Here's Part of the Gambling Bill
- Chicago would get a city-owned casino and be allowed to keep all revenue for seven years to help make ballooning pension payments, and new casinos would be added throughout the state under legislation expected to be introduced Thursday in the Illinois Senate.
Democratic Sen. Terry Link plans to present a gambling expansion bill before the Senate executive committee, said Rikeesha Phelon, spokeswoman for Senate President John Cullerton.
In addition to a new Chicago casino, the legislation would add casinos in Chicago's south suburbs, Rockford, Vermilion County and Lake County. It also calls for smaller "satellite" casinos, with between 400 and 600 slot machines that could be located in Decatur and far southern Illinois.
Chicago Mayor Rahm Emanuel has pushed for a Chicago-owned casino as a way to address a multibillion-dollar public-pension shortfall. The state sees new gambling as a source of much-needed revenue.
A seven-year-exclusivity.....but Rahm is pushing for a multi-year delay in applying any money to the pensions. Just one question there....
- Why?
What could possibly be more important that removing the massive pension obligation from Chicago's balance sheet? If Rahm gets his hooks into any casino money, along with tacit agreement from the unions to delay the immediate payment of monies owed (owed by law), you can bet the farm that the pensions will never see anything close to what is needed to mend what the politicians broke.
Never.
Additionally (and in spite of the current casino glut) the bill authorizes how many new casinos and so-called "satellite" casinos? Casinos that could potentially draw customers away from the Chicago establishment. This is a sop to get the downstate votes for a city casino because, let's face it, Illinois is pretty much cornfields, cows and Chicago. And unfortunately, Chicago is also the biggest problem in Illinois, an 800-pound gorilla which also happens to be incontinent.
We are under no illusions about casino riches - people don't get rich gambling at casinos and cities seldom get rich if they have casinos. Vegas is Vegas because it's a destination city. Atlantic City is the antithesis of Vegas...when you get there, you're still in New Jersey.
Chicago is for the most part, a destination city. It has international draw, a solid history, decent tourist traps, museums that are the envy of many, architectural wonders, etc. It isn't Vegas, but it certainly has more going for it than Atlantic City. Tapping into that with a decently run casino would provide a reasonably steady revenue stream for a short while, perhaps even boosting the destination potential with conventioneers, tourists, big name acts, etc.
The problem is "decently run" and "Chicago" appearing in the same sentence. This Senate Bill is a prime example of a poorly thought out idea.
Never.
Additionally (and in spite of the current casino glut) the bill authorizes how many new casinos and so-called "satellite" casinos? Casinos that could potentially draw customers away from the Chicago establishment. This is a sop to get the downstate votes for a city casino because, let's face it, Illinois is pretty much cornfields, cows and Chicago. And unfortunately, Chicago is also the biggest problem in Illinois, an 800-pound gorilla which also happens to be incontinent.
We are under no illusions about casino riches - people don't get rich gambling at casinos and cities seldom get rich if they have casinos. Vegas is Vegas because it's a destination city. Atlantic City is the antithesis of Vegas...when you get there, you're still in New Jersey.
Chicago is for the most part, a destination city. It has international draw, a solid history, decent tourist traps, museums that are the envy of many, architectural wonders, etc. It isn't Vegas, but it certainly has more going for it than Atlantic City. Tapping into that with a decently run casino would provide a reasonably steady revenue stream for a short while, perhaps even boosting the destination potential with conventioneers, tourists, big name acts, etc.
The problem is "decently run" and "Chicago" appearing in the same sentence. This Senate Bill is a prime example of a poorly thought out idea.
Labels: money questions, pension
posted by SCC at 12:21 AM
70 Comments:
The city couldn't manage parking meters, do you seriously think they can run a casino?
I would say it is more trouble than it is worth. Besides casinos are closing all over the country for lack of business.
Not to mention the immensely disturbing notion of a city literally betting against it's own citizens.
Open as many casinos as you want, no problem. But to have a casino owned by the city or state? That's insulting and sick.
You thought patronage and insider deals were a problem in this city before?
Wait until you see the merits of a city-run casino. LOL.
Poorly thought of bill by greedy, stupid politicians. Sounds like Trouble with a capital T.
According to the pension board, our pension will be gone in 6 years if nothing is done.
Get out the Vaseline. The screwing will commence ONCE AGAIN. A balanced budget should be law. This city is so crooked it will never do the right thing.
But what if there is not enough money generating revenue?
I remember Daley RAMMING the parking meter deal through. Hurry, hurry, got to vote on this TODAY! (Because it would what - evaporate?)
Any deal that's haphazardly thrown together needs to be stopped. This is critical stuff, not just for our pensions, but for the City of Chicago and its citizens.
We've had enough of the 'hey, look over there while you sign this blank piece of paper over here'. EVERYONE should be calling their aldermen, then their state reps and demand that this be done with caution and due diligence.
A very precise (and astute) perspective SCC.
NO ONE here should be looking at a planned Casino as the answer to Chicago's problems.
Could it help in the short run? Maybe (that's not a YES) Too many other factors overshadow the benefits of a casino -- especially now.
A LONG time ago (at least 25 years ago), I thought a casino right on Navy Pier would be a great asset for the city. At that time, casinos were pretty much only in Las Vegas and Atlantic City with maybe a couple on some Indian reservations.
Putting up a new marina around Navy Pier to capture all the high-rollers coming in with their boats from across Lake Michigan made absolute sense. Money would be literally coming in by boat from surrounding states - Indiana, Michigan, and Wisconsin - and Navy Pier would be a totally different destination point.
BUT - that never happened and the impact of a casino back then, would be a lot different than trying to establish one today. A nice shuttle could have also been established back-and-forth to Meigs Field for high-rollers flying in - but we know what happened to Meigs Field.
Today, there is a saturation of casinos in the region and Chicago is late to the game. Maybe too late to have it have any BIG impact.
Now, politicians are touting it as some "gteat saviour" to the city (and the state).
Don't bet on it.
No breaks on the time. Let Rahm raise property taxes, I don't care. Rahm has a calendar and knew about this law since he first came into office. Let the City issue bonds for the pension payments and pay the bonds off with the casino money. No more police and fire pension funds getting screwed.
But I bet Dean Angelo Sr., PhD, "negotiates" to let Rahm off the hook. I just got that feeling.
Casinos?
Too late an idea.
Too many around already, but more importantly - WHO'S got the money anymore?
How many people go out regularly to the Casinos?
If I want to go to a casino, I fly to Vegas. Going around here is just not the same.
Again - who has the money to go out blowing it? Many don't anymore.
I hope this is the answer and a politician doesn't screw it up.
When there's no pension, blame that asshole at the fireman's union, Dean Angelo, James Ade, Michael Ryan and Ronald Pontecore. Plain and simple, it's the union's fault for agreeing to this garbage.
Once again unless the state changes the law already in effect, the city has to make the 600 million payment regardless ! Rham can't pass a bill for that! Make him pay! Make him bleed! Sound familiar?
I think it is a good idea, it will provide a steady stream of cash. The casino can also have a venue hosting quality entertainment earning even more cash. Work out a deal where only off duty CPD are hired for security. Despite all the violence here we are still a tourist destination and this will enhance that. The bubble payment will not solve the shortfall, and this would be a good start to actually paying it down. This would only be a start and more needs to be done, and not on the backs of the pensioners.
And how much will be pocketed by those in control? Remember how the lottery was supposed to help make the state's schools the finest in the country. Where does the money really go?
Nowhere in any of this conversation does the concept of hiring more police officers appear. Future hires are essential for the continuance of the pension funds.
What's the alternative then? In order to get the necessary votes they had to throw in something for downstate. And considering that the city is. Ot going to make the Balloon payment this is the best alternative. While far from perfect this is the best chance the fund has to be funded.
The Atlantic City casinos are going bankrupt because of overregulation. In order to pay their taxes, fees, and licenses they have to take a higher rake and gamblers notice this and avoid them. Vegas does no such excessive regulation, and thus their casinos thrive.
Strong rumor along with the casino there will be a cap on pensions of 100,000.
Goodby getting a golden pension cause of your connections rather than knowledge, this is gonna save the pension millions!
Band aid on a bullet wound.
The problem will be the other casinos crying foul - Des Plaines, Joliet, Elgin and those in NW Indiana. They will (most likely) see their revenues decline with the addition of a Chicago casino, thus depleting their city coffers. Rahm will need to make the requisite payoffs to his casino supporters and the pension fund will not get funded any time soon; if at all. This is a bad idea no matter how you look at it. being a destination city, people come here for all the reasons you cited - gambling will be attended by those who live in the area versus someone flying in from Houston, Omaha or Philadelphia. This is a bad idea.
The city will still underfund pensions and the casino money will go other places, How do I know this? Hmmmmm Illinois Lottery Money and Chicago Public Schools...need I say more.
As usual the brilliant minds of SCC see right through this nonsense. ⌛️ Hourglass is running out the payment is due and my bet is "Dr Dean"
Is meeting with fop attorneys at this moment making sure the payment is paid 550 million on time! Dean won't cave like Ryan from the firefighters union dean has stamina and knowing that he was elected to represent his members, and he also knows if he sells us out his resignation papers will be ready thanks in advance Dean!
Really you think u will see a dime from something tiny dancer can make money for himself and the connected ones, this will be the 1st casino to loose money.
My guess is that it will not pass. There is a lot of opposition from existing gambling interests to any expansion of gambling. There is considerable opposition to gambling in general. There is a lot of opposition to giving any more free passes to Chicago from the rest of the state.
If the city wants to have more gambling revenue, video poker and slots can be installed in every bar in the city.
The Union has absolutely nothing to do with the Constitutionally protected Pension Law!
Make Rham Pay the 550 Million, Period!
Why? Because after 7 years the "investors" need to be repaid. LAZ Entertainment LLC, Daley-Vanecko Wheel of Forttune Enterprises, Metro Golden Rauner & Friends, The Emanuel Bros Prouductions and a few others.
Build it and the endless construction billing will take 7 years to sort out the inflated invoicing.
Getting rid of Quinn was just the start of more ShortShank style Rahmomics. There will be peanuts for the Pensions and a little more for the kids. Those construction crews have to be paid like the investors and they get paid first. No IOU's for them, mm-mm-mmm.
Anonymous Anonymous said...
Strong rumor along with the casino there will be a cap on pensions of 100,000.
Goodby getting a golden pension cause of your connections rather than knowledge, this is gonna save the pension millions!
5/29/2015 07:20:00 AM
Lets hope your "rumor" is correct-its ridiculous the gold star folly! Pension should be based on last civil service rank patrolman d-1,2,3,4,5,6 that is plenty for the hogs! make sure no double pensions either, like the bosses leaving here and joining other government entities then inviting boos friends over for another heaping helping of "our money!" WOOOOOOO!!!!
If Lil man is so confident on the casino, propose that he pay into the pension first and then he can collect from the casino profits for the amount paid. If its not done like this, then we are fucked
explain to me how when a Judge orders the city to make the payment ($550M) the Union or anyone else for that matter can agree to let the city forego the payment ?
i knew the greedy police wanted a piece of the action. Hire only off duty police. All profits to police. Give contracts only to the connected where is the difference. The connected see their profits up front while the police are blamed for all the loss and ruining their own pension
Only way is to have a federal overseer to make sure that the money being make is used for the pensions.
What's slipperier than a snake and less trustworthy than a used car salesman?...... Rahm.
Enough said.
The unions should not enter into anything with Rahm regarding the pension deficit.
A wise man once said, "When you got someone by the balls, you don't let go to get a better grip." Fuck the future casino, make the pension payment now.
Sorry...
Too late.
You can put the blame on Fed Informant Shortshanks
for this fiasco.
Twenty-five years ago was prime time for a casino, the rub was
that crime king Shorty wanted the casino to be owned by COC.
With most of the proceeds going to the pink guys at
Daley Inc.
The thievery would have been so eye watering and
blatant, regular foldin' money wouldn't have meant shit
nor have been enough to cover or account for it.
M/Fers would be scurrying around with bulging
architect portfolios stuffed with uncut sheets of
new issue $100K Gold Certificates.
A lot of the wanna keep their beaks wet members
of the Illinois Combine called bullshit and wouldn't
get behind crime king Shorty's push for a City Of
Chicago owned casino.
After that, off and on for nearly a decade, it would pop up
And Shorty would kill it because Chicago wouldn't be given
control of it.
What has Chicago done to be so deserving of it's own casino
now?
Oh yeah.
BTW... Rahm has a plan...
Not gonna pass. Way too big. Maybe they draft a city only that's tightly regulated by the state. Either way, it does nothing to solve the corruption and mis-spending.
Rahm gets a casino, he'll use the money for more useless stuff. Not pensions.
If this weren't Chicago, I would be totally all for this casino to pay into the pension deficit. However, this being Chicago, it'll be built for you and the money will be diverted to some nonsense in 2030 (which realistically, is when the casino will have its doors open.)
Anonymous Anonymous said...
According to the pension board, our pension will be gone in 6 years if nothing is done.
5/29/2015 01:29:00 AM
True called today they said max 6 years, Dean are you following this! Are you so quiet because you're in Springfield standing up for us? No delay but shut up about raising taxes that burden is on the "rahms crew, pay the rahms tax!"
Anonymous said...
As usual the brilliant minds of SCC see right through this nonsense. ⌛️ Hourglass is running out the payment is due and my bet is "Dr Dean"
Is meeting with fop attorneys at this moment making sure the payment is paid 550 million on time! Dean won't cave like Ryan from the firefighters union dean has stamina and knowing that he was elected to represent his members, and he also knows if he sells us out his resignation papers will be ready thanks in advance Dean!
5/29/2015 08:35:00 AM
Sure, and I've got a bridge in Brooklyn I would like to sell you.
Anonymous Anonymous said...
The city couldn't manage parking meters, do you seriously think they can run a casino?
5/29/2015 12:32:00 AM
They will lease it for peanuts to a company run by Daley, Vanecko, Burke and some billionaires from Dubai. That company will then turn it into the top grossing casino in the United States with the best sports book around.
They will gross billions and pay the City a few million for the privilege. But the usual suspects will be paid millions for managing the deal and Rahm will ramrod it through the City Council with 5 no votes and do it in record time in a rush rush session.
I would not believe a word these scumbag politicians say or write. They lie and go back on their word all the time! Our pension is a written contract upon employment right? Who would believe anything written about casino money going into the pension fund will actually happen? We will never see a penny. The law says the fund must be funded PERIOD! We pay into it every two weeks. We held up our end of the deal. Not to mention sacrificing our safety and lives on a daily business. Do not trust any deal from a politician. Besides, shouldn't the fund be making tons of $$$$ in the stock market? Hope they invest it properly.
If it's done right (which unfortunately there's almost no chance of) this could be a good thing. Attach it to McCormick place to separate convention goers from more of their money and at least pay down some of the debt. I'm all in!
If it's done right (which unfortunately there's almost no chance of) this could be a good thing. Attach it to McCormick place to separate convention goers from more of their money and at least pay down some of the debt. I'm all in!
Personally, I like the idea and am intrigued by the possibility of the casino being located at the Old Post Office on Van Buren. Good transit options, interesting history, near McCormack Place and downtown, etc. Who knows if the conversion is feasible, but the possible development it could bring to the Near South/Southwest side could be beneficial to the entire city.
(OT) rahms in Springfield clearing hurdles to not pay full amount into pension hello dean what's going on?
http://www.chicagotribune.com/news/local/politics/ct-emanuels-police-fire-pension-plan-clears-first-hurdle-at-capitol-20150529-story.html
It says if the city does not pay we can take them to court, thought we already did and the court said city must pay the full 550 million now! Dean can you hear us??
Think faster guys!
WEEED taxes.
It will be legal. it has been decriminalized yet you don't see RAHM getting rid of the auto impound rule dealing with weed.
20 years ago the lottery was going to save public schools. We fell for it. Now we still have this school sponge that never stops taking.
Tax the herb and im talking 15-25%. lion share to all pensions. a bit to school and roads.
Picture it Hemp fest at Navy Pier with weed brownies and neon lights.
All those Wisconsin and Indiana college students on road trips to the big city eating pizza riding UBER and drinking craft beers.
RAHm don't know shit about making money he gives millions away for favors later. Ask the NFL or Spike Lee
Sergeant merit package request came out today... any info on the possible size of the class
10:44PM...
No, we didn't take them to court. The $550 mill due is an act of the state legislature.
Emanuel wants to stretch the payments out a bit, but not fatally to the pension. Full funding in 2055 as opposed to 2040. Basically he's offering about $430 mill next year.
The deal he's offering actually isn't bad. Support it. I've fought him tooth and nail on everything since he got here. Now is the time to come to an agreement with him. Everybody wins with the deal they're working in Springfield now. Without this revised deal, current law only provides for about $34 mill to be taken from state subsidies to Chicago and put in the fund in the event they don't pay the $550 mill. That brings us to BK. Support this deal.
Most importantly, you will get a pension.
Without a big cash infusion, the fund goes bankrupt in 2020.
How will Vanecko get his hands on this?
The speed with which Rahm is pushing this through the legislature should be a red flag to all that something is not right with this bill. . . . .
Anytime that Rahm is nice should make one stand back and see what he is REALLY up to. . . . because being nice is not his nature and not what he is about, so it means he is trying to trick the unions.
Another case of the democratic machine kicking the can down the road.
Rahm's run with the recruits at the academy. publicity stunt. rahm had three prior appointments to run with the recruits at the academy but each time he cancelled due to more important things to do. but, whoooaaa, when he's pushing his casino cash for pensions bill in springfield, all of sudden he loves the police and runs with the recruits.
where was his love for the police when he took our retro for the first year ("retro" for the year of retro overtime)? really, shield screwed up by not sending the letter, but for crying out loud the union was already negotiating with the city and the city knew that. not sending the letter was just a technicality that rahm used to screw us out of our earned retro pay.
remember, rahm never lets a crisis go to waste and he will do what he has to do to make rahm himself look good.
let's support the casino after a good faith gesture from rahm . . . like by making the lawfully required payment to the pension fund the first year it is due. then we should talk.
Rep. Jeanne Ives, R-Wheaton, said the measure was repeating past mistakes by putting off payments and amounted to an "underfunding" of the system. She questioned the wisdom of relying on money from a casino that has yet to be approved.
"You're essentially in fantasyland here assuming you're going to get a casino," Ives said.
Anonymous said...
explain to me how when a Judge orders the city to make the payment ($550M) the Union or anyone else for that matter can agree to let the city forego the payment ?
5/29/2015 12:49:00 PM
----------------------------------------
My thoughts exactly..The issue of fenagling out of pension payments was already tried by the state and it failed..What makes the city any different?..I hope someone has the balls to take this to court and force Rahm to pay..But I would do it AFTER he makes the 330 million payment...At least that way we still got the 330 million in the bank
I would not believe a word these scumbag politicians say or write. They lie and go back on their word all the time! Our pension is a written contract upon employment right? Who would believe anything written about casino money going into the pension fund will actually happen? We will never see a penny. The law says the fund must be funded PERIOD! We pay into it every two weeks. We held up our end of the deal. Not to mention sacrificing our safety and lives on a daily business. Do not trust any deal from a politician. Besides, shouldn't the fund be making tons of $$$$ in the stock market? Hope they invest it properly.
Hard for the pension fund to make tons of $$$$ in the stock market. The investment rules for the pension fund are limited. They are only allowed to invest a small portion in the stock market. It is too risky and if the stock market has a steep decline like in 2009 the fund would be in trouble because they need the funds to pay benefits. The fund is required to have safe returns to keep the fund at a certain level.
Anonymous said...
explain to me how when a Judge orders the city to make the payment ($550M) the Union or anyone else for that matter can agree to let the city forego the payment ?
5/29/2015 12:49:00 PM
That's easy. First, your facts are wrong. A judge never ordered the city to make the 550 million payment. SB3538, a law passed in Springfield required the payment. Second ,the union doesn't agree to the change, all they can actually do is support any change. Springfield passed SB3538 and now Springfield is trying to pass an amendment to that law with the support of Rahm and the union to change the law.
Anonymous said...
Strong rumor along with the casino there will be a cap on pensions of 100,000.
Goodby getting a golden pension cause of your connections rather than knowledge, this is gonna save the pension millions!
5/29/2015 07:20:00 AM
BS concerning your rumor. The proposed amendment has no cap on the pension. In fact it includes no reduction in benefits or increase in contributions by the employees.
Anonymous said...
When there's no pension, blame that asshole at the fireman's union, Dean Angelo, James Ade, Michael Ryan and Ronald Pontecore. Plain and simple, it's the union's fault for agreeing to this garbage.
5/29/2015 05:48:00 AM
Anonymous Anonymous said...
Once again unless the state changes the law already in effect, the city has to make the 600 million payment regardless ! Rham can't pass a bill for that! Make him pay! Make him bleed! Sound familiar?
True Rahm can't pass the law, he is trying to get Springfield to amend the law. As far as the unions agreeing to the change, they can't. All they can do is voice their support or lack of support. The legislature does not need them to agree to the amendment. Springfield votes on the amendment whether the union agrees to it or disagrees with the change
Unless the city totally mismanages the casino, it will be a money maker. Take a ride downtown and the near north side. The place is loaded with tourists, suburbanites, and business people. I was down there Friday night at midnight and the place looked like noon or a weekday.
As far as casinos not making money, you can't compare Chicago with Detroit or Atlantic city. Detroit is a bust out city with half the property taxes not being paid, extremely high unemployment rates, and no conventions. Atlantic city has too many casinos.
That wouldn't be the case with Chicago. No competition, business people, conventioneers,suburbanites and tourists will pack the the casino. Not to mention the gamblers who would not have to go to Joliet and the downstate casinos.
IF the casino is such a bonified, structured and 'positive' money venture...
Borrow ALL the money and put it into the Police Pension Fund NOW.
Pay the 'investors' back with the casino money later.
IF it's such a positive deal, let's see how many firms jump up to supply the bankroll with hopes of total repayment from a casino in the future.
(Cue the crickets,'notify the WC' they'll be on OT.)
This was in the on-line Clout Street section of the Tribune last night.
"More details of Emmanuel plans"
"-- The legislation also includes provisions to ensure that retiring police officers and firefighters who are at least 50 years old and served for 20 years or more get annual benefits equal to 125 percent of the amount earned by people living at the poverty level, as determined by the federal government."
WTF is this? Poverty level in Illinois is $11,500 (x125% = $14,375) for one person and $15,500 (x 125% = $19,375) for two people. FOP better be very careful agreeing to anything without a consensus from accountants, actuaries, and lawyers skilled in financial negotiations.
BIG Spender said...
Casinos?
Too late an idea.
Too many around already, but more importantly - WHO'S got the money anymore?
How many people go out regularly to the Casinos?
If I want to go to a casino, I fly to Vegas. Going around here is just not the same.
Again - who has the money to go out blowing it? Many don't anymore.
The world is not the CPD and Mt. Greenwood. Who has the money? Get out and go downtown. Bars are packed, can't get a reservation in the top notch restaurants, hotels at $300 a night packed. Sidewalk cafes are full and they are charging $12.00 a drink and expensive dinners. Lines to get into the high end bars. Don't believe for one second there is no money out there. Who do you think pays $40.00 or more a day to park and fill up the downtown garages.
Only way a "Chicago" casino makes any sense is if it is run by outsiders, from construction bidding to hiring dealers & bartenders. Every penny spent gets reviewed 3 times. Even then the pressure from the Chicago elite to cut sweetheart deals and skim profits will be intense. 33% lost due to payoffs and corruption doesn't sound far-fetched. Why not do something constructive with that 33% instead of line the pockets of connected cronies? At least try to turn this sinking ship of a city around.
Anonymous said...
IF the casino is such a bonified, structured and 'positive' money venture...
Borrow ALL the money and put it into the Police Pension Fund NOW.
Pay the 'investors' back with the casino money later.
IF it's such a positive deal, let's see how many firms jump up to supply the bankroll with hopes of total repayment from a casino in the future.
(Cue the crickets,'notify the WC' they'll be on OT.)
5/30/2015 09:50:00 AM
No reason to borrow rahm has all the money but he will throw dean a promotion for his son maybe a "family and friends" job and Dean will zl us out! He needs to removed ASAP! Dean you sign off sign your resignation papers immediately go back to dazzle the masses at cal college are you still scooping up our pension money on disSbility.
Lifting the residency would surely be a nice add-on to this bill. I sure
hope FOP demands this...
When there's no pension, blame that asshole at the fireman's union, Dean Angelo, James Ade, Michael Ryan and Ronald Pontecore. Plain and simple, it's the union's fault for agreeing to this garbage.
*****************************
Maybe you need to read this again. The only ones who are backing this bill is FOP 7 and Local 2. PBPA backed off on this when the ARC bill was only being presented and the Casino bill, with only a 7 year outlook, was put on the back burner.
So the current law requires the city to begin making large payments into the pension to get back to full funding. Now we let them out of that requirement on an uncertain bet? It is not our problem they waited this long to try and get a casino, and our pension shouldn't HOPE it does well enough to help. The casino will not be open in time to make our payment, and the proceeds might not be enough either, so why are we letting them off the hook? They will make sure it gets up and running quickly if they have to make our payment, and also add language like, '100% of the proceeds must go towards the required pension payments until all required payments are made. Insufficient proceeds do not relieve the city from making each required payment'.
WTF is this? Poverty level in Illinois is $11,500 (x125% = $14,375) for one person and $15,500 (x 125% = $19,375) for two people. FOP better be very careful agreeing to anything without a consensus from accountants, actuaries, and lawyers skilled in financial negotiations.
5/30/2015 09:54:00 AM
FOP cannot legally negotiate to cut our pensions. We need a lawyer because the FOP is not representing us. We may need to take a collection and hire Clinton Krislov.
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