There's 75% of the Pension Money
- Imagine a scenario where you bury a lot of your hard earned money in the yard, and never see it again. Better yet, imagine giving that money to someone else, who buries it with promises of big returns which never happen.
Farfetched?
You’ve already done it.
The site is deep below Chicago’s famous Block 37 between State and Dearborn at Randolph. A decade ago, the Chicago Transit Authority wanted to launch non-stop train service from the Loop to O’Hare and Midway airports. But the closest the service came to reality was the shell of a mass transit "superstation" below Block 37 between the Red and Blue subway lines. The project was shelved, amid mounting costs and questions about funding and the very feasibility of the concept.
Not only that, the city refinanced the original 12-year bonds for another 12 years. The city ain't broke by a long shot if they can float these sorts of deals for their friends and bankers.
Labels: money questions
posted by SCC at 12:05 AM
35 Comments:
" I Fart In Your General Direction said...
I'll cast a vote for Rahm Emanuel on April 7th if:
* he immediately discloses the exact amount in the TIF accounts and has that information open for inspection from this point forward. Any manipulation of those figures at any time shall be punishable by imprisonment - retroactive accounting fuckery included.
* portions of that TIF cash is immediately used to make the overdue payment to our pension fund as has been mandated by law. Annual payments will also be deducted from these accounts until our pension funding achieves a minimum of 90%.
Looks like "Chewy" will be getting the four votes in my house.
2/25/2015 02:48:00 PM"
I agree 100%. If I were the ballerina I would be making a withdrawal of $600 million from TIF and depositing that money directly into the Police pension fund before the runoff. If he doesn't Chewbaca gets the 4 votes in my home!
here's an important point about Chicago Police Pensions. Yes we contribute 9%, but here is what a lot of people don't quite comprehend. Part of our total compensation package is the deferred benefits the city promised to pay us in lieu of salary and that is 18% of our salary deferred until we retire. So the way I look at it each of us contribute a total of 27% to our pensions, 9% pre-tax from our salary and the 18% the city promised to contribute on our behalf. The city, county and state need to go back and come up with a maximum pension amount. If every city, county and state worker, including elected officials, were subjected to a cap or a maximum on their pensions we would not be in this mess. When they make their own rules this is what happens. The fox has had an open door to the hen house for far too long.
That was then, what difference does it make now, this is now?
Yet Daley had no money for the pension and now Rahm cries no money for the pension.
I wonder who were the contractors for this project? Campaign contributors getting the "Chicago Way" kickback?
What does this project and the O'Hare project have in common? Maybe the same contractors?
Improvements to infrastructure are very important.
Wasn't Block 37 a Maggie Daley pet project?
Can't that prick daley spend just a little of his miserable time left here on earth in a federal prison cell? We can dream, can't we?
You can refinance or float bonds anytime you wish, just depends on the interest rate you are willing to pay.
>>>> Civic Federation’s Lawrence Msall. “It’s hard to come up with a description of that kind of incompetence.” <<<<
This guy must be new to Chicago. (LOL)
Anywho, as everyone knows, it's not just Chicago, or with today's bunch. As Mark Twain said long long ago: 'Suppose you were an idiot, and suppose you were a congressman...but I repeat myself.'
That's truer today than ever, on every level, in every local in the country. The current bunch are certified morons, spittle drooling simpletons that need help getting dressed and would get lost going from the kitchen to the bathroom if not for their aides.
This is what pisses me off. Throwing money away while still crying poor all the while raising taxes and fees on the rocking class. Time for change.
"Dumb enough not to clean the DNA off his gun....", eh? How about dumb enough to have stuck it in the guy's mouth to begin with?
Then a few posts below ridicule the British newspaper for its "outrageous" allegations of police misconduct at a so-called "black" site.
WTF, SCC? Are you part of the problem or part of the solution? If you defend anything other than the moral high ground, you're part of the problem. You could be doing so much more with this site.....
Raise age to collect a pension to 60 , raise mandatory age to 66 and bump up contribution to 10% and city puts in 20% every check . No cola unless you were maxed out or at the mandatory retirement age of 66 .
These articles are not funny. Daley was winning by landslides each and every election in spite of shitting in your face and making you clean off his balls. So now the guys running who want to change are assholes and cannot find the money? What the fuck happened to the thieves who voted on this bullshit, nothing. They got reelected, partners in law firms and huge pensions. Fuck you all.
Questions.
Who holds control of the airport vendors?
Daley family.
Who started this speed train to both airports?
Daley.......
Yoe see where and why to city threw money in the hole to start with.....
Only after Daley left did the city decide to stop the money and no has to take out bonds to pay for it.
But cannot find money for pensions.
Why?
Let's hope the new U.S. Attorney Zachary Fardon is taking a look at more of this criminal activity! If this guys wants he would be flooded with political criminal activity lets hope when obamas gone and a republican takes over he allows him to indict all of these criminals!
Excellent point.
More money stolen, instead of the old McDonald billions and billions served, Chicago's is "Billions and Billions stolen"! Lets just hope and Pray that the feds are on to this blatant felony major theft ring!
Right on SCC, that would almost solve the pension crisis, wonder how many more billions-trillions have been stolen??
Everyone here should read Retirement Benefits for Members of Congress and see for yourself that it is not that much different than ours with regard to some of the formulas and age, length of service and percentage.
Rahm has refused to pay the pension obligation even though he has the money sitting there. That's YOUR pension.
If you vote for Rahm, you really have to explain it to us. It's counterintuitive.
Chuy may not be a prize, but at least he is not threatening us and we can get rid of him in 4 years if he is a failure. Let Rahm in and he will be too powerful to oust in 4 years.
STEP 1: Defeat Rahm
STEP 2: Defeat Alvarez
STEP 3: Defeat L. Madigan
One is covering up the Daley Friends, Felons and Family Plan theft of billions of dollars. The other two refuse to invite the thieves.
Daley/Rahm's "economical engine" Ohare Modernization which still isn't complete, so far over $8 billion, hasn't improved any FAA mandate. Yet the contractors are profiting and steadily pouring money into Rahm's political coffer.
Tell me that $1 a flight in & out of the airport couldn't possibly fund all city pensions.
Open those books.
Asshole daley got this project going on thebelief that shitcago would get the Olympics.
To the person who posted about the new US Attorney- you have not a clue. The Feds are in on it.
Friday promoting more Deputy Chiefs....all young guys looking at great retirement payouts from our already depleted Pension plan.....made up D/C spots that this department does not need. Then again we all know all these promotions are signed off by the mayor, so Im guessing he's figured out another way to FULLY FUND our fund.
Anonymous said...
Raise age to collect a pension to 60 , raise mandatory age to 66 and bump up contribution to 10% and city puts in 20% every check . No cola unless you were maxed out or at the mandatory retirement age of 66 .
2/26/2015 10:41:00 AM
I don't mind but that mandatory age of 66? Jeez, I don't want to be chasing jagoffs through alleys at 65. Watch the shootings go way up because 65 year old coppers with hearing aids and arthritis of the knees start blasting away because they can no longer run.
Anonymous said...
here's an important point about Chicago Police Pensions. Yes we contribute 9%, but here is what a lot of people don't quite comprehend. Part of our total compensation package is the deferred benefits the city promised to pay us in lieu of salary and that is 18% of our salary deferred until we retire. So the way I look at it each of us contribute a total of 27% to our pensions, 9% pre-tax from our salary and the 18% the city promised to contribute on our behalf. The city, county and state need to go back and come up with a maximum pension amount. If every city, county and state worker, including elected officials, were subjected to a cap or a maximum on their pensions we would not be in this mess. When they make their own rules this is what happens. The fox has had an open door to the hen house for far too long.
2/26/2015 12:19:00 AM
That 18% is from the statutory minimum multiplier of 2. Each year the city is required to hire an actuary to determine what that year's multiplier should be. About 4 years ago that multiplier was over 5, about 5.2
For every $1 from us the city was supposed to kick in $5.20 to get to adequate funding. Of course, they never went above the minimum the entire time Daley was in office.
That is why the state put in the ARC law. Actuarial Required Contribution. That is the $600 million figure. Thank Daley for that. All those wrought iron fences now in the scrap yards, that was pension money. That bought the asshole votes.
This prick Rahm and his financial bitch, Lois Scott, maintain that it is voluntary to fund pensions. It is not. It is required.
Now I can see a negotiated deal whereby we kick in a bit more for pensions and in return we get retirement health insurance, no problems, and the 3% simple COLA for all retirees over 50 or 55. But the City has to match it and put in their share without fail. 11% plus 22% or similar.
So lets see..pensions will be gone if the city buys everything that is promised in the election campaign..we can't afford everything and could lose the pension. So, whatalitbe??
They should spend some of that money on uniforms for tne cops working at the airports. They look terrible and unprofessional. If I or any of my employees ever walked into my work place wearing old and tattered uniforms, the airline administration would fire us.
That 18% is from the statutory minimum multiplier of 2. Each year the city is required to hire an actuary to determine what that year's multiplier should be. About 4 years ago that multiplier was over 5, about 5.2
For every $1 from us the city was supposed to kick in $5.20 to get to adequate funding. Of course, they never went above the minimum the entire time Daley was in office.
That is why the state put in the ARC law. Actuarial Required Contribution. That is the $600 million figure. Thank Daley for that. All those wrought iron fences now in the scrap yards, that was pension money. That bought the asshole votes.
This prick Rahm and his financial bitch, Lois Scott, maintain that it is voluntary to fund pensions. It is not. It is required.
Now I can see a negotiated deal whereby we kick in a bit more for pensions and in return we get retirement health insurance, no problems, and the 3% simple COLA for all retirees over 50 or 55. But the City has to match it and put in their share without fail. 11% plus 22% or similar.
2/26/2015 09:44:00 PM
---
Even if we go from 9% to 12%, that's not enough. It's almost useless. Look at the numbers.
If the city chief financial officers says we are not broke,I beleive her over you sucka!
Three steps of defeat.......Is THAT YOU Cocopuffs?????????????.
Anonymous said...
They should spend some of that money on uniforms for tne cops working at the airports. They look terrible and unprofessional. If I or any of my employees ever walked into my work place wearing old and tattered uniforms, the airline administration would fire us.
2/27/2015 06:52:00 AM
Ahh yes you did not make the bid, so lets trash the coppers there! When you get some whiskers kid you can come and play!
Anonymous Anonymous said...
Anonymous said...
They should spend some of that money on uniforms for tne cops working at the airports. They look terrible and unprofessional. If I or any of my employees ever walked into my work place wearing old and tattered uniforms, the airline administration would fire us.
2/27/2015 06:52:00 AM
Ahh yes you did not make the bid, so lets trash the coppers there! When you get some whiskers kid you can come and play!
2/27/2015 06:43:00 PM
6:52 am isn't the police and doesn't have a bid. Re-read the post.
>>> Civic Federation’s Lawrence Msall. “It’s hard to come up with a description of that kind of incompetence.” <<<<
The real incompetent is Msall. He supported all of Daley era budgets and kept telling everyone how great they were while they were gutting pension payments. Msall is as bad as the people who didn't pay into the pensions.
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