Pension Payment "Delayed"
- Mayor Rahm Emanuel and aldermen won't grapple this fall with the financial reckoning the city faces over its underfunded police and fire pension systems, budget officials acknowledged Thursday.
Instead, the Emanuel administration plans to take advantage of a state law that gives it until December 2015 to decide to make changes to its property tax levy. For years, both the current and former mayor have been saying property taxes would have to be hiked or services drastically cut to come up with the extra $550 million.
By the end of next year, the February city elections and any potential April runoffs will be history. Delaying a decision also will buy the city more time to get the General Assembly to enact pension changes that could significantly reduce the required payments to the two retirement funds.
- The much-discussed government worker pension debt in Chicago now has a price tag: $18,596 for every man, woman and child living in the city.
That per-person figure is the highest among the nation’s 25 largest cities. It’s nearly double that of New York, the city with the second-largest tab. And it’s more than five times the median for locales included in the new study done by a major investment research company.
And as more and more people leave Illinois, that total is only going to grow.
Labels: pension
posted by SCC at 12:03 AM
56 Comments:
Guess mr murder mayor (credit to Karen Lewis) that I will "delay" movers,Parker's,anovs,arrests,tows etc until this delay s rectified how's that mayor?
Yeah.
Let's ignore the problem and hope it goes away.
Until it doesn't and Rahm has to deal with reality, crying the whole way about how no one knew this was coming. Pathetic.
Socialism collapses when it runs out of other people's money.
Mayor Rahm and his Fifty Thieves are running out of other people's money. But they hope they can squeeze one more election, another four more years out before the collapse.
...
Who knows, maybe a miracle will occur? A miracle like a complete economic collapse, zombie apocalypse, or a nuclear war; something that Rahm and the 50 Thieves can point at and cry, "It's not MY fault!" "Vote for me again!"
But please bring 1000 illegals here.
Maybe Obama will declare Illinois's pension system "too big to fail" and come in and rescue it. . . . .
As more tax payers leave illinois, the total will grow.
Kick the can down the road....The "Old" Libtard political maneuver...
Shameful....WASF!!!
Rahm is hoping for a Wisconsin Scott Walker like ruling. Hoping for a Rauner win.
http://photodesk.chicagotribune.com.s3.amazonaws.com/Graphics/ct-met-0402-chicago-pension.jpg
$18,596
That figure does not represent Chicago only. It includes the state of Illinois, Cook County and CPS.
If you look at the fine print in the image above, you will see that the news is trying real hard to make it seem like that full debt per capita is only Chicago.
That ugly noise you hear is Chicago becoming the next Detroit.
Kick the can down the road.
And we as Police Officers have only ourselves to blame for not sticking together by letting the city and the fop screw us.
Totally agree with that Detroit comment.
We cant afford to pay pensions because we have to pay $3000 a month section 8 supervouchers for single mothers to live in luxury hi-rise condos at 500 N Lake Shore Drive.
Call your congressmen and senators.
- Rahm Emanuel
Retirees born after 1955 are paying down the pension debt. They are losing thousands of dollars each year without a COLA. Same as writing a check to the City with each missed raise.
More people are leaving the state. It's a good thing that the mayor is inviting groups of 1,000 at a time to our welcome city. No worries... The Feds are picking up the tab. Wink wink
That ugly noise you hear is Chicago becoming the next Detroit.
8/02/2014 03:22:00 AM
Why do individuals, like yourself, keep repeating this ominous drivel? Stop with all the negativity, and let's focus on solutions to keep our pensions solvent, for current and future retiree's. I'm only a few, short years away from retirement with the Cpd and will continue to be optimistic. If Chicago burns then so will our pensions.
How about just transferring some money out of the "link" card program? Why keep giving money to those who don't or won't work?
But yet rahm says Chicago taxpayers pay the pension funds of downstate teachers, him rahm maybe you could eliminate this from our tax base and pay our pension fund money due! Why not call your friend Barry obabama and have the Feds fill in the pension gap? After all you brag how our federal tax money is being used to pay all expenses for 1,000+ illegals who should not be here anyway! people we don't want/need here, your liberal democratic ways are destroying this country and the right of legal citizens is being trampled!
No way no how rahm, you said the telephone tax money would be used to fund the pensions, as usual your lips moved and you lied, just changed my cell phone billing rahm to the burbs,never buy gas in Chicago, shop in burbs, you can't fund the pension but can give away our money, sorry don't support this, when your out as mayor this city can God willing get back on track from your destruction!
Let's all be socialist. I'll bet between Daley and Rahm and Burke they can scrape together 500 mil ! The owner percent needs to pay more.
I'm not a police officer, fireman or city worker but I know several and I am friends with many. Not to be a pessimist here, but it seems to me the problem is the pension salary system (for a retired city worker that I know for example) is way out of wack with reality. He gets a higher salary than when he was working with the city! He's getting a guaranteed 3 percent raise every year as long as he lives. He's currently getting paid over 100K salary in retirement - and he retired at 61. This is clearly not sustainable for any segment of retired municipal workers.
Stay on top of, and call and write your state legislators because by the Oct sessions there will probably be a bunch of bills submitted to help out Rahm and city with this pension issue. They must be voted down.
why doesnt the mayor have to explain why he cant use part of the 2BILLION he had in TIFF funds when he took office to pay for our pension? may all these criminals rot in hell
citizens pay for every pension comed , att,peoples gas ,us steel , ford etc . prices are raised to cover pension fund
city should privatize every job except first responders .
3 man light bulb changers , 5 men pot hole etc . give the tax payers a break
Chicago waiting to become another Detroit? It's already happened based on our credit rating and inevitable collapse with the pension funds. Our once great city has become a cesspool gangs, drugs, section eight, and now soon to come a few more thousand illegal immigrants that will be needing your support. When is the election for Mayor?
Rahm is hoping for a Wisconsin Scott Walker like ruling. Hoping for a Rauner win.
8/02/2014 01:18:00 AM
Are you paying attention? Quinn and the progressive Democrats have wished us to the n=bottom of the well. You want more of the same?
How about Rahm's body guards all call in sick for a week - see how tough he really is.
Anonymous said...
Kick the can down the road....The "Old" Libtard political maneuver...
Shameful....WASF!!!
8/02/2014 01:09:00 AM
You hit the nail on the head. The Daleys did it for what 40 years
What would make anyone think Rahm wouldn't do the same. Thats what politicians do
What rahm is doing is legal, and he is taking a gamble. Rauner wins, we have Scott walker-type reform, and the politicians skate. Phat phil gets $160, 000 annual tax free pension. That will be the "phace" of the government employee pension issue in Chicago media.
What about the TIF money? How about the 2 billion dollars raised by selling bonds last year? Rahm, is swimming in money. He can, and will pay. Rahm states that the Kanerva decision, doesn't apply to Chicago, but the retiree lawsuit, Korshak/Underwood, will be heard in Federal court very soon. That decision, should end the argument.
Anonymous Anonymous said...
But please bring 1000 illegals here.
8/02/2014 12:45:00 AM
Maybe someone should tell them they will each be liable for the 18 grand per person city debit.
Those CPS retirees whose checks were
not direct deposited to their bank accounts and were told they could
come downtown and receive a paper
check, but when they arrived there
were so many people that the process
bogged down and they were told they
could come back Saturday, Monday, or
Tuesday and try their luck again because the CPS Pension Board effed-up and neglected to send out the software to their bank to send
money to the retiree's accounts.
Do you think that this will be forgotten and forgiven by election
time and the affected retirees will give Emanuel the benefit of the doubt and vote for him anyway ?
Can we all delay our mortgage payments, our income tax payments too?
Because that would enable us to spend more time at the local bar throwing down beers with our friends.
All we have to do is create a crisis that is big enough not to be wasted.
Then we could act like we are trying to save the mayors paycheck when we pay him pennies on the dollar for his time.
Hell, the real thing that got postphoned is the property-tax
increase until Emanuel is safely
installed again as mayor and don't
expect the money to be applied to
the pension funds, just more money
for Emanuel to dole out to his friends and pet projects.
New boss same as the old boss
His financial acumen in addressing the pension matter make you wonder how he amassed his own personal fortune
Remember the Gallop poll back in April that showed 50% of the people living in Illinois would leave the state given the opportunity.
So what better way to promote that activity by raising property taxes, creating more fines and fees using the utility companies to provide cover, with electricity rate surcharges and 911 telephone fee increases not to mention hiding behind "THE CHILDREN"
Raise the tax rates and wait awhile for the media to lay down on that, then award tax breaks to the corporations to ensure they don't participate in the communities in which they profit from.
Concentrate the wealth. Strangle the small business start ups to protect your campaign contributors by creating special designed laws and granting favors, selected law enforcement better known as so-called professional courtesies.
Cowards!
OH shit, they discovered the HUD surplus. There should be $900 million in that nine year slush fund but they spent half the money on who knows what.
Perfect timing tho for the illegal immigrants pouring into the country. LOOK, look at all this money that magically appeared now to set up the HUD illegal immigrant safe houses on the gold coast for them.
The administrative divisions of Illinois are counties, townships, precincts, cities, towns, villages, and special-purpose districts.[7] Illinois has more units of local government than any other state—over 8,000 in all.
http://en.wikipedia.org/wiki/Government_of_Illinois
They will make obedient voters that do what the authorities tell them to do else risk their meal tickets getting cut off, food stamps. Health care getting cut off, Obamacare.
Send the pregnant children across the border to drop anchor and win the Obama lottery!
Nation of laws bwahahaha. Right.
Anonymous said...
Maybe Obama will declare Illinois's pension system "too big to fail" and come in and rescue it. . . . .
8/02/2014 12:50:00 AM
Right. And purple cows will fly out of my butt. As long as the pensions of the politicians are guaranteed nothing else matters.
You don't hear doom and gloom about aldermanic pensions or threats to cut Richie Daley's pension. They get paid first, no matter what. Same with governor, state senators (Cullerton) and reps (Madigan)
He can't delay it. State law says it must be paid by January 1st 2015 or money will be defered from the city by the state to find the pensions. He can't just make up his own rules and changes the laws as he sees fit. What a crock!!
How can a responsible person not take this reality into account when planning their future? Would a responsible parent consign their children to such a bleak and corrupt future? Does anyone toil today so that their children can toil even harder tomorrow under the same hopelessly corrupt system - likely to be run by the same corrupt political families?
Once again, the can gets kicked down the road. It's 'somebody else's problem'.
Time for a huge Hotel-and Casios near Navy Pier, and a surcharge for tickets and entry to all Chicago Sports Events, Cultural Attractions, Navy Pier, etc. unless you are a proven City Resident.
Cut Gold Braid Pensions in half. Nobody who worked for the City deserves a pension over 100 k.
Medical Marijuana - $25,000 per license per year (13 in Chicago alone)
7% flat tax on all purchases
100.00 fee for a new medical card and $50.00 renewal fee every year
Lots of money coming soon without even talking about casinos
Anonymous said...
He can't delay it. State law says it must be paid by January 1st 2015 or money will be defered from the city by the state to find the pensions. He can't just make up his own rules and changes the laws as he sees fit. What a crock!!
8/02/2014 02:19:00 PM
Yes he can. Read section 3 of the below link. If he fails to pay in 2015 ,commencing in 2016 he pays 1/3 of the amount due, then has 2017 and 2018 to pay the remaining. Read the law to get the correct information. He doesn't have to change anything. This is how SB3538 was written.
http://www.mapunion.org/PDFs/PensionUpdate.pdf
I posted a remark earlier but must have been missed. In 2008 I posted about the fund going belly up in 2018-2022. I mentioned the lack of financial acumen on the part of the elected to the pension board. I could go on and on. I was vehemently told about this mandatory payment to the fund in the beginning of 2015. I stated it would not happen. Many comments about the law and constitution etc. They mean nothing. I will again state that the sgts. pension agreement that everyone made fun of and disregarded will look good when this whole circus is over.
old retired guy
It's time to stand by our brothers and sisters and make a statement about this!!!! Are we going to stand up for something or be next in line to be slaughtered by what they want to do???? Let's lift up our voices and MAKE THEM PAY INTO OUR PENSIONS, LIKE THERE SUPPOSSED TO BE DOING BY LAW!!!!!! Rallies, boycotts, whatever we have to do, I'm surprised Karen Lewis hasn't started something yet, where's our union????
I dont give a fuck about the CR list. I dont care for the last tens years they have hired/promoted morons but listen boys and girls this is the one and only thing that I will refused to do job for This little suburban prick wont even attempt to pay down our pension debt with his 1.5 billion yes billion ion TIF funds fuck and fuck Chicago fix you own problems we should stage a walk out blue flu whatever this is what we should scream about
Anonymous said...
citizens pay for every pension comed , att,peoples gas ,us steel , ford etc . prices are raised to cover pension fund
city should privatize every job except first responders .
3 man light bulb changers , 5 men pot hole etc . give the tax payers a break
8/02/2014 09:09:00 AM
O K than only first responders would be left living in Chicago. Private companies would not be able to pay employees and politicians and the employees would not be able to afford living in the city.
Someone should use Rahms own words in reference to the pension payment due. Rahm used the analogy "this isn't like a final exam that you wait to the last minute and cram in studying, start early" This was used for building owners of high rise buildings that their is a deadline to convert into sprinkler systems. Hmm sounds exactly what his administration is doing with our pension issue
I have been emailing and calling the state legislators alderman and anyone else time for them to do their jobs cowards!
How much $$$$$$ will the 1,000 new illegals cost chit ago over the next 30 years , how about the 100,000+ illegals already here , pay up $$$ owed to pension for first responders .
Privatize all other city services , and you will save $$,
One man crew pick up recycled garbage huts as fast as 3 man city garbage crew , one man suburban crew to change light bulbs , 3 man Chicago .
Privatize , no pension ,health ins from city taxpayers .
Someone told me at retiree luncheon that the city was using pension payment money to pay retiree health care payments.
So they could say they are making the payments.
Is anyone auditing this stuff?
I've had my can kicked down the road a few times.
It was delightful.
Now, kees me you fool!!!!
Someone told me at retiree luncheon that the city was using pension payment money to pay retiree health care payments.
So they could say they are making the payments.
If the city puts the funds into the pension fund, then maybe the pension fund is paying THEIR share of the retirees health care,but not the city share. City already has cut back 1/3 or 35% of their share to the retirees healthcar and will contribute nothing in 2 more years
I posted a remark earlier but must have been missed. In 2008 I posted about the fund going belly up in 2018-2022. I mentioned the lack of financial acumen on the part of the elected to the pension board. I could go on and on. I was vehemently told about this mandatory payment to the fund in the beginning of 2015. I stated it would not happen. Many comments about the law and constitution etc. They mean nothing. I will again state that the sgts. pension agreement that everyone made fun of and disregarded will look good when this whole circus is over.
old retired guy
If the people that told you that and you stated the payment would not be made in 2015 you and they were right, because SB3538 was written that the delinquent payment does not have to be paid until 2016, then only a 1/3 with the following 1/3 in 2017 and 2018 Its all in SB3538 Might be a good edea to read it,dont be a Pelosi and say we have to pass it so we can find out whats in it.
Read section III Municipal Funding Provisions below
http://www.mapunion.org/PDFs/PensionUpdate.pdf
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