Rahm Parses the Language
- Mayor Rahm Emanuel on Friday ruled out a post-election property tax increase but confined the guarantee to the city’s $300 million operating shortfall, prompting Ald. Bob Fioretti (2nd) to warn of a “massive” property tax hike for pensions if Emanuel is re-elected.
“Is it on the table? Yes or no. Tell us now. Are you going to raise property taxes?” Fioretti hounded Emanuel during a two-hour debate-style endorsement session before the Chicago Sun-Times Editorial Board.
“Not for the operating budget,” Emanuel said.
What about to solve Chicago’s $20 billion pension crisis?
“I don’t know yet,” the mayor said.
That prompted Fioretti to offer a dire warning to beleaguered Chicago homeowners.
Not for the operating budget, but don't try to nail him down on the rest.
We'll say it for Rahm:
We'll say it for Rahm:
- Property taxes are going to go up;
- Pension contributions are going to go up;
- Retirement age is probably going to have to go up;
And that's just for starters.
Labels: pension
posted by SCC at 12:37 AM
136 Comments:
Ya want pensions, well somebodies got to pay for them, somehow. It means taxes have to raise.
The current situation is unsustainable .
For many reasons , you will not get what you were promised .
You will contribute more , wait longer to collect and receive less . ....if you are lucky .
when it is all said and done... you guys will get the message, let Rahm get re-elected, and what is will be left of the CPD pension will be scraps, courtesy of the machine.
"Hey kid, let me show you how this 401k is done"
Meanwhile...
The bastard tries to associate himself with the accomplishments, fame, talents, and fortunes of others by issuing statements -- like on Buddy Guy's recent awards.
Why don't he just STFU.
WRT Rahm's Buddy Guy statement.
Rahm, expands the photo op -- the literary photobomber..lol
Y'all know about photo bombing right?
( An otherwise normal photo that has been ruined or spoiled by someone who was not supposed to be in the photograph. The most common photobomb is someone in the background making a face. )
Rahm-a-lama Ding-Dong strikes again. Democrats=Communists
OR ......
We can use the TIF funds that are simply siphoned off taxes used as corporate welfare.
Examples include the taxpayer subsidized DePaul stadium and various hotels. Are the rich business people behind TIF projects big campaign contributors?
Anyone but Rahm.
The amount of pay that will count toward a pension will be capped
Minimum retirement age should go up. The regular Joe has to work to 63, so have the police work to at least 60.
It's all political theatre people.
The case before the Illinois supreme court will fail as it did before.
Then the politicians can claim they tried everything to "save" the "taxpayers".
That sets the stage for tax increases, a casino with the proceeds divided by the states 8-10 largest municipalities earmarked specifically for pensions. And a gradual increase in our contributions to 12%.
This is exactly what's been discussed and exactly what will happen
I truly believe Rahm has absolutely no intention of making that court mandated balloon payment. Therefore in his my way or the highway mind he feels he doesn't need to budget for something he's not planning on paying.
From commenter Arthur Andersen, who is an old hand on the pension front…
(T)he argument about members’ contributions being “a small percentage” of the total pension payments over a lifetime is a red herring that provides no justification for the hugely expensive swap to the inferior [defined contribution] plan.
In one sample case I’ve examined, a 31-year State worker with time in SERS and TRS recovered his contributions in about 3.5 years. If one assumes a State match of contributions, the recovery time goes to 7 years.
Now here’s where it gets interesting; if those contributions were accounted for separately and earned what the pension funds over the working career of the employee-the contributions are now worth over 13 years of the pension.
In turn, taking that hypothetical amount and annuitizing it for 28 years (average life expectancy) at 8% with monthly withdrawals equal to the pension payment, there was actually some money (but not much) left over.
In other words, if the state had made its payments all along there would be no problem today.
Yes, you could argue that an 8 percent return over time is too high of an expectation. But if so, why is the IMRF fund in such good shape? They didn’t necessarily invest spectacularly better than the TRS or SERS. The key difference is municipalities had to make those payments or the state could snatch their revenue sharing money. Capitol Fax 01/30/2015
I have eight years on the job. I am saying good bye to the city of Chicago because taxes in this city will only go up, up and up.
My wife and I plan on moving to Orlando, FL. She is a nurse and I plan on studying to be a nurse too. Right now the property taxes on a bungalow in zip code 60631 is $7100 and these fucking bastards want to raise it even higher? Everytime they reasses the property taxes, it goes up by a large margin. Not to mention that our state income tax was at 5% and then gradually it will go back to 3%. I don't trust them. This city and state is too expensive and we have had enough. In August we are saying good bye to Chicago.
I am betting my entire retro check on the Patriots. Go Pats. U can do it. The Seahawks are lucky and their luck is about to run out.
Just take some of that tif fund money that he likes to use as his personel account!
No pension crisis! This was manufactured by Daley and Rham years ago to make city employees out to be the bad guys! Look at them not my four pensions I get!
Lies of omission...
Weasel words...
Slippery syntax...
Common American English words, terms and
phrases as spoken and understood by the everyman
who inhabits the Great Lakes/North-Central U.S. made
to cynically take new and clear as shit-mud meanings and made to change depending on the political contingency of the moment.
...With the aide of a wholly complicit anal-whore mass media that has been prolapsed into submission by corporate sponsored government beholden via campaign contributions and the veiled threat they imply.
"Don't look HERE where we are...
Look! Look! over THERE!
See what those greedy, racist, brutal
COPS are gettin' away with?"
>Pffft!<
"The Police are the problem...
Once we "fix" THEM, everything will
fall in place..."
You make your Police out to be your enemy?
Don't be surprised at the m/fer's masquerading as
your friends.
Why aren't our unions pounding the media with the solution to the pension crisis that was created by politicians. The TIF money could easily solve this "crisis." It is an illegal diversion of city revenue anyways created again by thieving politicians.
Anonymous said...
CSA accusations between PO's that stem from a watch party that ended up at a LT's house. WTF is going on in 011.
1/30/2015 12:09:00 AM
Its true. Third watch is like the blind leading the blind. And these PO's put the LT as a witness. Shit is about to get real messy.
ssc i knew if was going to happen ,maybe freeze pension benefits when you hit 20yrs and then develope a drop plan , pension paid to you while you still work but put into a tax defered plan not a bad idea
JUST A THOUGHT
OT.FYI, former mayor daley does not get any type of security or car from the city..
Retirement age, does not have to go up. There is plenty of money yo fund the pensions, but the city chooses not to.
Lois Scott, the CFO for the city, gave an interview to an on line publication, affiliated with the University of Chicago titled Chicago Policy Review. In the interview, she states among other things that; " Chicago. Is a highly leveraged organization and it's not that we can't reslolve our issues, we choose not too." She further stated that, " The minute the tap to increase revenue is turned on, the opportunity for reform is lost." The pension crisis is a scam, that is revealed in this interview.
99% of cops and fire men pay property taxes
I'll agree to pay 12% into the pension if Rahm agrees to lift resedensy after 15 year on the job.
Rhams a RAT
Remember this Once Elected he'll never let a good crisis go to waste
Why would he Not raise the tax
So the mumbling idiot Richie Daley steals all our pension money and nothing is done about it? Then we have to pay it back for him?
Rham made $15 Million with no training as an investment banker
Rhams Multi Millionaire $$$$$
Rich and out of touch
His kids don't go to CPS Schools
He has a Security detail So no Crime -Minus Zak
He gets a Congressional pension
Federal Govt Staff Pension
Social Security
City Pension
-All Over $300K a year
But Cops Pensions are BROKE
Anyone ever notice how Rahm has a "motorcade" of big trucks like he was president?
Retirement age going up for current city workers would be complete bullshit. Especially for workers over the age 45 or with 20 years of service.
Minimum retirement must go up to 59 to collect, leave as young as 55 without penalty , leave before 55 2% penalty a year .
Mandatory retirement age should be raised to 66 , this would save pension .
Hey Chicago, this is what we get for picking such a liberal, Obama d*** sucking asshole like Rahm.
Let's pat ourselves on the back.
HEY, let's show how much we learn from our mistakes and VOTE HIM IN AGAIN ON FEB 24!!! Just like we voted Obama in for a second term!
Have you ever seen a dog eat his own vomit? That's a perfect image of this fucked up city and fucked up country.
There you go! I big I told you so for all that voted yes to this garbage contract!
Lets hope the tif fund books will be opened up for scrutiny.
Anonymous said...
Minimum retirement age should go up. The regular Joe has to work to 63, so have the police work to at least 60.
1/31/2015 07:30:00 AM
Check the police pension fund annual report. Average age for police retirements are 59. Not everyone is retiring at 50 and the average retirement age has remained constant for the last 10 years. Thats a fact
Anonymous said...
Ya want pensions, well somebodies got to pay for them, somehow. It means taxes have to raise.
1/31/2015 12:51:00 AM
Exactly and all the other candidates for mayor are jumping on Rahm about raising property taxes, but none of them offer an alternative to paying the 550 million. All criticize but don't have any answers
Minimum retirement age should go up. The regular Joe has to work to 63, so have the police work to at least 60.
..................................
Sure buddy. Call 911. I'll show up on the worst day of your life when I'm 60 years old and without your contribution to my pension and give you the service you deserve. Boom!
Chicago police pensions should be capped at the last civil service rank of Lieutenant. The problem is the amount of people above the rank of lieutenant, most of which could not pass a high school entrance exam, who are getting what they contributed to the pension fund in 2-3 years after they retire. Similar to the fire department gold braid retirees.
But nobody seems to care that Rahm is accepting campaign contributions from money managers who do business with our pension fund, hundreds of thousands of dollars, in the form of pay to play.
Anonymous said...
Anyone ever notice how Rahm has a "motorcade" of big trucks like he was president?
1/31/2015 09:53:00 AM
Yes he does not use fuel efficient cars like he talks about being "green" and saving fuel, that liar does not even have small engined explorers nope nada the king has big V-8 suburbans and Tahoes with 31 gallon fuel tanks! Blowing through intersections like a Humvee in afganistan anything in the way "bam" right through that red light then rahm blames the drivers and driver removed from detail and civilily sued!
rahms drivers training course!
https://www.youtube.com/watch?v=N6rLrOYX7_Q
>>>Anonymous said...
Minimum retirement age should go up. The regular Joe has to work to 63, so have the police work to at least 60.
1/31/2015 07:30:00 AM<<<
Have 55-60 years olds out there chasing the same 14-18 years olds they did when they were new out of the academy. MccNumbuts destroyed all the inside jobs for old cops and filled the rest with new people who have clout and/or have computer skills.
The NYPD pension system is different, most cops leave that job after 20 years while still young enough to pursue a second career.
Seahawks are thugs plain and simple, y'all got it y'all , you no what I'm sayen?
The TIF Funds are bribes from politicians to corporations.
Then the corporations return the bribes in campaign contributions to the politicians.
We the people (employees of the city) get screwed.
If Rahm loses this election he will either spend all the TIF money or somehow put it out of reach so it can't be used for out pensions. There has to be another mega-park or stadium or other way to burn money he hasn't pulled yet.
WEASEL can be a noun or a verb.
I weasel.
You weasel.
He, she, it weasels.
Rahm is a weasel who weaseled his way into the mayor's office.
07:59am Good to you two. Enjoy the Florida weather.
Anyone ever notice how Rahm has a "motorcade" of big trucks like he was president?
_____
The prick still thinks he has a shot at the White House.
SCC look at this article regarding TIF and our pension "crisis." It outs the complete BS Rham and every other politician has been spewing about how we are the problem.
Link: http://www.gazettechicago.com/index/2014/10/dc-think-tank-says-chicago-pension-crisis-fueled-by-tifs/
Anyone ever notice how Rahm has a "motorcade" of big trucks like he was president?
He wants to be the PRES
It is real simple, Chicago under Rahm has become the land of those who work giving to those who take. This is simply what the constituents of Rahm the pay to play mayor and Chuy, the cop hating, enabling, soft on crime, dope friendly, immigration friendly candidate. The cops must back Fioretti in record numbers. Rahm cannot win. Send Rahm back to the east bank to party with McCarthy and let Fioretti be elected mayor for the working man. The only reason karen lewis backed Chuy was because Bob wasn't going to take orders from her and let her run the city. Property taxes will go up because Rahm has to pay back all the union people that backed him. We need more projects paid for by us.
The 011th District is out of control! Time for a major shake up there. Now a CSA? Are u kidding me?
Is VRI is still on the table?
Retro all on black last night....needless to say I just signed up for VRI again.
Daley is to blame for the whole pension mess. This Is simply said if, he made the contributions like he was supposed to do, Chicago wouldn't be in this mess. Now everyone is going to have to pay more some way some how that's just not right or fair. But after all Chicago has never been fair.
Off topic:
Rahm Emanuel spoke at the Memorial Service for the late Ernie Banks, the former Chicago Cubs star.
You could have heard a pin drop after his prepared remarks were finished. It was almost completely silent except for the comments of broadcasters describing the service.
I guess that the assembled mourners did not feel that a church setting was the appropriate place to boo and hiss.
Other speakers at the service were applauded following their spoken tributes. Not Rahm.
People genuinely dislike Emanuel at a visceral level. A few years ago, a crowd attending a Northwestern football game booed when Emanuel appeared in a videotaped message on the main scoreboard.
Anonymous Anonymous said...
Ya want pensions, well somebodies got to pay for them, somehow. It means taxes have to raise.
1/31/2015 12:51:00 AM
Taxes have to be raised because dick daley stopped paying the cities share of the pension.
Yet dick is drawing a pension of his choosing. Not to mention working some unethical jobs due do his qui pro quo mayoral shenanigans.
Anonymous Anonymous said...
Minimum retirement age should go up. The regular Joe has to work to 63, so have the police work to at least 60.
1/31/2015 07:30:00 AM
10 years working as a cop is equal to 15 years at a "regular" Joe's job.
t is real simple, Chicago under Rahm has become the land of those who work giving to those who take. This is simply what the constituents of Rahm the pay to play mayor and Chuy, the cop hating, enabling, soft on crime, dope friendly, immigration friendly candidate. The cops must back Fioretti in record numbers. Rahm cannot win. Send Rahm back to the east bank to party with McCarthy and let Fioretti be elected mayor for the working man. The only reason karen lewis backed Chuy was because Bob wasn't going to take orders from her and let her run the city. Property taxes will go up because Rahm has to pay back all the union people that backed him. We need more projects paid for by us
Property taxes have to go up because SB3538 dictates that property taxes pay the 550 million towards the pension. If Fioretti gets elected the same goes and we still have higher property taxes. Where do you think he will get the money. Doesn't matter because Rahm will win without a runoff.
Tons of ways to shore up the pension situation, Democrats just too lazy to attempt to do them. Remember, if retired City Workers get fucked, so do you, in the future.
Minimum retirement age should go up. The regular Joe has to work to 63, so have the police work to at least 60.
1/31/2015 07:30:00 AM
Agreed, rediculous that City Workers can retire at age 50.
Should be changed to at least 55 to 60 minimum. End Gold Braid pensions too, they're just kickback payoffs to politicians for better pensions, just another Con Job like the Union Officials collecting 2 pensions for working only a month or 2 on a second job. Payoff -Kickback Scam by Democrat Politicians and their Labor Union Puppets. This is why the Unions Leadership will not speak out and stand up for all the retired Union Workers. They are crooks and phoneys , rich and greedy, owning 2 or more homes, several cars, toys, etc; season tickets to Pro Sports Games; numerous vacations every year, Country Club Memberships, homes in florida, vegas, arizona, Colorado, etc; rental properties, double pensions, etc; while the average Union Member gets little or nothing for paying decades of Union Dues. What a Scam. Nothin but hypocrites.
Democrats just looking to pick your pockets again. Amazing how they never mention cutting Welfare, Food Stamps, Extended Unemployment Benefits, Taxpayer paid for Educational Grants, but are quick to try to get their filthy hands on money that was earned and promised to pensionerrs who paid in for decades.
It is real simple, Chicago under Rahm has become the land of those who work giving to those who take. This is simply what the constituents of Rahm the pay to play mayor and Chuy, the cop hating, enabling, soft on crime, dope friendly, immigration friendly candidate. The cops must back Fioretti in record numbers. Rahm cannot win. Send Rahm back to the east bank to party with McCarthy and let Fioretti be elected mayor for the working man. The only reason karen lewis backed Chuy was because Bob wasn't going to take orders from her and let her run the city. Property taxes will go up because Rahm has to pay back all the union people that backed him. We need more projects paid for by us.
.................
No matter what our opinions of the man, Foretti doesn't have the numbers. Sorry. Like the guy. Shook his hand at our protest. But he can't win. Don't invest in something that won't pay. Be practical. What is best for our future, not what we want, should be our focus. My opinion.
A moratorium on TIF siphoning away money for corporate welfare until the back payments are completed. Once they've caught up to where the are lawfully required to be, they can turn the corporate welfare spigot back on.
Done
In NO way can they ever even get away with TRYING to file a bankruptcy, and in no way can they ever get away with legalizing theft of earned income from employees while giving away more and more taxpayer cash to the corporate thieves. Never gonna happen, far too many laws exist to prevent this unprecedented level of corruption and diversion of taxpayer monies.
Its amazing how everyone in there mother made sure they took there cut from our retros, WTF $2500.00 in taxes and other nonsense!!!!
It's time to really stand up against Chuy garcia and his cop hating, enabling, stand up don't shoot silliness. Now the dope friendly situation further divides the city as the constituents of his are dope smoking scum who tax are resources and take from those who work. It truly is disgusting. The only choice from chaos and the ruination of this city is to elect Fioretti. We do not need a city of dope smoking cop haters.
Minimum retirement age should go up. The regular Joe has to work to 63, so have the police work to at least 60.
-------------
Cops are not average Joe's. Cops work fucked hours for years that every doctor on the planet agrees are detrimental to your health. Cops wear on average 20 lbs. of gear every day that others don't have to. Cops heart rates go from 0 to 100 in split seconds multiple times a day which is detrimental to your health. Cops sustain injuries on a daily basis that averag Joe doesn't have to worry about. Cops have to worry about cr numbers and lawsuits which is detrimental to your health that average Joe doesn't. You want 60 year old men and women with 30+ years of dealing with the aforementioned chasing 20 year old bangers? You're nuts.
Wake the fakup people is a ponzi scheme. If Berny Madoff is in jail. Why is Daley and rahm not bn picked up by the Feds?
My pension is mine. Don't touch it. Mine mine mine mine!!
Anonymous said...
Sure buddy. Call 911. I'll show up on the worst day of your life when I'm 60 years old and without your contribution to my pension and give you the service you deserve. Boom!
As opposed to the top notch, super fast, friendly, efficient service your ilk currently provides? Lame argument ossifer. Try again...
start putting people in jail when certain union officials get one day hire backs, just so they can multiply their pensions by 5x
its fucking disgusting!!!
We all know Rahm is going to screw the city workers but half of the city workers will still vote for him. Everyone knew that about Daley and the city workers just kept on voting for him. And I say I never voted for Daley and I will never vote for Rahm.
Change the retirement age I'll work the desk until I'm 70 hahaha!
Anonymous said...
I truly believe Rahm has absolutely no intention of making that court mandated balloon payment. Therefore in his my way or the highway mind he feels he doesn't need to budget for something he's not planning on paying.
1/31/2015 07:41:00 AM
If Rahm doesn't make the first payment, the federal judge who issued the order better order him to court to face contempt charges.
It's probably best that cops who don't know anything about pension law keep their ignorance to themselves.
And there are a lot of you out there.
Off topic - New reports say the nations 4 largest cell phone providers are going to bankroll wi-fi coverage in Chicago's subways. That ought to do wonders for all the iPhone users riding the el. And drum up a little business for the gangbangers who want to rip them off.
Minimum retirement age should go up. The regular Joe has to work to 63, so have the police work to at least 60.
1/31/2015 07:30:00 AM
Check the police pension fund annual report. Average age for police retirements are 59. Not everyone is retiring at 50 and the average retirement age has remained constant for the last 10 years. Thats a fact
1/31/2015 10:30:00 AM
You think a 60 yr old should be responding to calls for service?? There's a reason they have an age LIMIT for people applying for positions as police officers- it requires physical and mental ability beyond that of a senior citizen. And something else to consider - "average joe" lives 10 yr LONGER than the average officer FYI. 20 yrs of service is more than enough, and in some cases, probably too much time sacrificed for citizens of this town. Politicians and bureaucrats who lift pens and count beans for a living are given pensions -- generous ones at that, for much less work, risk, and liability. Do not tell me officers deserve to wait anymore, work any longer or harder than they already do, for a rightfully earned reward at the end of their very stressful and dangerous careers.
Chicago would be "Slum City" under Willie as Mayor. Or maybe "Shitcago".
Chicago is out of money.
They will raise your property taxes. They will also raise taxes on all the corporations based in Chicago.
How may corporations will stay in Chicago? How many taxpaying home owners?
Have you looked at DETROIT lately.
DETROIT is the Future!!!
Can't the city just make some better investments? and reallocate the lousy investments.
401k's arent bad. Before I got on the department, I worked for a company that matched my contributions to my 401k. I put 5k in 20 years later I have 180k in the account. Pensions are for lazy and irresponsible people who live beyond their means and have to rely on the government.
Anonymous said...
I have eight years on the job. I am saying good bye to the city of Chicago because taxes in this city will only go up, up and up.
My wife and I plan on moving to Orlando, FL. She is a nurse and I plan on studying to be a nurse too. Right now the property taxes on a bungalow in zip code 60631 is $7100 and these fucking bastards want to raise it even higher?
1/31/2015 07:59:00 AM
Go see what the taxes on a similar house in Park Ridge would be. Or Wheaton or Winfield or Geneva.
I looked at a nice house in Winfield. Great house, 1.3 acre lot. Great area. No savage. But the water sucks. Well water. Terrible shit so you have to filter the crap out of it and still cannot drink it. Bottled water for drinking and cooking. We take that for granted.
Anonymous said...
It's all political theatre people.
The case before the Illinois supreme court will fail as it did before.
Then the politicians can claim they tried everything to "save" the "taxpayers".
That sets the stage for tax increases, a casino with the proceeds divided by the states 8-10 largest municipalities earmarked specifically for pensions. And a gradual increase in our contributions to 12%.
This is exactly what's been discussed and exactly what will happen
1/31/2015 07:39:00 AM
Our contributions should be 13%. For that all should get the 3% COLA and cheap or free health insurance in retirement. Exempts should pay 15% or higher.
Minimum retirement age should go up. The regular Joe has to work to 63, so have the police work to at least 60.
1/31/2015 07:30:00 AM
Do you listen to yourself?
The regular Joe doesn't do the type of stuff that we, or CFD, do an a routine daily basis.
Our job is ,like it or not, a younger mans game.
When you call for help from CPD or CFD would you rather the 20, 30, 40 something officer/fireman respond or the late 50's officer/fireman hanging on because they can't retire??
99% of cops and fire men pay property taxes
1/31/2015 09:29:00 AM
Yes we do. I wouldn't look forward to a sizeable property tax increase but if that's what it takes for me to collect the pension I've paid into for the last 28 years on then so be it.
This whole hot mess lies at the feet of the lying, thieving politicians yet they constantly want to assign the blame elsewhere.
Anyone ever notice how Rahm has a "motorcade" of big trucks like he was president?
He wants to be the PRES
1/31/2015 12:08:00 PM
Big trucks that apparently like to blow red lights.
Anyone ever notice how Rahm has a "motorcade" of big trucks like he was president?
He wants to be the PRES
1/31/2015 12:08:00 PM
He's a little man with a massive ego. Should come as no surprise that he likes big vehicles.
No more talk about reducing the 50 aldermen. Not very worried about saving money.
Rham made $15 Million with no training as an investment banker
Rhams Multi Millionaire $$$$$
Rich and out of touch
His kids don't go to CPS Schools
He has a Security detail So no Crime -Minus Zak
He gets a Congressional pension
Federal Govt Staff Pension
Social Security
City Pension
-All Over $300K a year
But Cops Pensions are BROKE
1/31/2015 09:52:00 AM
AMEN
"Chicago police pensions should be capped at the last civil service rank of Lieutenant. The problem is the amount of people above the rank of lieutenant, most of which could not pass a high school entrance exam, who are getting what they contributed to the pension fund in 2-3 years after they retire. Similar to the fire department gold braid retirees.
1/31/2015 10:39:00 AM"
Where's the Civic Club on that? See they want to cut your pension but the gold star appointed rank will still collect a 6 figure pension. That's why any Gold Star should be greeted w/a fuck you on a daily basis. That's who is draining your pensions dry.
There was no CSA in 011, stop starting crap with your nonsense
The biggest joke of all of this is that HE WILL RAISE property taxes and STILL WON'T fix our pensions! He'll use the new property tax money for some other bullshit!
Retro all on black last night....needless to say I just signed up for VRI again.
1/31/2015 12:29:00 PM
Thanks for the laugh, you made my day...
I have eight years on the job. I am saying good bye to the city of Chicago because taxes in this city will only go up, up and up.
My wife and I plan on moving to Orlando, FL. She is a nurse and I plan on studying to be a nurse too. Right now the property taxes on a bungalow in zip code 60631 is $7100 and these fucking bastards want to raise it even higher? Everytime they reasses the property taxes, it goes up by a large margin. Not to mention that our state income tax was at 5% and then gradually it will go back to 3%. I don't trust them. This city and state is too expensive and we have had enough. In August we are saying good bye to Chicago.
1/31/2015 07:59:00 AM
-------------------------
God Speed, you made the right choice
Exactly and all the other candidates for mayor are jumping on Rahm about raising property taxes, but none of them offer an alternative to paying the 550 million. All criticize but don't have any answers
1/31/2015 10:33:00 AM
The answer is.....just put all of the red light camera money into the pension fund, and viola, problem is solved.
Since 2002, the cameras have generated more than $500 million. See - the money is there, was generated, but that's not what the politicians want to use it for. Which is why you never believe anything they say about the 'budget'
The Copper living for FLA, GO & DOMT look back! I dream of bouncing from this place. No scrapers in the car, skidding, freezing U'r NUTZ off, and coming to a Dept that's is in utter disarray just blows.
The younger Katz on the gig R being trained NOT 2 fill out a slip on OT. I worked till noon on midnights and asked if he wanted me to fill out his slip while we waited for lockup to take us back and the kid said no. I blew it off, but worked again w/a younger kid and he did the same thing. My jaw dropped. U get paid for every hour U work past the normal check off X. U'r not going to get Jumping Jack Shit 4 from this company, so FILL OUT THE SLIP. It's YELLOW. U can take X or $, kids. So bust out U'r pen & fill it out. This is a NASTY habit that the newer generation I fear is buying in2 and it needs to STOP!
But nobody seems to care that Rahm is accepting campaign contributions from money managers who do business with our pension fund, hundreds of thousands of dollars, in the form of pay to play.
AND
He gets a Congressional pension
Federal Govt Staff Pension
Social Security
City Pension
-All Over $300K a year
Busting out the pensions so Rahm and his buddies-ie. Rauner et al- can lick that fat honey pot of money dry is all that these guys are after. They must be STOPPED.
per the national highway traffic safety administration, roughly a third of the 30,000 annual traffic fatalities are drunk driver-related.
what does this have to do with the pension?
Police nationwide deter very little drunk driving.
if DUI laws were reformed, we could seriously increase enforcement, deter and slow the rate of fatalities, save hundreds of millions in cost to health, medical, disability, and property expense while also generating millions in much needed revenue.
nobody would be on the side of a drunk driver, hit'em with fines, tickets and impound and tow fees...
leave the tax paying property owner alone, get the drunk driver.
but first the DUI process needs serious reform since the laws create a scam for the attorneys, and the courts encourage the charade. Nobody wins but the public loses big time.
1. If there is serious injury or death, the DUI would remain unchanged.
2. If the driver is not involved in such a situation, then the drinking and driving should be subject to a less-than-criminal charge that would lessen the burden of proof on the part of the officer.
as such, the driver would be subject to tickets, mandatory impound, and possible long-form arrest, but not the lengthy, burdensome, time-consuming, and intentionally silly circus of SFST's, burden of proof beyond a reasonable doubt, and hair-splitting over pedantic like "impaired" vs. "under the influence" or "over the legal limit" and "was he or was he not under arrest before the breathalyzer was administered?
It would simply be zero tolerance but decriminalized if no serious injury or death involved.
Open container? Smell of alcohol? Blood shot eyes or self-admission? Then by preponderance of evidence, grounds for municipal enforcement similar to sound impound, plus long form for lack of valid D.L.
The result would be effective enforcement, increased deterrence, increased savings to the public, and serious revenue... (earmarked for the pension).
Anonymous said...
OT.FYI, former mayor daley does not get any type of security or car from the city..
1/31/2015 09:25:00 AM
******************************************************************
Says the feeb, hoping that someone will take the bait and make a threat so that ip records can be subpoenaed. Nice try, jag off.
"Minimum retirement age should go up. The regular Joe has to work to 63, so have the police work to at least 60."
Fuck you cocksucker. The ballerina's balls taste good?
Anonymous Anonymous said...
We all know Rahm is going to screw the city workers but half of the city workers will still vote for him. Everyone knew that about Daley and the city workers just kept on voting for him. And I say I never voted for Daley and I will never vote for Rahm.
1/31/2015 03:51:00 PM
I'm not so sure the old rules still stand. Precinct worker came by last week while I was working on the front porch, carrying flyers and a clipboard. He asked if I'd take a poll for Rahm. I told him no, I'm not doing anything to help the guy who wants to take my pension. He laughed and said, "I'm with you. I work at ******** and he's after our pensions, too. I gotta hand this stuff out, but I'm not voting for him."
An uncle who's had two city jobs and always voted a straight Dem ticket and for whoever the machine dictated (what kind of lunatic DOES that?) has also announced he can't stomach the idea of voting for Emanuel and will vote for Fioretti this time out.
Times may be changing. Slowly, but changing.
You think a 60 yr old should be responding to calls for service?? There's a reason they have an age LIMIT for people applying for positions as police officers- it requires physical and mental ability beyond that of a senior citizen. And something else to consider - "average joe" lives 10 yr LONGER than the average officer FYI. 20 yrs of service is more than enough, and in some cases, probably too much time sacrificed for citizens of this town. Politicians and bureaucrats who lift pens and count beans for a living are given pensions -- generous ones at that, for much less work, risk, and liability. Do not tell me officers deserve to wait anymore, work any longer or harder than they already do, for a rightfully earned reward at the end of their very stressful and dangerous careers.
1/31/2015 05:06:00 PM
This is union garbage. If cops were dying so young than there wouldn't be a huge pension liability. The average police officer draws what more than they put in their pension after 4 years of retirement. Leaving us "average joes" on the hook for your retirements.
No matter what our opinions of the man, Foretti doesn't have the numbers. Sorry. Like the guy. Shook his hand at our protest. But he can't win. Don't invest in something that won't pay. Be practical. What is best for our future, not what we want, should be our focus. My opinion.
1/31/2015 01:46:00 PM
It doesn't MATTER who you vote for this time out. The whole point is to vote, and when you vote, you vote for ANYONE BUT RAHM. (Preferably Fioretti or Garcia, so that one of them will be in the runoff.) No one wins outright, unless they have fifty percent of the votes, plus one vote.
That will force the runoff between Rahm and whoever is number two, whether it's Garcia or Fioretti.
Then we vote again. And we vote for the guy WHO IS NOT RAHM, whether it's Garcia or Fioretti. Very simple.
Anonymous Anonymous said...
Anonymous said...
OT.FYI, former mayor daley does not get any type of security or car from the city..
1/31/2015 09:25:00 AM
When did he lose his security detail and drivers? He has had them since he left office. I don't believe you.
Anonymous said...
I truly believe Rahm has absolutely no intention of making that court mandated balloon payment. Therefore in his my way or the highway mind he feels he doesn't need to budget for something he's not planning on paying.
1/31/2015 07:41:00 AM
If Rahm doesn't make the first payment, the federal judge who issued the order better order him to court to face contempt charges.
1/31/2015 04:23:00 PM
It wasn't a federal judge,it was an Il legislative act,penalty is city's share of state tax allotments would then go directly into pension fund if city fails to contribute towards the payment. But.. that can only be waived by executive order by...who else?
There's a good reason why Neely left when she did.
To 6:43pm: If pensions are for lazy people and you've made soooo much money in that 401k (180k wow!), i'm sure you already told the City you'll be refusing your annuity and they can donate it to charity when you retire...right hard charger? You sound like an idiot, GTFOH
"OT.FYI, former mayor daley does not get any type of security or car from the city.."
With all his back room deals as mayor, he doesn't have to be provided a car or security by the city. He can afford a lavish lifestyle in retirement on his own with provisions from the rich friends and benefactors of his creation. Thanks, former mayor, for underfunding our pensions. You are a legend (in your own mind).
I wonder where people get these numbers that they are just plucking out of the air? "Paying into pension needs to go up from 9 to 13.%" WhTere did you come up with that number and what are you basing that on? Did you do an actuarial study? There is an actual science to figuring out certain probabilities. "The retirement age needs to go up" STFU, troll.
>>>Anonymous said...
Anyone ever notice how Rahm has a "motorcade" of big trucks like he was president?
He wants to be the PRES
1/31/2015 12:08:00 PM
He's a little man with a massive ego. Should come as no surprise that he likes big vehicles.
1/31/2015 08:03:00 PM<<<
Rahm will NEVER be on a national ticket. He pissed off too many people while he was in Washington working for BHO and proved he was a bully and not a diplomat.
Rahm could be appointed Ambassador to the Vatican and we would be at war with them in a week.
Le Schmitz and his wife Ellen are both gone for the same reason. You see Ellen's father is close to Rauner and Rahm as a major financial contributor. That gives them access to those politicians who have informed them that it is time to take the money and run. We, who are stuck here for a while will not be getting the pension we think we are. And as a reward and supplement, they gave him another pensionable income. Its all about to change, Horses mouth!!!
I truly believe Rahm has absolutely no intention of making that court mandated balloon payment. Therefore in his my way or the highway mind he feels he doesn't need to budget for something he's not planning on paying.
1/31/2015 07:41:00 AM
If Rahm doesn't make the first payment, the federal judge who issued the order better order him to court to face contempt charges.
1/31/2015 04:23:00 PM
Just like Eric Holder is facing contempt charges from Congress. What happened with that? Nothing. Just like nothing will happen to Rahm. The elitist Oblowme crowd has hubris and contempt for the rest of society that hasn't been seen in the existence of America.
U get paid for every hour U work past the normal check off X.
************
Maybe the kids know better than you.
We get paid for every 15 MINUTES we work over our assigned stop time, not after an hour.
Maybe the kids should be filling out YOUR slip for you dude.
Anonymous said...
OT.FYI, former mayor daley does not get any type of security or car from the city..
1/31/2015 09:25:00 AM
******************************************************************
Says the feeb, hoping that someone will take the bait and make a threat so that ip records can be subpoenaed. Nice try, jag off.
1/31/2015 11:22:00 PM
Right, good thinking. Watch out for the button on your partner's uniform for it might be a hidden FBI microphone. Also, look for the cameras in the ceiling. Those might not be squished cock roaches!
---
"...if DUI laws were reformed,"
...It would simply be zero tolerance but decriminalized if no serious injury or death involved.
Open container? Smell of alcohol? Blood shot eyes or self-admission? Then by preponderance of evidence, grounds for municipal enforcement similar to sound impound, plus long form for lack of valid D.L.
The result would be effective enforcement, increased deterrence, increased savings to the public, and serious revenue... (earmarked for the pension).
1/31/2015 11:21:00 PM
All the "DUI reform" in the world wouldn't matter if a Chicago alderman is stopped for DUI, in Chicago, and gets sent to court, also in Chicago, and a hand picked and vetted Cook County Judge hears the case.
Haven't you ever heard of the "Miracle Workers" of the old traffic court. Not only were cases fixed, they often completely disappeared!
Have you ever heard of Mel Kantor? The Tribune described Kantor as a "dapper and disarming defense lawyer who handed out hard candy to his clients and cash bribes to his judges."
He was, according to an adversary, "the elder statesman of corruption."
In 1986 Kanter entered into a plea agreement with the U.S. attorney`s office under which he became bound to cooperate in "any investigation." That was like bagging Moby Dick and getting the great white whale to help you hunt down other whales.
Also from the Tribune of Dec 1986: Kanter belonged to a cadre of Traffic Court lawyers known as ``the regulars`` or, more grandly, ``the miracle workers,`` because they represented many of the defendants who came to Traffic Court and they rarely lost a case. They thrived by paying bribes of $100 and more to some of the judges assigned to hear traffic cases, according to indictments and court testimony.
"Kanter, who practiced without legal partners, worked the hallways and courtrooms of Traffic Court like a carnival pitchman, promising the moon--in the form of acquittal--and delivering it for a price to those charged with drunken driving, speeding and other traffic offenses."
Said a former prosecutor in Traffic Court. ``One time when we heard that some top-name criminal lawyers in town were making more than $200,000 a year, we decided that Mel would probably have to take a pay cut to leave Traffic Court.``
"Kanter cut one last deal in entering his plea agreement last week and promising to cooperate in the Greylord investigation. Rather than 20 years in prison and a $25,000 fine, he probably will get probation."
``He was a classic,`` another former adversary said.
---
Nowadays it isn't so blatant but for the chosen few, any court outcome for traffic offenses including DUI is just as certain as in the Mel Kantor days.
The guy writing about "DUI reform" is probably an ex-altar boy who still believes if he works hard enough it will all be legit someday. Not here, not ever.
Rhmas Rich like Kama
Rahm will raise taxes. He has to to pay back his big project union supporters who hire people from out of Chicago.Another Rahm suburban ass kisser from the media Fran Spielman talks of Fioretti "hounding" Rahm on property tax increase. One simple question is hounding? These elitist out of touch sycophants are so arrogant that anything that deviates from Rahms dictated multi million dollar taxpayer financed spin machine lies is not allowed. Its time we realize that the choice is simple. You have Rahm DiBlasio, mayor pay to play of the elite and New York, DC and LA. You have Chuy a cop hating, enabling, marchers with anti cop protester, soft on crime, dope loving machine clone of Preckwinkle. Then you have a real candidate in Fioretti who will cover your back and will report to the people not the elitists and the criminals like the other two.
Exactly and all the other candidates for mayor are jumping on Rahm about raising property taxes, but none of them offer an alternative to paying the 550 million. All criticize but don't have any answers
1/31/2015 10:33:00 AM
The answer is.....just put all of the red light camera money into the pension fund, and viola, problem is solved.
Since 2002, the cameras have generated more than $500 million. See - the money is there, was generated, but that's not what the politicians want to use it for. Which is why you never believe anything they say about the 'budget'
Only problem with that is it took 13 years to generate the 500 million. City needs 550 million next year. Dont have the 13 years to wait
Our contributions should be 13%. For that all should get the 3% COLA and cheap or free health insurance in retirement. Exempts should pay 15% or higher.
Bullshit,screw the politicians. Whats wrong with you? Why should we increase our contributions when they were the ones that failed to pay their share into the pension. Let them come up with the money. No you dont want that because the politicians would get voted out of office if they increased property taxes. Thats their problem, they created it. Raising our contribution to 13% is over 40% Fuck you and your idea. Bet you re close to retirement, came up with this idea because you wont be paying the 13% for long, but the younger guys get stuck with the increase to protect your pension
Anonymous Anonymous said...
Retirement age, does not have to go up. There is plenty of money yo fund the pensions, but the city chooses not to.
Lois Scott, the CFO for the city, gave an interview to an on line publication, affiliated with the University of Chicago titled Chicago Policy Review. In the interview, she states among other things that; " Chicago. Is a highly leveraged organization and it's not that we can't reslolve our issues, we choose not too." She further stated that, " The minute the tap to increase revenue is turned on, the opportunity for reform is lost." The pension crisis is a scam, that is revealed in this interview.
1/31/2015 09:28:00 AM
A fundraiser will be held for Mrs. Scott 09 February 2015 at Plumbers Hall. She ask that if anyone with possible job leads please contact her at
Igotfiredbyrahm@sbcbullshit.cty
Anonymous said...
Can't the city just make some better investments? and reallocate the lousy investments.
1/31/2015 06:33:00 PM
Not that easy to make good investments. Half of financial advisors lose money. When the market goes down, so do the pensions market investments. Also the pension is limited to what they can and the amount they can invest in the market.
I know buy low,sell high not that easy.
Think of it this way. If financial advisors,brokers and mutual fund managers were guaranteed to make money,why wouldnt they just invest thir money and not work for you. Take a home equity loan at low rates and make all this money thru investments off it.
We're Rahm' s fingers crossed during the debate? Can he cross his fingers?
Now, kees me you fool!!!!
Anonymous said...
I truly believe Rahm has absolutely no intention of making that court mandated balloon payment. Therefore in his my way or the highway mind he feels he doesn't need to budget for something he's not planning on paying.
1/31/2015 07:41:00 AM
If Rahm doesn't make the first payment, the federal judge who issued the order better order him to court to face contempt charges.
1/31/2015 04:23:00 PM
Why would a federal judge even be involved?. Its a state senate bill SB3538, the Illinois Supreme Court is going to decide on deminishing pension benefits. Nothing to do with the federal courts
Anonymous said...
Chicago police pensions should be capped at the last civil service rank of Lieutenant. The problem is the amount of people above the rank of lieutenant, most of which could not pass a high school entrance exam, who are getting what they contributed to the pension fund in 2-3 years after they retire. Similar to the fire department gold braid retirees.
1/31/2015 10:39:00 AM
Yes, you speak the truth. But, a large number of sergeants and Lieutenants are merit picks who never passed a written exam in total. All they had to get was a pass/fail score of 40 and then they could skip the rest of the exam. Captains are exempt ranks now, picked on the pleasure of the mayor then protected by unioin contract. how can that be?
Have you looked at DETROIT lately.
DETROIT is the Future!!!
1/31/2015 06:26:00 PM
Actually, if you followed the bankruptcy hearings in Detroit, their police pension system was in better shape then Chicagos. That, my friend is scary. And, you can lay this entire mess at the foot of Richard M. Daley.
If Rahm doesn't make the first payment, the federal judge who issued the order better order him to court to face contempt charges.
1/31/2015 04:23:00 PM
I thought this was a state law, not a federal mandate. If the city does not make the payments the state can withhold tax rebates to the city. The legislature can always modify the law.
401k's arent bad. Before I got on the department, I worked for a company that matched my contributions to my 401k. I put 5k in 20 years later I have 180k in the account. Pensions are for lazy and irresponsible people who live beyond their means and have to rely on the government.
1/31/2015 06:43:00 PM
u my friend are an idiot..whats the deference between a company that matches ur contributions, to a pension plans that also contributes to the 10% u put in, other then they contribute more.And how does that make u lazy..not to mention they also get social security, which the government decided to take from us BECAUSE WE HAD A PENSION.
This is union garbage. If cops were dying so young than there wouldn't be a huge pension liability. The average police officer draws what more than they put in their pension after 4 years of retirement. Leaving us "average joes" on the hook for your retirements.
Thank your city leaders, we paid our share
With Wilson as Mayor??????, Saying the solution is that we need prayers????????. Boy, were in trouble if he becomes Mayor. No solutions?????, Just prayers???????. The Good Lord didn't make us to be lazy or sloth to become Mayor, C'mon.....GET REAL.......
Anonymous said...
Can't the city just make some better investments? and reallocate the lousy investments.
1/31/2015 06:33:00 PM
Not that easy to make good investments. Half of financial advisors lose money. When the market goes down, so do the pensions market investments. Also the pension is limited to what they can and the amount they can invest in the market.
I know buy low,sell high not that easy.
Think of it this way. If financial advisors,brokers and mutual fund managers were guaranteed to make money,why wouldnt they just invest thir money and not work for you. Take a home equity loan at low rates and make all this money thru investments off it.
2/01/2015 12:55:00 PM
25 years ago, if the city had done nothing more than buy US Treasury Bonds for 100% of our pension fund and left it alone we would be well off with the funds all funded at a very safe level. Money saved on investment losses, Treasuries lost zero. Money saved on knucklehead advisors, money saved on most everything. We would be sitting pretty and the City would still be in the dumper.
Anonymous Anonymous said...
Our contributions should be 13%. For that all should get the 3% COLA and cheap or free health insurance in retirement. Exempts should pay 15% or higher.
Bullshit,screw the politicians. Whats wrong with you? Why should we increase our contributions when they were the ones that failed to pay their share into the pension. Let them come up with the money. No you dont want that because the politicians would get voted out of office if they increased property taxes. Thats their problem, they created it. Raising our contribution to 13% is over 40% Fuck you and your idea. Bet you re close to retirement, came up with this idea because you wont be paying the 13% for long, but the younger guys get stuck with the increase to protect your pension
2/01/2015 12:49:00 PM
We'll see how your plan works then. Let's see the politicians come up with the money. Sure, that will happen.
I say, the extra 4% might be over 40% by percentage but it is not much in actual money and it is pre tax and it triggers a wage reopener. And in doing a negotiated increase we can get a few other things currently a problem, get kicked in that all PO's get the 3%, COLA simple interest born before or after 1955, free health insurance in retirement and a lock solid guarantee that in 2020 even if the voters approve a constitutional convention the pensions in Chicago won't be touched.
Or, leave it as it is, claim the politicians must pay, continue to not budge an inch and take the chance that changes to the Illinois Constitution will change the pension system to an all 401k system. Do you think they could not get the voters to vote for eliminating public workers pensions completely? It would be like the mob going after Frankenstein with axes, pitchforks and torches. Public pensions would be gutted.
And that clause in the constitution that everyone holds inviolate, "shall not be diminished etc" can go right out the window in it's entirety.
Think that can't happen? Think about it. 5 years away. Take a little beating now or risk losing a whole lot in 2020-2021.
Take your pick.
If Rahm doesn't make the first payment, the federal judge who issued the order better order him to court to face contempt charges.
1/31/2015 04:23:00 PM
I thought this was a state law, not a federal mandate. If the city does not make the payments the state can withhold tax rebates to the city. The legislature can always modify the law.
Yo0u are right. This guy has no idea what he is talking about. Has nothing to do with the federal government.
Politicians who currently hold office say we must "reform" the pension system in order to survive financially. Is this just another way of saying they won't finance their obligations to the pension fund, something which happened under Daley for the past 20-plus years.
Why doesn't Rahm use his skills at raising money for his political action groups to raise money for the pension fund?? That would be real leadership, and ensure a vote from me.
Anybody but Rahm.
Today's Trib details a lot of the players and relationships of donors to Rahm's massive campaign war chest. It's disgusting and pay to play politics on steroids.
We need to force a runoff so this arrogant, condescending asshole will sweat a bit.
This statement was made by Neil Steinberg in the Chicago Sun Times regarding Alderman Bob Fioretti’s appearance following surgery, treatment, and severe feeding restrictions after a successful battle with rare tonsil cancer.
Fioretti — well, “clown” is a harsh assessment, especially since he dialed his hair color back, though his smile is still a chilling, facial appliance that walked off from “American Horror Story.” He was a competent, block-by-block alderman before his ward was redistricted away.
I, another cancer survivor and polio survivor, who lost both parents to cancer, sent him an email where Steinberg responded the following: Thanks for writing. I'm sorry you're dragging cancer into this. I don't know if that's a sufficient apology for you, but it's the best I can do, particularly given your threats. I knew Bob Fioretti before he had cancer, and I can assure you his appearance hasn't changed. Now my friend Roger Ebert, his appearance changed because of his cancer, but he never sought pity for it. Of course not everybody has his strength. Anyway, I was truly sorry to read your email, and regret that you had that reaction, which is entirely unwarranted, in my view.
By the way my threats were that I would expose this discrimination to the people which I will.
He removed the comments in the printed version of the Sunday Chicago Sun Times but the horrible, hateful, discriminatory and painful comments remain on the Chicago Sun Times web site despite communications to the publisher and Michael Ferro.
No one asks to get cancer. And it takes a special breed of person with the courage and strength to live with it ever waking moment of every day. I know for a fact from my situation it makes you stronger than you can ever imagine. And Fioretti posseses that.
I ask you to join me in condemning this discrimination against a disabled person. If a reporter would comment on the unique facial contours of an African-American or an Asian, they would be vilified, forced to apologize and probably forced to resign. Reporters didn’t make fun of Roosevelt because he was in a wheel chair. But evidently the 14 million cancer survivors in this country mean nothing to the management of the Sun Times and especially Neil Steinberg who justifies his vicious language intended only to discredit the candidacy of Fioretti.
He has attacked us all and I ask that you contact him and others at the Sun Times:
nsteinberg@suntimes.com
jkirk@suntimes.com
mferro@suntimes.com
Anonymous Anonymous said...
If Rahm doesn't make the first payment, the federal judge who issued the order better order him to court to face contempt charges.
1/31/2015 04:23:00 PM
I thought this was a state law, not a federal mandate. If the city does not make the payments the state can withhold tax rebates to the city. The legislature can always modify the law.
2/01/2015 01:21:00 PM
Yes, it's the state. If the monies aren't paid on time, the state will then snag Federal monies and other income away from the City of Chicago and will put the money into our fund.
And, yes, it can be modified, which would be a dumb move, kicking the can down the road. But the media is already talking about the likelihood of it.
This is union garbage. If cops were dying so young than there wouldn't be a huge pension liability. The average police officer draws what more than they put in their pension after 4 years of retirement. Leaving us "average joes" on the hook for your retirements.
2/01/2015 12:24:00 AM
Dear Average Joe:
You have no clue how pensions work. Hint: It is NOT a dollar in, a dollar out. (Oh, and you conveniently 'forgot' about the money the City has to put in, theoretically matching every dollar I put in.)
Pensions need to be fully funded so the FUND can be invested, reap interest income from financial investments and revenue from hard, tangible investments, and then all that income pays the pension checks of the annuitants, NOT THE PRINCIPAL.
If it's done properly, the fund grows, rather than declines, thereby guaranteeing the pension payments for annuitants indefinitely.
Could have used the Red Light Camera revenue said to be $500 million and issue would be behind us, but oh no we gotta fill in the holes in the aldermens/womens pockets.
===
Dear Average Joe:
You have no clue how pensions work. Hint: It is NOT a dollar in, a dollar out. (Oh, and you conveniently 'forgot' about the money the City has to put in, theoretically matching every dollar I put in.)
===
Statutory minimum contribution multiplier is 2. City must put in a least $2 for every $1 a member puts in.
Actuarial multiplier was about 5.3 in 2012. It is more now but the city ignores what the actuarial says. City pays them and then ignores them.
I believe Willie Wilson had cancer too......
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