and spent the entire amount to close a budget gap in the following year (short term expense). So there clearly is a precedent for this kind of thing.
Second, your statement ignores the obvious: money flows into the TIF's each and every year. It can just as easily be diverted to pension funding, each and every year.
So Ms Quinn, after you're done sucking Rahm's dick, why don't you come over and suck mine. Idiot.
Let's vote in more Democrats! They will help us
"You can do anything at all, and still your strange advantage over the majority of people, who are kept in line by their consciences will most likely remain undiscovered.
Sounds like Bill and Hillary Clinton
IMO, rahm is holding out for a Casino
This obviously can only be done in court, since every senator and rep is already on board to fuck every public employee they can, and there's nothing anyone can do about that other than sue the fuck out of them every time they attempt to do it.
This city HAS money, it's been a fucking lie from the start and is proven in every arbitration.
But again, it's far too easy to con the fucking stupid into believing the city is broke because that same city is trying to raise taxes..... of COURSE it's broke, otherwise they wouldn't be trying to raise taxes.
And the dumbfucks just keep on feeding the machine until it sucks them all up and shits them all out, just because they were too stupid to actually see what what happening to them all along.
Martin Armstrong Warns Of 2016 Constitutional Convention
Via Armstrong Economics,
A very interesting political development has taken place, but you can bet the Democrats will fight tooth-and-nail to prevent it. This week the state legislature of Michigan became the 34th state to demand a “Constitutional Convention” in the United States. Pursuant to Article 5 of the US Constitution, if 2/3rds of the states call for such a convention, (meaning 34 states) it MUST take place. We will see if this is actually honored. At the very least, there is no time requirement so this could be dragged out for years.
Nevertheless, in such a convention, the ENTIRE Constitution is subject to review and can be altered and changed. This could be everything from installing “social justice” to the dissolution of the federal government. Everything is on the table as if we were back in 1776 Philadelphia.
This is an unprecedented event to amend the U.S. Constitution emerging from the states. Normally, Congress proposes a bill to amend the Constitution as was the case with income tax. Keep this one on your radar – we are looking at the potential for real change good or bad.
http://www.zerohedge.com/news/2014-04-03/martin-armstrong-warns-2016-constitutional-convention
Rahm is one crafty fucking bastard.
Let's start with the DePaul arena. Remember the public debate we had before the city council voted on it? Of course you don't, because there wasn't any. And there wasn't any debate in the city council either. Rahm stands up, calls the proposal, everyone votes on it, and WHAMMO, it got passed.
In the same vein, Rahm previously claimed he was never never never gonna use property taxes to solve the pension crisis. This week, Tuesday brings Rahm's official announcement that indeed he will do so, and Wednesday, WHAMMO the proposal gets introduced in Springfield. All very carefully orchestrated; no accident.
Interesting that Ald Patrick O'Connor, a close ally of the mayor, put the brakes on stating essentially that O'Connor wanted to know what the mayor wanted to do about police & fire before lending his support to the current proposal for laborers and municipal workers. A very wise move on Mr O'Connor's part.
And Rahm of course REFUSES to provide any type of response. Total jagoff.
This of course means that Rahm has something in the works. What is it?
I'm thinking he approaches police and fire, says you have to take a haircut. Police and fire will scream unconstitutional diminishment. Rahm will say, fuck you, I'll just file for bankruptcy and you'll be fucked just like Detroit.
As anyone who has studied the marshall arts will know, everybody has a weak spot - and that includes Rahm.
Rahm's weak spot? The TIF money.
"Gee Mr Emanuel, would you please explain to the jury why you claim the city is broke when accounting records prove that you have millions, upon millions, upon millions sitting in the TIF Funds?" Love to see that.
Go after the TIF money.
Go after the TIF money.
Go after the TIF money.
Why is it the city always has money for ghetto giveaway like Section 8, link cards, food stamps, Obama phones, etc, but says it aint got no moneys for police and fire pensions?
Enough is enough.
It is time for the people of Chicago who work for a living to rise up and revolt against those who do not.
Again the only true journalist in the entire city...
Madigan and Cullerton would block
any law that would divert TIF money
back in to city coffers to be used
towards pension bailout.
As you stated SCC, Rahm is an arrogant, spiteful man who does not
care about ordinary people, city
workers, police and fire personnel,
and city taxpayers. He is about
acumulating money, spending it as he
sees fit, and answering to nobody
as to how and why he did it.
And except for Burke, the aldermen
and women seems to be afraid of him.
Sounds like a referendum question to me
Rahm has to go. But first a viable candidate must run against him. At this point I'd vote for a chicken before I cast a vote for Rahm. People are fed up with city hall. Stop spending money on private stadiums, navy pier overpass and other projects that can be put on hold until the city finances are in better shape. The city needs to make it's pension payment because regular citizens are sick of how it is being managed. All this time the city could have been chipping away at the pension mess and make partial payments to reduce the amount needed to fund it. Instead, they've turned it into another game of chicken. Be careful mayor because a chicken could soon replace you and be sitting in your chair. Taxpayers have had it with your show.
The city has the money, Rahm has other plans for it. He knows the city workers won't stick together hell, they can't even be bothered to vote.
@2:42
You hit the nail on the head. There is no question in my mind that he's a sociopath.
The money is there. The public needs to know this. Too many believe the City is flat broke.
Anonymous said...
Is TIF cash going to be used to fund the Bridgeport Heliport? JFK and LBJ used to land at Meigs. Obama lands in a Soldier Field parking lot. Is Rham going to address this inequality?
4/04/2014 12:32:00 AM
If Bruce Rauner is elected governor and he wants a heliport then there will be a close-in heliport.
Just not in the logical spot on Northerly Island.
If you have not read the report in the PDF attached to the Suntimes article, please do so.
It is truly a bomb-shell.
Then forward a copy of the PDF to your friends and neighbors.
The Chicago police and fire employees are getting screwed two important ways by Rahm's proposal. 1.) reduced pension benefits and higher monthly co-payments and 2.) higher property taxes. Rahm says this will cost an average homeowner only $250 per year. What bullshit. That is only one portion of your property tax bill. Do you not think that CC, CPS, MSD, Forest Preserve etc., all governmental entities that bill you will not have future increases? In addition, because of the residency requirement you are trapped in Chicago.
The reason Rahm wants to retain those TIF's is to help with Obama's presidential library development. This is the ultimate screwing. Have Chicago and Illinois taxpayers (Madigan's $100 million proposal)on the hook for millions in construction costs to build a shrine to Barry while ignoring legimate pension obligations.
I'm glad I moved out of Chicago two years ago. I believe that the police and fire unions should stand up and negotiate an end to the residency requirement or extract other concessions from this prick instead of having him roll over you.
The president held a $32,000.00 a plate fundraiser in downtown the other night. This fundraiser was extremely profitable and operated with a ruthless efficiency much like a Bernie Madoff Wall Street Ponzi scheme. Absent from the president’s rhetoric was boilerplate buzzwords such as the one percenters, income inequality, paying your fair share, to name a few to these ultra wealthy donors. Also absent were those teleprompter tested themes such as “You didn’t build these roads”, “Wall Street vs Main Street” comparisons, “Tax the wealthy”, victimization remediation through social justice and income redistribution class-envy policies. These corporate jet type fat cat donors are the monetary winners of the government largeness and participate in the political pay for play enterprises.
Note they dined in the “finest” establishments foregoing dining deep in democrat party strongholds such as South Shore, Bronzeville, North Lawndale, Roseland, Englewood, Austin and West Garfield Park communities. You would think democrats would want to spread their wealth in the underserved communities. Now would be compasssion in action! The president could showcase such areas to those millionaire wealthy democratic donors highlighting the abandoned factories, burnt out buildings, garbage strewn vacant lots, the boarded up once affordable housing with the human backdrop of broken, disenfranchised recipients of progressive government. Take your big money donors and parade them through these poor areas and remind them these are solid democrat cultivated voting utopias. Similar circumstances occur in every major U.S. city run by dems and is your captivated electoral base. It probably would not shock donor's conscience since maintaining this status quo gives their political party the much needed votes and ultimate power to vanquish and demonize their opposition and advance their special interests.
These fat cat donors will hold Wine and Brie Fundraisers at Cultural Centers in a lavish fashion showcasing their compassion for these residents and raising awareness, while displaying their wealth and elevated social status with designer gowns, high end luxury cars, six-figure jewelry ensembles, four-figure bottles of the finest flowing French Champaign and the like. You can bet your bottom dollar they would not be caught stepping foot in these bombed out democrat stronghold Beirut like communities. The residents can only Hope there is a Change and call out the party of the rich. Maybe some of the party of the rich collected monies and the donor’s personal fortunes could be redistributed bringing much needed relief to these poor communities not in the form of party campaign literature, but meals to multitudes of the soup line homeless and single baby mamas who seek much needed nutritional assistance. After all, who can afford 32K shakedown in this worst economy since the great depression? Must be the one percenters.
TIF accounts should be banned and the money put into the pension funds!
This crooked Mayor Rahm, NEEDS to hit the unemployment line!
Da Pelon
If Rahm wants to raise property taxes to pay pension obligations, why not use TIF money? TIF funds already come from the property taxes.
Perhaps a moratorium on TIF funding for say 5 years?
Or not making pension payments for elected officials who voted not to fund the police pension for say ten years?
How about having the parking meter people pay the cities pension obligation in order to keep their lucrative profit margins?
Raise mandatory age to 65 , many will stay .
Raise minimum age to 57 to start collecting , allow people to retire at 53 but not collect until 57 .
No cola until an Officer is 60 and only if he is maxed out with 29 years of service .
its time to take off the gloves,its now or never people!!!
Today the city council was afraid to pass a bill for 250 million dollars for the other 4 municipal funds. What are the going to do when they see the 600 million just for the police and fire.
Thats not counting the teachers, but they are in their own class, you know, for the children. Just make them pay their own 9% pension contribution, not the CPS(our tax dollars)pay 7 of the 9%
Why is it the city always has money for ghetto giveaway like Section 8, link cards, food stamps, Obama phones, etc, but says it aint got no moneys for police and fire pensions?
Enough is enough.
It is time for the people of Chicago who work for a living to rise up and revolt against those who do not.
4/04/2014 08:31:00 AM
They may revolt, but media will steer them to revolt against us getting a pension and not the people who get the free handouts!
Alderman Edward Burke should run for Mayor . He can win . Run Eddie run .
Want another possible reason as to why Emanuel's pushing so hard to try and fuck city employees so hard and so fast?
http://www.huffingtonpost.com/2014/04/04/private-sector-jobs_n_5090706.html
Emanuel's getting tired of not having his new money tree "Casino". He very well could be pushing this so hard now because the longer it waits the more information by his own party will be thrown out there that it's just possible that revenue is going to be back on the rise, while in the face of employee cuts the city's been raking in and hoarding taxes.
Believe it or not, doesn't matter. Cry all you want how people are leaving Chicago, you don't know who it is that left, and you CAN say that when Daley tore down all the projects quite a few people got out of dodge.
And the exodus numbers don't say how many moved in do they? Nope.
So, in the end, the great rush to fuck us could very well be because they're about to stop propagating the "shit economy" story and pushing the "growing economy" and better jobs numbers.
Couple that with the fact that ALL legislators have been deliberately ignoring talking about ANY casinos in Chicago tells you one thing, they're getting tired of waiting for the next cash cow, and they can't get their cow until they've permanently fucked us because once the money starts flowing from that they'll have no excuses.
KILL THE ILLEGAL TIFF SLUSH FUNDS, BUILD THE FUCKING CASINO ALREADY.
Who really knows.
If you think this property-tax
scheme to fund pensions is bad, just wait until Rham decides that he needs to raise money to pay those
mounting pothole damage claims.
And of course the city doesn't have
the money to cover them and the
word is that those claims will be
paid at only one-half of the submitted
dollar amount.
This is an unprecedented event to amend the U.S. Constitution emerging from the states. Normally, Congress proposes a bill to amend the Constitution as was the case with income tax. Keep this one on your radar – we are looking at the potential for real change good or bad.
*********
Dude, it's the fucking government wanting to change the entire constitution.... a government now blatantly controlled by the fucking elite rich in this country..... do you really expect those motherfuckers would actually IMPROVE life for this country or FUCK the entire non rich non elite sector of society into slavery and servitude?
Good thing... my fucking ass.
Chicago casino.
All profits straight to police and fire pensions.
No property tax increase.
Problem solved.
Anonymous said...
Raise mandatory age to 65 , many will stay .
Raise minimum age to 57 to start collecting , allow people to retire at 53 but not collect until 57 .
No cola until an Officer is 60 and only if he is maxed out with 29 years of service .
4/04/2014 01:22:00 PM
I am sick of people talking about raising the minimum age just because they got on late. I got on at 22. At age 57 I will have 35 years. Lets make it that you only get a pension if you retire with 35 years. See what I did. I changed the rules because they wouldn't effect me like they won't effect you because you came on the job at 37.
In regards to raising the mandatory retirement age that is a no brainer for both the city and FOP because it is optional.
Perhaps if the City wouldn't just settle ghetto lotteries there might be more money.
Of course because of this article it is going to fire up the residents about the pension mess.
When you average it out over 10 years it is not soooo bad, but the the number looks bad in the headline.
http://www.suntimes.com/26617823-761/police-related-suits-cost-city-more-than-500-million-since-04.html
Raise mandatory age to 65 , many will stay .
Raise minimum age to 57 to start collecting , allow people to retire at 53 but not collect until 57 .
No cola until an Officer is 60 and only if he is maxed out with 29 years of service .
_________________________________
Don't think any of us would live that long. We lost three policemen this week. Two that were young and active and one Sergeant who just retired a year ago. Look at the statistics, you stay until 60, your average live span is 18 months. Is that worth 40 years of your life?
Chicago casino.
All profits straight to police and fire pensions.
No property tax increase.
Problem solved.
_________________________________
Here's lots more money coming May 1st. Now you see the hurry. 60 licenses. 15 in Chicago.
How much will medical marijuana cost?
Prices will be set by individual medical marijuana dispensaries.
Will medical marijuana be taxed?
Medical marijuana sold from cultivation centers to dispensaries will be subject to a 7% excise tax.
Medical marijuana will also be subject to a 1% sales tax.
Blogger I Voted For Obama said...
Obama landed at Soldier Field? Did he use a helicopter or just glide down from the heavens?
4/04/2014 06:08:00 AM
4000 spectators let a fart go at the same time.......when the cloud disapated, an OB was born....
Todays blog TIFS to Pension was a great read and brought some outstanding comments to SCC - well done.
&
Re: Constitutional Convention: AWESOME news - thanks for the tip & link. Looking forward to more on that topic in weeks to come.
PS
More fm zerohedge: "Visualizing The Collapse Of Chicago's Middle Class" http://www.zerohedge.com/news/2014-04-04/visualizing-collapse-chicagos-middle-class
This read is yet another good reason NOT to waste valuable time (much less a dime) on 5th floor propaganda machines suntimes & trib. Pandering crap dailies.
THX again SCC for the forum.
4/04/2014 02:57:00 PM Alderman Edward Burke should run for Mayor
Hopefully I misunderstood & this is sarcasm ... otherwise what the fuck are you smoking? Burke owns this city - 9.5 is his plaything not the other way around. Burke is the REAL Wizard of Shitcago - Oz himself. Ever looked him in the eye? Souless greed.
Just follow the monies ... who bought out the west side lots before the new stadium, OEMC, & the pretentious, 'high end' Randolph Street gastronomes were even twinkles in anyone else's eyes ...
And why do you suppose the south loop area is still in play - who bought up all the property when expecting the Olympics. Follow the money - really.
Sheesh what an idea.
Thought airport was getting 60 coppers looks like according to bid sheet 4 at midway 8 at O'hare with management 50/50 would be 6 at midway and 12 at o hare!
Even better no one get receive more than 99,999 from any pensions combined or otherwise. quit handing out gold stars.
Don't think any of us would live that long. We lost three policemen this week. Two that were young and active and one Sergeant who just retired a year ago. Look at the statistics, you stay until 60, your average live span is 18 months. Is that worth 40 years of your life?
4/04/2014 05:21:00 PM
You must be old and still believing the old urban legend that if you stay until 60, you live only 18 months. Not even close and I heard that when I came on in 1965.
If what you say is true our pension fund would be 150% funded.
Don't think any of us would live that long. We lost three policemen this week. Two that were young and active and one Sergeant who just retired a year ago. Look at the statistics, you stay until 60, your average live span is 18 months. Is that worth 40 years of your life?
Get up to date, Hasnt been like that for 30 or more years.
The latest CPD Annual Pension Report from 2010 gives the following FACTS, not your nonsense
8495 annuitants
average age of retirement 59.2 for 2009and 59.1 for 2010.
Average age of current retirees 68
average age is 68
Anonymous Anonymous said...
Alderman Edward Burke should run for Mayor . He can win . Run Eddie run .
4/04/2014 02:57:00 PM
Yes, preferably in Albuquerque. Run, Eddie!
Anonymous said...
Raise mandatory age to 65 , many will stay .
Raise minimum age to 57 to start collecting , allow people to retire at 53 but not collect until 57 .
No cola until an Officer is 60 and only if he is maxed out with 29 years of service .
4/04/2014 05:21:00 PM
Minimum retirement age was 55 for a long time. That changed I think sometime in the 1970's and gradually got down to 50. So 55 again is not that big of a deal. If cops took better care of themselves they could live longer.
Anonymous said...
Alderman Edward Burke should run for Mayor . He can win . Run Eddie run .
4/04/2014 02:57:00 PM
Why?
Anonymous said...
I'm glad I moved out of Chicago two years ago. I believe that the police and fire unions should stand up and negotiate an end to the residency requirement or extract other concessions from this prick instead of having him roll over you.
4/04/2014 11:37:00 AM
Negotiate how? We ask for something, Rahm says no. Then what? We say, "Aw come on, negotiate!"
"Extract other concessions from this prick"
Wow, that sounds good. How would you do it?
To get something we would have to give something. What would you give to get any of these things? Would you offer to kick in another 4% contribution to the pension? What would you give for residency? That is negotiation. Give something, get something.
So, please suggest something.
$3 Billion in TIF funds...
1. The biggest threat to your familys retirement secutity is Rahm Emanuel!
2. The second biggest threat is big business leadership, "The City Club of Chicago".
3. Quit whining about residency! The suburbs suck too.
4. Pay attention, keep up with ballerahma's thievery attempts, and call and write your representatives.
5. Only you, the city employees, can stop him.
I believe that this whole pension crisis is just a way for Rahm to get unanimous approval for a huge Chicago casino. I really believe that a forensic audit would reveal a ton of money hidden in a variety of places like the TIFs.
Get up to date, Hasnt been like that for 30 or more years.
The latest CPD Annual Pension Report from 2010 gives the following FACTS, not your nonsense
8495 annuitants
average age of retirement 59.2 for 2009and 59.1 for 2010.
Average age of current retirees 68
average age is 68
4/04/2014 11:43:00 PM
**********************************
And if you read the entire report you would learn that the city has made the required contribution ever year. Remember that the city's contribution comes 2 ears in arrears to allow for the determination of tax necessary to meet the obligation. Rahm is fighting the balloon payment that is required next year(2015), with some justification. The pinch if funds came about through all the enhancements, primarily earlier and earlier retirement age, paid hospitalization etc., without increasing either the employee contribution or the city. Please stop trying to accuse the city of meeting its current obligation, it is simply not true. I have been retired for nearly 15 years after leaving at 60 yoa, and I am enjoying it immensely. I now have received well over 1 million in pension. I am healthy and active at 75 and plan on being around for several more years
Minimum retirement age was 55 for a long time. That changed I think sometime in the 1970's and gradually got down to 50. So 55 again is not that big of a deal. If cops took better care of themselves they could live longer.
4/05/2014 12:45:00 AM
In the 70's the retirement age was 59, then lowered to 55,then 50. What people forget is tht you can retire at 50, very few do. As the prior poster stated and I checked with the pensions annual report for 2010, the average retirement age was a little over 59 for that year. Couldnt find any later annual report on the pensions website.
Rahm the “Sugar Daddy”
Obama’s chief of staff Emanuel, who won a scholarship to the Joffrey Ballet but turned it down to attend college, is married and, like Obama, has children, in Emanuel’s case, a son and two daughters.
However, Emanuel, who is 50, also travel frequently with a male companion, a wealthy Chicago real estate developer, some five to six years his senior. WMR has learned from Chicago’s gay community as well as political sources that Emanuel and his friend have gone together on a trip to India, skiing vacations, and soon plan a vacation in Florida, sans Mrs. Emanuel and the kids.
In Chicago’s gay community, Emanuel is known as “sugar daddy,” promising young men with perks and lucrative positions if they sleep with him. On occasion, Emanuel has been with older men, such as his travel companion, but his preference is young, according to WMR’s sources. Emanuel also often uses bicycling and basketball venues to make his approaches. Being an Emanuel “basketball buddy” is a key to professional success.
WMR spoke to one member of the gay community in Chicago who had first hand knowledge of one of Emanuel’s bed partners, an older man who runs a non-profit symphony organization.
4/05/2014 09:11:00 AM
your theory is so wrong - City & state have been borrowing public retirement funds and blaming the shortfalls on greedy pensioners / future retirees. The difference between well run, solid pension funds (e.g. Oak Lawn PD/FD) is that the board protected itself from greedy pols.
Further, take a look at this read provided in another SCC blogs, read it and weep: http://pando.com/2014/04/04/revealed-rahm-emanuel-cuts-public-pensions-diverts-money-to-benefit-campaign-donors/
Follow the money
Anonymous said...
Minimum retirement age was 55 for a long time. That changed I think sometime in the 1970's and gradually got down to 50. So 55 again is not that big of a deal. If cops took better care of themselves they could live longer.
4/05/2014 12:45:00 AM
In the 70's the retirement age was 59, then lowered to 55,then 50. What people forget is tht you can retire at 50, very few do. As the prior poster stated and I checked with the pensions annual report for 2010, the average retirement age was a little over 59 for that year. Couldnt find any later annual report on the pensions website.
4/05/2014 09:14:00 AM
I retired at 62, that was in my plans no matter what the minimum age was. I still ride my motorcycle, I have fun, health OK, I try not to invite the wife and the girlfriend to the same events. So far, so good. The hardest thing getting used to was the 1st and 16th move to the last day of the month, and no more this day and that day, personal day, bfd, misc day, general principal day off, no ot. All in all, life is good.
Why is there no talk of adjusting the mayor's and aldermans' pension or did I miss it?
How about a "TIF" holiday, Rahm? Yeah, no TIF projects and fund the pension already.
And if you read the entire report you would learn that the city has made the required contribution ever year. Remember that the city's contribution comes 2 ears in arrears to allow for the determination of tax necessary to meet the obligation. Rahm is fighting the balloon payment that is required next year(2015), with some justification. The pinch if funds came about through all the enhancements, primarily earlier and earlier retirement age, paid hospitalization etc., without increasing either the employee contribution or the city. Please stop trying to accuse the city of meeting its current obligation, it is simply not true. I have been retired for nearly 15 years after leaving at 60 yoa, and I am enjoying it immensely. I now have received well over 1 million in pension. I am healthy and active at 75 and plan on being around for several more years
You missed the whole point of my comment. I was only responding to the guys comment that if you stay until you are 60, your life expectancy is 18 months. That is pure BS. I left at 63 am 70 now and a bunch of my retiree friends are in their 70's That 18 month myth is something I heard when IO came on in the 60's
And if you read the entire report you would learn that the city has made the required contribution ever year. Remember that the city's contribution comes 2 ears in arrears to allow for the determination of tax necessary to meet the obligation. Rahm is fighting the balloon payment that is required next year(2015), with some justification. The pinch if funds came about through all the enhancements, primarily earlier and earlier retirement age, paid hospitalization etc., without increasing either the employee contribution or the city. Please stop trying to accuse the city of meeting its current obligation, it is simply not true. I have been retired for nearly 15 years after leaving at 60 yoa, and I am enjoying it immensely. I now have received well over 1 million in pension. I am healthy and active at 75 and plan on being around for several more years
4/05/2014 09:11:00 AM
You're quibbling about semantics, but not exactly correct. The City met its obligation, technically, but only because an agreement was made to 'SKIP' its obligation, in exchange for a contractual concession of 29 and a day.
Enjoy your retirement. It would be nice, though, if you'd stop bragging about how much you've received thus far. Certain things push the buttons of the public's perception of us, whether we like it or not. Enjoy your checks, just don't fan the flames with them, please.
I read an article yesterday about how they have to hurry and spend 2.5 mil in tif money on a skate park in grant park by the end of the year or the money will "disappear".
If they have money for skate parks they should be able to fund our pension.
MTS said...
How about a "TIF" holiday, Rahm? Yeah, no TIF projects and fund the pension already.
4/05/2014 08:15:00 PM
There's a phrase that comes to mind: LIVE WITHIN YOUR MEANS. Take note, Rahm.
Anonymous Anonymous said...
And if you read the entire report you would learn that the city has made the required contribution ever year. Remember that the city's contribution comes 2 ears in arrears to allow for the determination of tax necessary to meet the obligation. Rahm is fighting the balloon payment that is required next year(2015), with some justification. The pinch if funds came about through all the enhancements, primarily earlier and earlier retirement age, paid hospitalization etc., without increasing either the employee contribution or the city. Please stop trying to accuse the city of meeting its current obligation, it is simply not true. I have been retired for nearly 15 years after leaving at 60 yoa, and I am enjoying it immensely. I now have received well over 1 million in pension. I am healthy and active at 75 and plan on being around for several more years
4/05/2014 09:11:00 AM
You're quibbling about semantics, but not exactly correct. The City met its obligation, technically, but only because an agreement was made to 'SKIP' its obligation, in exchange for a contractual concession of 29 and a day.
Enjoy your retirement. It would be nice, though, if you'd stop bragging about how much you've received thus far. Certain things push the buttons of the public's perception of us, whether we like it or not. Enjoy your checks, just don't fan the flames with them, please.
4/05/2014 11:03:00 PM
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Your point about how much received is well taken. The skipped payment was a one time deal back in the 90's, I believe. You are correct that it was in exchange for a reduced requirement to receive the pension at 29 and a day. What I have never figured out is how the city and the FOP had standing to negotiate something that was contrary to state statutes. If you go through the Pension Board Annual Reports (the latest available is 2012) you will see the city contribution along with the employee contribution. You must go back 2 years though to find the employee contribution that is matched.
Your point about how much received is well taken. The skipped payment was a one time deal back in the 90's, I believe. You are correct that it was in exchange for a reduced requirement to receive the pension at 29 and a day. What I have never figured out is how the city and the FOP had standing to negotiate something that was contrary to state statutes.
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4/06/2014 05:15:00 PM
Agreed.
Who does RhAM use to bring legislation to the floor in the State House ? Who introduces his priority legislation ? Who is the RAT ?
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