Pension Problems Everywhere
- There are 217 police and fire pension funds in suburban Cook County. The taxpayer-supported systems, with collective assets of nearly $5 billion, are intended to provide public safety workers and their families with stable retirement incomes.
But a Better Government Association analysis found that dozens of local police and fire pension funds are in financial peril, putting retirement incomes at risk – as well as the fiscal health of numerous municipalities.
Rescuing the troubled funds may require tax hikes, service cuts or both, say experts. Already, some public safety agencies are looking to privatize or merge with neighboring departments in an effort to cut personnel and ease future pension payouts. Whatever the method, taxpayers can expect to bear a heavier cost burden because of the severe local pension shortfall.
In all, unfunded liabilities for police and fire pension funds throughout suburban Cook County total $3.3 billion, according to a BGA analysis of the most recent municipal pension fund data.
We're just....speechless....at the incompetency on display here and across the country.
Labels: pension
posted by SCC at 12:01 AM
58 Comments:
The government who was ran by political hacks, borrowed the pension money and didn't put the government's share into the pension in the first place.
And all the local gov had to do was contribute the monies when they were suppose to instead of delaying payment. The chickens are coming home to roost.
You are all going to get the government you voted for, good and hard.
But the LINK, SSI Disability, and Section 8 are all good.
Thanks Democrats.
It was always a ponzi scheme, all of the social programs were, and the baby boomers are just the low tide exposing it. The politicians knew that nothing could save it and figured that they might as well steal the money.
you better have a plan B.
The politicians better run like hell.
So much for your happy ending.
While we all had our eyes and thoughts on other things our corrupt self serving politicians stole all they could. Now the Piper has to be paid. Bad news for all of us.
For the non-police reading this blog, know this, we police and fireman have been contributing 9% of our pay checks since we came on the job, the cities and towns in this county have not held up their end of the deal. These pieces of shit want you to think we're all greedy bastards, don't be fooled.
Tax hikes are the only way. Cook, Co, taxpayers hold billions of untaxed and available dollars.
I don't care about police pensions. I am glad Chicago can force diversity through $3000 a month section 8 CHA supervouchers that you sucker tax payers are paying for.
Section 8 people living large will vote for me. Policemen wont.
- Rahm Emanuel
They all should have hired Rauner's company to invest their funds in the record breaking high profit market! He made over $360 million dollars last year!
Wall Street billionaires and millionaires who created the crash got a bailout but middle class police officers firefighters and teachers are eating the losses.
Did you expect anything less from a bunch of crooks? Politicians are criminals -- always have been always will be. This is very bad news. To think you work entire career to have a retirement and then at 70 you find out it can all be taken away from you with a blink of an eve.
Where is the FBI, U.S. attorney? With all the blatant theft that has been going on for years, and didn't rahm talk about a "forensic audit" of city finances? Wait on another.note didn't dean Angelo talk also of a " forensic audit" on FOPS books when he ran? Keep working hard boys and girls, risk losing your homes,freedom, jobs, everything, now it looks like you won't even get a pension as the elected thieves have stolen more and more of our money!
Why is there trillions in federal dollars for the illegals and welfare frauds but nothing for the hard working citizens who are first responders, that work hard to keep this city moving forward, as the elected cowards just laugh in our face and take our money?
Trustee on Lodge 7 Board of Directors told me that Dean Angelo fired Mark Donahue as Legislative Director this week. All this sh** going on with our pensions and they get rid of the only guy that's been fighting for us in Springfield. Another nice move Dean.
Seiu union in illinois not making members pay 10 million is dues.
http://www.foxnews.com/us/2014/08/06/seiu-forced-to-drop-due-skimming-after-supreme-court-decision/
Hey fop since we getting no information on anything from dean and the crew how about giving us a solid? No dues! Oh I forgot you guys allowed the city to not pay fop elite salaries our dues pay the inflated salaries brilliant I tell ya brilliant,
These politicians have made the decisions not to pay their share to these funds all these years...now it's everyone else's fault and problem to fix....and the police, fire, teachers etc are the one's who suffer...what a bunch a bullshit...why don't these assholes lose their pensions?? My contribution comes out of my check every payday....
Its coming!!
have you prepared???
In all, unfunded liabilities for police and fire pension funds throughout suburban Cook County total $3.3 billion, according to a BGA analysis of the most recent municipal pension fund data.
Hey Andy Shaw, since you have access to all that data how about an investigation into where all that money went.
Keep Voting Democratic.
Ever notice that the most solvent and financially secure Governmental units are Republican and Conservative run?
Execs of a private entity who underfunded pensions would be in jail.
Reality check
Minimum retirement age to collect pension must be raised to 57 , mandatory retirement age should be raised to 65 .
It's almost as if the THIEVING, LYING politicians intentionally let it get to this point so they can keep making the drumbeat for pension "reform" , aka give backs, louder and louder.
The politicians would never do that would they??
We need to sue every last one of the thieving , lying slimy politicians for malfeasance for intentionally neglecting their fiduciary duties.
Shortshanks should be número uno on that list.
It's almost as if the THIEVING, LYING politicians intentionally let it get to this point so they can keep making the drumbeat for pension "reform" , aka give backs, louder and louder.
The politicians would never do that would they??
Just received an email newsletter from Alderman Michele Smith.
Re: pensions, she said she will continue to work to "...address decades of neglect to this critical issue."
Decades of neglect indeed. Kinda sounds like she is pointing the finger at some fellow Democrats (Daley) without naming names.
Maybe she didn't get the memo from Rahm that das icht verboten!
You go girl!
Call the next case. Not a cop.
it's all about politicians they have lied cheated and took all the money we put into the system just to look good taking care of illegals and keeping money for themselves that should have gone into these pension funds they will pay if we get fucked.
If the economy was humming along, revenues would flow through the corrupt political establishment for re-distribution according to their needs. Pension obligations are not high on the list of priorities though. For those whom it is not to late, formulate financial strategy B. The pension train has left the tracks while the democrat engineers were in charge. Give credit where credit is due.
With record taxation along with record government revenues, where is all this money going to?
Don't forget the former chief and deputy chief in Chicago Ridge. Chief Balderman now the mayor of New Lenox, Il gets a pension of $ 180,000.00 on medical pension disability. Now a school superindentant in the south suburbs. Pretty big pension for a fifteen man department. The goof is only fifty, he makes Phat Phil look like mother Teresa. The deputy chief gets $150,000 a year, civil service rank for booth goofs sgt.
If these municipalities were private companies, the feds would lockup the piece of shit politicians.
SCC don't you get it by now? The politicians everywhere have been trying to get rid of pensions for years, a little at a time! They will succeed, because we are a bunch of dumb asses who obviously don't car. We deserve everything they take from us. I'm working all the special I can and other jobs to sock it away. It's the way it is and you don't see it comming.
Kevin Orr will be available soon.
"These pieces of shit want you to think we're all greedy bastards, don't be fooled."
Be fooled by the packed VRI roll calls, but don't be fooled with the 10-99 beat cars on 3rd and 1st watch.
It's funny as hell to see that City of Chicago residents are getting hit it a mobile phone tax. Crazy vehicle sticker prices, cigarette tax thru the roof. Can't wait to see the property tax hike that is coming.......bend over and spread them...glad I moved out of that dump years ago
What is the model used for funding pensions in cities like Indianapolis and San Antonio where their pensions are 90% funded? They get the same 75% max payouts. Oh wait, those states are filled with bottom feeders as politicians.
Actually, San Antonio pd get 86% after 30 years of service. Their pension is 91% funded. This is just an example of how things can be done right. Perhaps the committees in Illinois looking to figure out how to make the pensions work should look at successful examples around the country.
Also, Indianapolis officers contribute only 6% of their check while the city of Indianapolis contributes 19%. Indy officers max out at 74% and must be 52 to collect.
In response to reality check,you must work the max 29 and a day or age 63. Nice try you must have come on the job late, 37 would be my guess.
Anonymous said...
It was always a ponzi scheme, all of the social programs were, and the baby boomers are just the low tide exposing it. The politicians knew that nothing could save it and figured that they might as well steal the money.
you better have a plan B.
The politicians better run like hell.
So much for your happy ending.
8/06/2014 12:42:00 AM
The politicians are going to run to the underground bunkers they had built below the Denver Intl. Airport when we finally decide it's time to put their heads on pikes.
The pension math NEVER worked. It was always a ponzi scheme. You guys should be demanding 401Ks so you control your own retirement account.
To the post about San Antonio and Indianapolis and the question> Answer- the¥ probable¥ have no political¥ connected investment advisors that take their job seriousl¥. No Vanecko deals that most of the elected board voted for. I know this might seem unheard of in chicago, but those elected to the board from the police department should have some knowledge of finance. Maybe know what a CDS is and the difference between it and a CMO. You know, like compare returns between advisors and ma¥be look at new ones when the old ones do not perform. Just sill¥ things like that.
The pensions of suburban police officers is much better then CPD.
So much corruption in Racoon eye town! And useless programs like section 8 ! Time to clean house of these crooked politicians! Hold them accountable for the mess!!!
Anonymous said...
Trustee on Lodge 7 Board of Directors told me that Dean Angelo fired Mark Donahue as Legislative Director this week. All this sh** going on with our pensions and they get rid of the only guy that's been fighting for us in Springfield. Another nice move Dean.
8/06/2014 07:23:00 AM
That would be typical disability dean if true! Maybe rahm told dean to dump mark?
And Daley bullshits a weak assed judge then goes out having dinner and socializing at the bar on his 3 pensions and the ghost payroll he is getting from the parking meter deal law firm.
If he is mentally unfit to give a deposition what good is he to a law firm? The feds can"t spin the job as the payoff he took to shaft the city?
What is the model used for funding pensions in cities like Indianapolis and San Antonio where their pensions are 90% funded? They get the same 75% max payouts. Oh wait, those states are filled with bottom feeders as politicians.
++++++++++++++++++++++++++++
I don't know the nuts and bolts of how they are funded, and you can add New York to the list....they are at about 95% as well. I do know this, and munincipality that has their pensions in order is in good shape because they put in their contribution when they were required to do so. Our political crooks saw the chance to kick the can down the road and use the money to line the pockets of themselves and their cronies. I also understand about financial downturns and eroding tax bases, but if they had kept up their required contributions and had someone watching the investments we would not be in the shape we are today. It was finaancial malfeasance pure and simple.
Water rec Pipefitters 12% to pensions!
The politicians know how to make a plan work or where to find out how to make it work. Problem is they're lining their own nests.
They'll be making themselves look good to voters at your expense. When you retire, you're no longer an asset to be used. And when you retire, they'll be sure to collect your firearms. When you get new section 8 neighbors, think about your non-existant retirement income.
For the rest of us, social security will dry up in 2 years. Wonder when section 8 and EBT will dry up?
Just received an email newsletter from Alderman Michele Smith.
Re: pensions, she said she will continue to work to "...address decades of neglect to this critical issue."
Decades of neglect indeed. Kinda sounds like she is pointing the finger at some fellow Democrats (Daley) without naming names.
Maybe she didn't get the memo from Rahm that das icht verboten!
You go girl!
Call the next case. Not a cop.
8/06/2014 09:55:00 AM
Clear your brain and THINK. She said NOTHING. It's like saying you'll work for the betterment of ALL the citizens of Chicago. Yippee! Sounds great, but says NOTHING.
I don't know the nuts and bolts of how they are funded, and you can add New York to the list....they are at about 95% as well. I do know this, and munincipality that has their pensions in order is in good shape because they put in their contribution when they were required to do so. Our political crooks saw the chance to kick the can down the road and use the money to line the pockets of themselves and their cronies. I also understand about financial downturns and eroding tax bases, but if they had kept up their required contributions and had someone watching the investments we would not be in the shape we are today. It was finaancial malfeasance pure and simple.
8/06/2014 06:28:00 PM
NYPD is funded by a city income tax.
Anonymous Anonymous said...
It's funny as hell to see that City of Chicago residents are getting hit it a mobile phone tax. Crazy vehicle sticker prices, cigarette tax thru the roof. Can't wait to see the property tax hike that is coming.......bend over and spread them...glad I moved out of that dump years ago
8/06/2014 02:24:00 PM
Gee, don't they have a local blog you can post on in your new heaven on earth?
Anonymous said...
Anonymous said...
Trustee on Lodge 7 Board of Directors told me that Dean Angelo fired Mark Donahue as Legislative Director this week. All this sh** going on with our pensions and they get rid of the only guy that's been fighting for us in Springfield. Another nice move Dean.
8/06/2014 07:23:00 AM
That would be typical disability dean if true! Maybe rahm told dean to dump mark?
8/06/2014 05:28:00 PM
Thank God he did! Angelo needs to fire the other asshole O'Toole
Anonymous said...
Trustee on Lodge 7 Board of Directors told me that Dean Angelo fired Mark Donahue as Legislative Director this week. All this sh** going on with our pensions and they get rid of the only guy that's been fighting for us in Springfield. Another nice move Dean.
8/06/2014 07:23:00 AM
Or the FOP could hire someone with actual lobbying experience. Ask Mark about the bill he helped sponser that would allow municipalities to hire part-time police officers.
++++++++++++++++++++++++++++
I don't know the nuts and bolts of how they are funded, and you can add New York to the list....they are at about 95% as well. I do know this, and munincipality that has their pensions in order is in good shape because they put in their contribution when they were required to do so. Our political crooks saw the chance to kick the can down the road and use the money to line the pockets of themselves and their cronies. I also understand about financial downturns and eroding tax bases, but if they had kept up their required contributions and had someone watching the investments we would not be in the shape we are today. It was finaancial malfeasance pure and simple.
8/06/2014 06:28:00 PM
I suspect there are plenty of people collecting out of our pension fund who are not supposed to be getting police pension money. I would love to have some accounts go over the rolls of recipients and see how many actually paid in the required amount and how many are like Ron Huberman who tried to lujack our police pension based on his inflated salaries with other city jobs.
Also I'd like to see how much of a hit on hte fund all those exempts have by taking their large pensions.
Trustee on Lodge 7 Board of Directors told me that Dean Angelo fired Mark Donahue as Legislative Director this week. All this sh** going on with our pensions and they get rid of the only guy that's been fighting for us in Springfield. Another nice move Dean.
This guy has only been in there 4 months and the lies and mismanagement is no different then when Shields was in charge. Dean is going to give away our pensions and our health insurance. I'm retired and I'm concerned.
I have solved the pension problem. I listen to admiral Leo everyday on the radio predicting where the shootings are going to take place and maneuvering his troops. Why don't we tap into his esp and he can predict the lotto numbers daily purchased by the city. Leo you are and have always been a shitty cop so quit playing cop. Woo!
Dissing Leo?
I had to go to Vital Statistics in the 55 W. Building the other day. There are a lot of Chicago scenery photos on the walls in the hallway.
One prominent one is Leo wearing his full medal jacket.
Keeses for everyone!
Trustee on Lodge 7 Board of Directors told me that Dean Angelo fired Mark Donahue as Legislative Director this week. All this sh** going on with our pensions and they get rid of the only guy that's been fighting for us in Springfield. Another nice move Dean.
This guy has only been in there 4 months and the lies and mismanagement is no different then when Shields was in charge. Dean is going to give away our pensions and our health insurance. I'm retired and I'm concerned.
You are not retired or concerned. You are bill Dougherty or mark Donahue.
Anonymous Anonymous said...
I have solved the pension problem. I listen to admiral Leo everyday on the radio predicting where the shootings are going to take place and maneuvering his troops. Why don't we tap into his esp and he can predict the lotto numbers daily purchased by the city. Leo you are and have always been a shitty cop so quit playing cop. Woo!
8/07/2014 01:17:00 PM
Forty years ago a detective in baggy pants and a cigar could stick push pins into a map and be as accurate or more so since he used common sense and knew the players.
A one man predictive analysis unit. Just buy him some cigars once in a while.
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