Pension News
- Mayor Rahm Emanuel is trying to solve his police and fire pension problem by paying less upfront, taking longer to pay off the debt and getting some of the money to cover what the city owes from a Chicago casino.
The approach is designed to soften a massive financial hit expected next year, when the city is required to increase its payments into the two pension funds by $549 million as required by a 2010 state law. That's equal to nearly one-sixth of the city's yearly operating budget and accounts for the bulk of a 2016 budget shortfall now pegged at nearly $1 billion.
Emanuel, however, wants to hit the reset button. Instead of paying the additional $549 million next year, the city would spend significantly less than that. Then the city would start to increase how much it puts into the police and fire pension systems over a number of years while also spreading out its payments over a longer period of time.
This whole bill is looking to be a rush job, possibly introduced later today. We've expressed our reservations and demanded that the unions make the mayor follow the law. If the whole thing goes belly up before the summer recess, then what?
The unions should be asking for the moon. We should have actuary reports and professionals giving us reams of data, charts, graphs, etc. We should have agreements signed by politicians and reviewed by actual lawyers. This reeks of political pandering to over-eager amateurs looking ahead to the next election - a sure recipe for disaster.
Pay attention to the next few days boys and girls. It's all of our futures being gambled with.
The unions should be asking for the moon. We should have actuary reports and professionals giving us reams of data, charts, graphs, etc. We should have agreements signed by politicians and reviewed by actual lawyers. This reeks of political pandering to over-eager amateurs looking ahead to the next election - a sure recipe for disaster.
Pay attention to the next few days boys and girls. It's all of our futures being gambled with.
Labels: pension, state politics
posted by SCC at 12:34 AM
89 Comments:
If you let him delay the payment due, your fund is missing out on the expected rate of return earned on that lump sum. The traditional 8% rate of return is unrealistic, but 6.25-6.50% on $550M isn't chump change. Of course, there will be challenges in immediately investing that amount, so your investment committee should begin to work on an asset allocation plan if they haven't already started.
-- Not a cop, but a pension consultant and Chicago taxpayer.
I think anyone that puts their financial futures hopes on a casino is a fool. The casino bubble has burst. How many casinos in Atlantic City have gone under? With the loss of solid middle class jobs, who has money to throw away in casinos? Not many. And a lot of the money spent in casinos is diverted from other entertainment options, with no new wealth being created.
And we haven't even started talking about mob skimming....or the competition from video poker. Or the ruckus that the existing Illinois casinos will raise as they try to protect their turf.
We are about to get sold out again. Thanks FOP for not saying a thing about keeping our current uniforms. We want to work, less us keep our current uniforms!!! These type of energy could be allocated to other issues like the city always trying to keep our pensions!!! Are people that bored to bother with such issue than the city stealing from us!? Fight for our pensions and the pressure should be from the command to the bottom. Someday all will be retiring and all of this will be affecting everyone. Get it together!
The mayor has no plans of paying the lump sum. And there is no penalty if he doesnt. This is the only chance to shore up the pensions. It's either this option or no option. It's not perfect but it beats the alternative.
Speaking of acturial tables - the 3% non compounding cola is worth hundreds of thousands of dollars over the lifetime of a 45,000 pension. This is the last best chance to secure the financial future and protect against inflation.
Please explain to me. I thought the union and pension was separate and fop couldn't make decisions regarding our pension, only the police pension board and springfield could? I will wait for the replies. Thanks
SCC said: This reeks of political pandering to over-eager amateurs looking ahead to the next election - a sure recipe for disaster.
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Recipe for disaster? No, it's Standard Operating Procedure here.
Plus, the cake has been out of the oven for years. Have a slice.
Next case.
So it is written, so it must be done. Let the storm guide you.
Ladies and gentlemen, here is your FOP Pension committee:
Tom Lonergan (Chairman)
Bill Burns
Mike Basil
Mark Donahue
Anna Hanley
Ken Hauser
Michael Hayes
Mark Howe
Rick King
Lee Rios
Joe Rizzi
David Salzman
Ralph Schauf
Steve Schorsch
Screw you Rahm. Your trying to do what fat boy Governor Christie tried doing. Delay paymemts on promises of future payments. Read the following and see what im talking about. http://www.nj.com/politics/index.ssf/2015/05/nj_pension_reform_fight_hits_the_state_supreme_cou.html
So Rahm lied and most of you fell for it, media included. They ripped anyone running against Rahm saying he was the only leader that only he had a plan. So the plan is to build a clout ridden casino run by the usual names, of course filled with minority investors, then hope the money goes for pensions. Same way when the numbers racket was providing a decent living for those in the hood and the government said lets make it a legal lottery and give the money to education. Right. This is not even funny. So even though it is a law no money will be paid to the pensions but pet projects will still be built with taxpayer money. Even if you do not own property we all get fucked on this deal. Fees, taxes on goods and services, phone, water, etc. They go up every year. The only people making money live in the 11th and 19th wards along with the clouted construction companies. You voted for this liar. Now take it and love it.
There have ben actuary studies done. These studies are clear. Don't kick the can down the road anymore is what they tell us. These studies were given to the city and the union years ago. In no way should we allow this to happen. This mayor has already talked about going bankrupt and now we should forgive the only reassurance that protects are funds. Don't let him do it board of directors. Dean cannot do this on his own.
Bankruptcy in 2020.
Emanuel leaves office in May of 2019.
Meanwhile he uses the loot that is due to you NOW on his buds.
This really isn't that hard to figure out.
Stop spending one penny untill police fire and teacher pensions are built
up.
Rush it through like the parking meter deal. We all know how that turned out, right?
Unions? FOP never has been or will ever be like a union. All they are is a bunch of collective bargaining unit puppets for the mayor.
I would love to see the numbers for the hammond casino over the last 10 yrs....a ton of money going to indiana that could of been in our pension fund!
I have complete confidence that Dean will totally FAIL this opportunity.
How about getting the 3% COLA for those born after 01 Jan 1955 as part of any agreement.
Didn't Dean say at the last general meeting that he wasn't negotiating our pensions?
The mayor is trying to push the pension problem down the road. We can't afford to let him do that. Dean stay away from our pensions. Do what's best for the fund not the mayor. What a tool!
Kick the can down the road economics.
We need to hire professionals for CPD and CFD negotiations. What these unions agree to now will be with us for a very long time. I have no confidence in the current regime at FOP & would like my union dues to go to professionals protecting our pensions.
Don't worry about pensions, this whole country will be bankrupt in about 10 years.
Dean you agree? You better be getting ready to teach at that fake college you will be back! Dean what did the actuaries say? Mike Shields at least spoke out you are you scared? Dean your over you head "big time bro"
He can open up casinos. He can open up lemonade stands. He can do whatever he wants. Just make the payment on time. We don't have to play games with the city. The payment has to be made according to the law. We don't have to make any deals or concessions.
Rham can write all the bills he wants. Still has to follow the state law!
More money spent over here dean alderman shazaam hocus pocus dominoucus the wand is waved millions more fund obligations pension first!
http://www.chicagotribune.com/news/ct-damen-elston-fullerton-redesign-met-0527-20150526-story.html
You know if the city was really broke not crying poor it wouldn't be 1 thing but again more spent. Bond rating is junk because of city not paying the money due pensions if they did what was needed to pay pensions bet rating would rise!
Previous post"
"I'll mention to you SCC that on this subject you are grossly misinformed and your synopsis is off the mark as well. To the sergeant who posted this story, thanks for keeping your big mouth shut."
5/24/2015 06:06:00 AM
------------------------------------------------------
Well, Well, Well . .
to the above poster who wrote this it looks like you are a corrupt union HACK trying to keep a lid on YOUR secret dealings with Rahm and company.
Thanks to this BLOG, the truth was exposed.. the media made inquires.. and NOW the Chicago Tribune is running the story for all to see.
Also thanks to the "information age" your corruption will be exposed a lot easier and the likes of MORE corrupt Politian's and union HACKS like yourself will go to the penitentiary one day.
Also from a previous post:
"To all you know it all's... the fop has absolutely no say so in the pension funding. Wake up and stop the rumors. Lastly, I'm sure you can do a much better job for the members. Hope to see your name on the ballot."
5/25/2015 06:30:00 PM
---------------------------------------------
Now the quote from the Chicago Tribune:
"We are currently in discussions with union representatives for the police and fire unions concerning potential amendments to that law" According to Lois Scott the city's outgoing chief financial officer. (AND I should say she is probably running her ASS OFF as fast as she can away from this disaster!!)
To say the least THE CITY wants all 5 unions FOP, Fire Local 2 and the 3 PBPA Units to SIGN OFF on the deal so it will fly in Springfield. So much for a rumor.
ONCE AGAIN .. Thank You SCC for exposing the corruption from our Unions and politicians.
The casino is not the Holy Grail. It's a loser. The market is already saturated with casinos and even Atlantic City is shutting down.
http://www.bloomberg.com/bw/articles/2014-04-03/casinos-close-as-revenue-falls-in-gambling-saturated-u-dot-s
"...getting some of the money to cover what the city owes from a Chicago casino."
How about cutting the number of aldermen in half, going through City Hall with a basket of pink slips for all the deadwood "administrators" and "coordinators" and "facilitators," selling off all "land-banked" city property -- if anyone wants it -- and eliminating unnecessary expenditure on skateribbons and dogparks and flyovers and "street art" and banners and festivals and no-bid wasteful contracts and huge giveaways to the connected? Essential services and repairs only.
Makes too much sense...
Typical, the payment plan or layaway, instead of cutting the spending on social programs designed to appeal to those whose lives of irresponsibility constantly burden the working class he wants to shuffle around and say such a deal I've got for you now, when he could have been truthful and served the shit sandwich 3 years ago by simply raising the property tax $100 a year or $8.25 a month for the 640,000 property tax bills sent out yearly in Chicago, which would have raised nearly $250 million dollars not including growth from investment by 2016. But we all know as soon as these buffoons get a dollar from us they want to spend 2 dollars and ask " can I get some credik on that "
So the Supreme Court rules against Rahm, and now he comes crawling in wanting some concessions?
How about some KY jelly while we ram it up your ass?
Always out of money to pension. Never out of money for the welfare mooches.
Call the next case. Not a cop.
Great Idea!
Kick that can a little farther down the road. Don't fix the problem, just push it a leeettle farther out. One more month, one more year, one more election, just push it off until after I retire.
Not defending the mayor and he should be following the law ,SB3538 when it comes to the pension BUT if it is a matter of reducing the 550 million due and taking a few years longer than the 25 years in the bill, is that all that bad. As long as the pension as a result of this starts getting increasing funding and increases the pensions funding, it might not be that bad. The reason I say this is with this possible solution the citys bond rating should go up and that would mean the city would be paying less to borrow money and could use some of that money to fund our pension. Also what it would mean is less of a property tax increase.
Also getting a temporary casino location and an advance on the casino profits would help the citys bond rating. Without that it would probably take at least 5 years to build a casino and have it become profitable.
It also appears that with this possible solution, the city at this point has not asked for increased pension contributions from the members or has not mentioned reducing pension benefits. I realize the Illinois Supreme Court spanked them about diminishing benefits, but the increased members contributions was never addressed.
Once again, let me say the CITY SHOULD HONOR SB3538, but could this be a compromise?
OK, guys and girls, let me have it.
How about deferring payments and spending on the River Walk Project or other bullcrap pet projects. The Unions will cave. The Weasel already won the election, he has no desire to placate First Responders. Remember he had 4 years to put off Maggie Daley Park, the sneaky DePaul Stadium deal, a shady Divvy bike deal and the LSD Pedestrian overpass, the list goes on.
Borrow from the TIF Fund and work out an installment program with them, not the First Responders.
Getting rahm over the barrel...put him in the barrel and plug the bung.
How is that non-endorsement for Mayor working out for you? Every cop I know what chanting Chuy before the election. Now that the election is over, you now want a bigger seat at the table. Like it or not its the truth. Local 2 atleast made an endorsement and stuck by it.
Donahue and Hauser on the committee! Well there you go!!! Deals with the devil!
A Chicago casino might bring in some revenue but expecting it to solve the whole pension problem is naive.
Even the rosiest of projections suggest it would net no more than $200 million a year, and that would not even make the required payments to the police pension fund, much less all the other city employee pension funds that are owed money.
In any case, even if the state allowed it tomorrow, how long would it take to build it and get it running? Three, maybe four years? No revenue until it actually opens up.
And there is no guarantee the city would allow it to operate in a rational location that maximizes revenue.
OT --
AT&T Uverse customers, check your bills. Sudden $7.00 month increase for "high speed internet equipment," mine says I signed on for this in 2009 -- on an account that didn't even exist until 2013! LOTS of online comments about this, everyone got their bills around this time and it's a massive WTF.
"The casino is not the Holy Grail. It's a loser. The market is already saturated with casinos and even Atlantic City is shutting down."
http://www.bloomberg.com/bw/articles/2014-04-03/casinos-close-as-revenue-falls-in-gambling-saturated-u-dot-s
5/27/2015 08:57:00 AM
There it is, my man. Truth. Hard for Rahm I. Emanuel to "work around..."
Real Estate Bubble Phase II going now, "flippers" advertising like crazy on local radio, one after another as the snake oil salesmen drive their wagons through town...bad, bad signs and portents. Not just for police pensions, for everything.
Why would things be any different? Nothing changed.
"I is flip 600 houses right under you nose! Now I teach you my way, get all the cash you ever need FOR FREE!"
"Call NOW! Seating at my seminar is [kept] very limited..."
nonymous said...
How about getting the 3% COLA for those born after 01 Jan 1955 as part of any agreement.
5/27/2015 06:55:00 AM
Agreed that should of never been changed, and dean if your in anyway involved in this pension "holiday" nonsense you gotta go, and take all the lackeys from that once proud union hall with you! Last 1 to leave please shut off the lights! Dean use this blog which we know you read,and or the website that is never updated to say something, whats in it for you dean to sell us out? like monthly retirements to lazy to even keep up with that on website!
Rahm has know since he was elected that pension payments needed to be made. He nor the city council have made any effort over the years to meet that obligation, now they cry poor. Kick the can down the road? Then what, kick it further? Why believe him now? A casino? By the time the "Hollywood" type accounting is done there will not be a dime left in profits for the pension fund.
"And we haven't even started talking about mob skimming....or the competition from video poker. Or the ruckus that the existing Illinois casinos will raise as they try to protect their turf."
5/27/2015 01:05:00 AM
The existing operations have no "turf." Elmwood Park already has at least one video-gambling parlor. Why drive way out to some boat when you can lose the rent money right there in a strip mall and then step next door and get buffalo wings...don't even have to change out of your pajamas.
A casino in Chicago will be a draw, which is something we've all known for a decade. We aren't talking five or ten casinos; we're talking the only game in town. One casino.
This casino won't fully fund our pension or be the only source of funding for our pension. But - it will help. Eventually, it will help. In the meantime, the City needs to pay what the State law requires of it. In full and on time.
"I think anyone that puts their financial futures hopes on a casino is a fool."
5/27/2015 01:05:00 AM
Well, talk about s__t and look what come slidin in.
Hiya, Rahm!
Anonymous Anonymous said...
How about getting the 3% COLA for those born after 01 Jan 1955 as part of any agreement.
5/27/2015 06:55:00 AM
We get it. You post on every topic. We fully understand you were born after 01 Jan 55.
But your overconcern with your cola is keeping you from seeing that three percent of NOTHING is still NOTHING.
First, secure the pensions. Then worry about your cola.
Chicago has a 9 billion dollar budget. The Mayor could have put 100 million a year in the last four years....seriously, whats 100 million dollar in a 9 billion dollar budget. Cut out a bike lane or money to Depaul or something. But he has done nothing but bitch about it. So, I'm with the group saying he better put all money in now. The Unions should not give him a break. Hey, take the 550 million from the TIF funds, and as the casino gets rolling start placing it back in. And I don't have an Economics degree!!!!
OLD RETIRED GUY
Citizens for Pension Integrity
http://pensionintegrity.org/pension-problem/
According to this group, if nothing is done,
the police pension runs out of money in 2021.
That's about five and a half years away.
We cannot kick the can again. Time is running out!
The city MUST make the REQUIRED $549 million payment
as directed by the 2010 LAW.
Do not give in to Emanuel, he is required to do this.
I wrote Angelo an E-mail urging him not to accept this "deal" 3 days ago..He didn't even have the courtesy to answer it.
The mayor has no plans of paying the lump sum. And there is no penalty if he doesnt. This is the only chance to shore up the pensions. It's either this option or no option. It's not perfect but it beats the alternative.
_________________________-
there is a penalty
"The mayor has no plans of paying the lump sum. And there is no penalty if he doesnt. This is the only chance to shore up the pensions. It's either this option or no option. It's not perfect but it beats the alternative."
I thought that payment was required by law?..If he doesn't make it, we need to bring him before a judge
The casino is not the Holy Grail. It's a loser. The market is already saturated with casinos and even Atlantic City is shutting down.
http://www.bloomberg.com/bw/articles/2014-04-03/casinos-close-as-revenue-falls-in-gambling-saturated-u-dot-s
Not sure about that. Chicago would be unique if there was only one casino downtown. No competition as in Atlantic City and Detroit and tourists and people attending conventions along with city residents would be more likely to gamble there than have to get to Joliet or Indiana Detroit couldnt make money because half the city residents are bustouts and have no money to gamble.
He just lied to the teachers union with a similar deal!
He promised the teachers that all the public schools that were closed will not become charter schools.
Now guess what is making its way through the school board a plan to open schools that were closed as CHARTER SCHOOLS.
HUH... so any promises are quickly forgotten and RAHM sets up another unit of government to propose a great idea and sandbag the union.
FOP Deano i hope you read the papers none of this is secret.
Courts ruled they must pay! Unless of course the esteemed President Dean (said laughingly) grants them a non-payment skip! Isn't this the pension holiday nonsense Daley pulled when his son and nephew stole the 60 million from our fund lost it all and never repaid it! DVDs urban ventures failure Daley vaneko! Crime inc! Why are they not federally charged? As a matter of fact what fat cat at pension board signed off on this theft? Were they paid off? Inquiring minds want to know! Average pension is $45,000 a year we get little to no social security averag collection 12 years $490,000 per retiree that 60 million would of covered about 140 retirees now he wants to not pay the 550 million nope,nada,Noway, you owe you pay simple huh!
Like it or not Chicago is a major tourist destination. That means there will be built in clientele for the casino. It will make money. The market isn't saturated in Chicago like it is in Atlantic City because no one goes to Atlantic City except to gamble.
More spending....only $9 mil for this initial project to be tied into the $95 mil spent on the 606 project. I'm sorry, if I have bills due I stop spending!
"With less than two weeks until The 606 opens to the public, the creation of another rails-to-trails project on Chicago’s Northwest Side is in the works."
http://www.chicagotribune.com/news/local/breaking/redeye-weber-spur-trail-20150526-story.html
you elected a police officer who is on disability and a bunch of retirees-expect to be sold out on this one, too!
Any Chicago casino should have a world class sports book. That is what will make money, not the quarter slow machines.
As far as Rahm and his bullshit "negotiating" with our union on what the state law mandates he much pay, the answer is NO!
Pay up asshole, where it comes from is your problem. Raise taxes and tell the property owners you will lower them again once the dough starts rolling in from the Daley, Vanecko and Burke Casino..
Just recently past FOP president refused-forgot to file the "letter" and the mayor stuck it to all members with consequences that saved him millions. Let us not forget this is the same principle, and we / you must follow the rules . If it means pay now, build casino n pay later as well , then suck it up mr mayor and pay as prescribed by law. Like the red light camera fiasco and by your own words , you are not above the law, and once again your words fit or do they ?
Everybody should read todays Chicago Tribune story about this. CFFU Local 2's president while not be specific hinted at cleaning up pension language.
Translation: getting rid of the 1955 COLA date.
Anonymous said...
I think anyone that puts their financial futures hopes on a casino is a fool. The casino bubble has burst. How many casinos in Atlantic City have gone under? With the loss of solid middle class jobs, who has money to throw away in casinos? Not many. And a lot of the money spent in casinos is diverted from other entertainment options, with no new wealth being created.
And we haven't even started talking about mob skimming....or the competition from video poker. Or the ruckus that the existing Illinois casinos will raise as they try to protect their turf.
5/27/2015 01:05:00 AM
Good point and don't forget sooner or later and it's only a matter of time; online gambling will take off. There are too many casinos in the Chicago area as it is. Also casinos are a business just like any other. They have competition and their revenues go up and down just like any other business. A casino is not a magic ticket to guaranteed revenue.
Anonymous said...
If you let him delay the payment due, your fund is missing out on the expected rate of return earned on that lump sum. The traditional 8% rate of return is unrealistic, but 6.25-6.50% on $550M isn't chump change. Of course, there will be challenges in immediately investing that amount, so your investment committee should begin to work on an asset allocation plan if they haven't already started.
-- Not a cop, but a pension consultant and Chicago taxpayer.
5/27/2015 12:48:00 AM
Investment committee??
Anonymous Anonymous said...
Please explain to me. I thought the union and pension was separate and fop couldn't make decisions regarding our pension, only the police pension board and springfield could? I will wait for the replies. Thanks
5/27/2015 01:31:00 AM
You are correct. Rahm is trying an end run. Getting the unions to agree and then going to the legislature for a change in state law pointing to the so called "agreement." "See, even the unions want the law changed." Bullshit. Stand pat. Pay up asshole.
Hey SCC;
Rham will just kick the can down the road...put off the hard decisions like all politicians and leave it for the later generation to clean up.
When was the last Pension Committee meeting for FOP?
Please voice your opinion to the union. This getting ridiculous when we are close to getting our fund pumped up with some serious money, this mayor wants to deal. If the supreme court ruled otherwise, the mayor would've been singing a different tune and we would've been screwed. NOW that we are in the driver's seat, we need to play ball and NOT GIVE IN !!!! Pay the money and the mayor can build the casino and replenish the city accounts. Don't do it on OUR BACKS !!
so the Nfl is a non-profit. just give the money away. i'm sure none of 9.5
friends made anything off this.
......................................................................................
Those who attended the 2015 NFL draft and outdoor fan festival in downtown Chicago nearly four weeks ago aren"™t the only ones who got to take advantage of the action for free.
The NFL did too.
The Chicago Park District waived a $937,500 rental fee to use Grant Park and nearby parkland, according to documents released to the Chicago Tribune under a public records request. The district also waived a security deposit.
Historically, the park district provides relief to nonprofit and charitable organizations hosting events on its property. For example, the district"™s special event permit application states that nonprofits may receive up to half off rental fees "” which can easily reach six-figures for one site "” if all of the event"™s net proceeds go to the nonprofit.
forgot to add the link;
www.goerie.com/BC-FBN-DRAFT-CHICAGO-FEEWAIVER-TB-sports
If casinos are such a lost cause how did Rivers in Des Plaines make over $400 million last year? How did Horseshoe in Hammond make over $400 million last year? That's Adjusted Gaming Revenue, how much they won, gross profit. Take a look at the Illinois or Indiana Gaming Board web sites for exact numbers. A Chicago casino will make more than that. A temporary casino can be in operation making money six months after the contract is signed. It has been done in many other places. A check can be cut for the license fee, the day the contract is signed. Rivers came up with 150 million, I believe. There are only 3 or 4 gaming companies large enough to get this big of a casino operating. They will bring in their own people to run the place. There are no organized crime types running any casinos in Illinois. The Illinois Gaming Board does a good job in preventing this. There is no (legal) video gaming in the city of Chicago, that is not competition. We are not in the Atlantic City market, it does not effect gambling in Chicago. Revenue projections for a city owned casino are way more than 200 million a year.
Anonymous Anonymous said...
He can open up casinos. He can open up lemonade stands. He can do whatever he wants. Just make the payment on time. We don't have to play games with the city. The payment has to be made according to the law. We don't have to make any deals or concessions.
5/27/2015 08:02:00 AM
Since he was an acolyte of the lord of the flies, the laws don't apply to him.
Ask for the 3% cola when police officers reach mandatory retirement age , raise mandatory retirement to age 66. Stay on the job until age 62 , straight days , summer furlough , 2-4 days on the medical every month , not a bad job . I might stay until 63 . Write a tv bat end of tou 1/2 hour OT = 45 minutes pay . Work the system , job pays well .
Anonymous Anonymous said...
I wrote Angelo an E-mail urging him not to accept this "deal" 3 days ago..He didn't even have the courtesy to answer it.
5/27/2015 02:25:00 PM
He doesn't answer calls, emails, USPS mail where does he hide? Think he's maybe scared, already made deal with rahm?
Anonymous said...
If you let him delay the payment due, your fund is missing out on the expected rate of return earned on that lump sum. The traditional 8% rate of return is unrealistic, but 6.25-6.50% on $550M isn't chump change. Of course, there will be challenges in immediately investing that amount, so your investment committee should begin to work on an asset allocation plan if they haven't already started.
-- Not a cop, but a pension consultant and Chicago taxpayer.
5/27/2015 12:48:00 AM
Investment committee??
5/27/2015 06:51:00 PM
Your pension board should have an investment committee.
"With less than two weeks until The 606 opens to the public, the creation of another rails-to-trails project on Chicago’s Northwest Side is in the works."
http://www.chicagotribune.com/news/local/breaking/redeye-weber-spur-trail-20150526-story.html
5/27/2015 03:57:00 PM
Aw, crap. I walked this like TEN YEARS AGO and they had scraped it pretty much clean...and were just waiting.
SPEND, RAHM! SPEND!
I too wrote Dean twice asking about what's going on and no response. Why would he even negotiate the $500 M anyhow? A law was passed. Why wasn't money set aside each year?
Dean Angelo wants to be the Director of Security for the Chicago Casino..The only thing he has to do is fuck us out of our hard-earned pensions...
How about having the city rent some gambling boats and dock them near the places that the tourists, trade show and convention attendees would be? Near Navy Pier, McCormick place, the new River Walk, etc... That way you could determine what the market is before spending a billion dollars they don't have to build a casino they would probably turn into a very expensive daycare center if it doesn't work out. But than, this is Chicago and they just want to give their people a slice of the pork. They would have to pay for the building loans before any profits go to the pensions. That could take years! This whole idea is very iffy and expensive. I'd like to look at the fine print!
Ask Donald Trump about how to do it. He has a stake in Chicago with his building and he knows how to squeeze money out of any deal! He could build/lease it or put it inside his building and share profits. There has to be a better way! It won't work when the fifty thieves get involved!
about 15-20 years ago when Daley was thinking of getting a river boat casino behind McCormick Place East he had that whole building hardwired for all the slot machines that would go in.Probably take less then a year to get a casino running.
Guys- Please read the fine print on that Legislation regarding the 590 million payment. If the city states they can't pay it (which they will) then the funds come out of a designated Illinois Grant fund which is currently funded at around 100 million. Divide that by all parties involved, and we receive approx. 30 million. If you don't believe me, ask your legislator...and ask Mark Donahue about it since he wrote it.
Hey raise the retirement age to 66.Drop dead at 67 collect no pension. I have been retired 7 years, no COLA making same amount of pension money. 3% would be nice.
The mayor has no plans of paying the lump sum. And there is no penalty if he doesnt. This is the only chance to shore up the pensions. It's either this option or no option. It's not perfect but it beats the alternative.
5/27/2015 01:27:00 AM
You're a fool. Casinos have had their day. There is no money to be gained from a casino. You don't throw away a lump sum payment for the HOPE of a payment that may not materialize at all let alone anytime in the near future.
Not defending the mayor and he should be following the law ,SB3538 when it comes to the pension BUT if it is a matter of reducing the 550 million due and taking a few years longer than the 25 years in the bill, is that all that bad. As long as the pension as a result of this starts getting increasing funding and increases the pensions funding, it might not be that bad. The reason I say this is with this possible solution the citys bond rating should go up and that would mean the city would be paying less to borrow money and could use some of that money to fund our pension. Also what it would mean is less of a property tax increase.
Dear 11:30 post:
The Mayor has had FIVE years to come up with the 550 million. Because he has chosen not to save a little each year, despite several prop tax increases already, is no reason to forgive this and give yet another pension holiday. This is irresponsible.
The city has spent more time and effort trying to dissolve the contract with retirees and the lease with the park grill, than it has suing to get out of the money sucking parking meter deal. Face it, chicago would not be in this shape is we had the half a billion dollars a year we raise through parking fees. Why not claim hardship and emergency on that deal and get our parking revenue back?
Anonymous Anonymous said...
Dean Angelo wants to be the Director of Security for the Chicago Casino..The only thing he has to do is fuck us out of our hard-earned pensions...
5/28/2015 02:06:00 AM
Dean is not that stupid to enter a deal like this, after all he has a PHD (Pretty High Diploma) reminds me of Jethro of the classic Beverly Hillbillies show he wanted to be smart and act smart, wait a minute Jethro was a "double knot spy" played both sides any similarities?
(OT) police body cameras will be funded by tacking on $5.00 fee to traffic tickets!
http://www.chicagotribune.com/news/local/politics/ct-illinois-police-body-camera-law-met-0529-20150528-story.html
Let's tack on another $20.00 and put it towards the pension for police could you imagine police writing more citations safer streets for the children hey curious George Cardenas look over here! Alderman get with George he at least wants to fund police pensions he's a real police fan "change we can believe in!" Oh yeah! 🚔
Charge Admission to bon Residents to All Chicago Attractions. Start out with low Admission prices. Raise according. Account for ALL spending, and only spend on necessities (snow removal, trash, road repairs, for at least 5 years.
Although 3% is not bad for COLA, lets not just focus on that alone. Retirees get the 1.5% cola now, as long as they were born pre 1955, so, we are only talking another 1.5% additional for them. If the rest of the retirees get 3% cola regardless of age, then in all reality, we are not talking ALOT of money. Remember its a fixed 3% of your pension when you retire. So, if you retire with a 50k retirement income, you will get 1500.00 per year for the rest of your life. Break that down, and its 125.00 per month,31.25 per week. And please don't forget that's pre-tax. So the big picture is not to be too concerned about the COLA, but the pension fund itself. If we were talking compounded cola, then that's another story. Sad, that the powers to be, only throw a morsel at us instead of giving us the gravy with a compounded cola like the rest of the state.
Although 3% is not bad for COLA, lets not just focus on that alone. Retirees get the 1.5% cola now, as long as they were born pre 1955, so, we are only talking another 1.5% additional for them. If the rest of the retirees get 3% cola regardless of age, then in all reality, we are not talking ALOT of money. Remember its a fixed 3% of your pension when you retire. So, if you retire with a 50k retirement income, you will get 1500.00 per year for the rest of your life. Break that down, and its 125.00 per month,31.25 per week. And please don't forget that's pre-tax. So the big picture is not to be too concerned about the COLA, but the pension fund itself. If we were talking compounded cola, then that's another story. Sad, that the powers to be, only throw a morsel at us instead of giving us the gravy with a compounded cola like the rest of the state.
3% is not too bad. Agree , compounded would be a lot better. In you comment you minimized the effect of 3%. Retire at 50K, ten years later you are making 65K. That could be another was of saying it or in 9 years 63.5K or in 8 years 52K 3% adds up
Anonymous said...
Not defending the mayor and he should be following the law ,SB3538 when it comes to the pension BUT if it is a matter of reducing the 550 million due and taking a few years longer than the 25 years in the bill, is that all that bad. As long as the pension as a result of this starts getting increasing funding and increases the pensions funding, it might not be that bad. The reason I say this is with this possible solution the citys bond rating should go up and that would mean the city would be paying less to borrow money and could use some of that money to fund our pension. Also what it would mean is less of a property tax increase.
Dear 11:30 post:
The Mayor has had FIVE years to come up with the 550 million. Because he has chosen not to save a little each year, despite several prop tax increases already, is no reason to forgive this and give yet another pension holiday. This is irresponsible.
The city has spent more time and effort trying to dissolve the contract with retirees and the lease with the park grill, than it has suing to get out of the money sucking parking meter deal. Face it, Chicago would not be in this shape is we had the half a billion dollars a year we raise through parking fees. Why not claim hardship and emergency on that deal and get our parking revenue back?
Not as easy as it seems. Even if the city was successful in suing the parking meter company, they would have to pay the parking meter company the 1 BILLION DOLLARS the city was paid. The money supposedly was to last something like 75 years that the previous administration spent in a few years. Park Grill lawsuit is different because of how and who negotiated the deal and the terms given.
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