Check Your Deferred Comp
- Federal authorities are investigating how $2.6 million was taken from the retirement accounts of 58 city of Chicago employees via fraudulent loans.
Nationwide Retirement Solutions, the company that administers the city’s deferred-compensation accounts, spotted a series of suspicious transactions involving about 91 of the 36,000 employee accounts, city officials said Saturday. The accounts are similar to 401(k) accounts.
The company alerted city workers who were victims of the hack and refunded the missing money to their accounts, officials said.
An unsubstantiated rumor that we're starting right now implicates the 5th Floor at City Hall stealing money from accounts to pay for some unspecified Rahm-project next month.
Labels: info for the police
posted by SCC at 12:01 AM
37 Comments:
Who has access to all the account information?
Not that someone could make a dishonest kilobuck selling it.
Why not, they will sell everything else, including your children's virtue.
Most likely it is the Russian Mafia somehow hacked into the accounts.
I thought one needed to jump thru hoops to get money out of deferred comp.
An unsubstantiated rumor that I'm starting right now implicates Bubblehead as somehow involved.
Very true, unnerving, and distressing. Lest we forget the hacked dept server that gave up an undisclosed amount of p.o.'s personal info, as well as all of the info thrown out there because of the cr number release.
Rahm is looking for money for the final four.
Wouldn't surprise me at all............
Stay Safe.............
Off Topic: Why would ANY e-mails to or from city hall be Redacted? I'm sure their is no National security at stake. Where is the press now?
Certainly the money was covered and replaced by Nationwide,
but the fact remains that somebody gained access to the account information and knew how to manipulate the system.
The same sort of fraud happened frequently at the Credit Union a few years ago.
I bet there's a connection to the employees, former and present. That's what you get when you hire minimum wage personnel without a background check and trust them with sensitive information.
Seemed like every time I applied for a mortgage, I would find a mysterious credit application or non paid bill collection notice on my credit report. These folks can easily used their free cellphone to forward info anyone. Ever go to the doctors office and see the "clerk" taking your info? Look to her right, there lay her cellphone. Never a moment without that cellaphone nearby.
Now is a perfect time to put a Fraud Alert on your credit report that won't allow a credit application approval.
Daly's nephew got it.
Your money in deferred comp is actually owned by the city and not you. They can take it if they want and issue you an IOU. Probably won't happen but you never know.
Watch your accounts closely. I have been retired 9 years and am withdrawing a small amount monthly. In checking the balances every quarter I caught a 5k withdrawal that I never made. They made good the money but never really explained how it happened. This happened about 3 years ago. Stay Safe
old retired guy
The money in your deferred comp account belongs to the city until you withdraw it. You are in effect lending the money to Rahm.
So what is the RD number?
Let me guess the ghost unit known as financial crimes is not even looking into this.
They must be telling all the victim that if the fund put the stolen money back no crime occurred.
Another unit that has lost its mission.
Send them all to summer mobile to be useful.
Anonymous Anonymous said...
I thought one needed to jump thru hoops to get money out of deferred comp.
6/12/2016 12:54:00 AM
____________________________
Maybe a year or so ago they changed the rules of the 457b so that you could take a loan of up to $50,000 out of your account. You pay it back to yourself at a rate of 4.5%.
I thought one needed to jump thru hoops to get money out of deferred comp.
6/12/2016 12:54:00 AM
Nope,not anymore.You can take a loan out on your account up to $50.000 on the computer in a matter of minutes.
We are still not sure what data was lost when the department computer systems were shut down and hacked for a week in January / February of this year .
The department servers and computers were not protected by any current antivirus.
Great Job lewin and his merry men !!!!
Stop your deferred comp and put that money with a private firm like edward jones. deferred comp sucks.
They also just deleted everyone's beneficiary and now you have to download the benificiary form on their website and send it back to them. Everyone should go on your account page and check if you have a benificiary listed.
It was the jagoff on the 5th floor at shitty hall.
Keep an eye out for bubble heads spending habits in the near future. Is he visiting Indiana more than usual, are his shirts a little brighter, are his teeth whiter, and most important do his pay stubs no longer have a line for money being deducted per a court order? Then if those things are happening, it was bobble head
Bit of advice from a retired guy. Get out of city's "deferred comp" program as soon as you retire. You can roll it in to any program with number of financial houses with no penalty or cost. Do some research and don't let any company associated with city hall near your retirement savings.
Deferred Comp has been without a doubt the worst investment of my life. Right up there with buying a house and paying for thirty years.
I don't know how it works with government 401k type plans but with real 401k type plans you have to fill in and sign some paper forms and the check is sent through the plan administrator. It can be initiated online but can't be completed that way.
Anonymous Anonymous said...
Deferred Comp has been without a doubt the worst investment of my life. Right up there with buying a house and paying for thirty years.
6/12/2016 06:07:00 PM
You must be a special kind of dumb. If you're not smart enough to know how to manage your money and investments or how to read an amortization chart then you have problems. I want to play poker with you some time. I'll bring the beer.
Def comp funds remain an asset of the governmental entity until the individual leaves government service.
Rumors work when they're plausible. Remember last year when the city asked the teachers' pension fund for a loan to pay off the payment they just made?
Sign up for VRI it's back
Anonymous Anonymous said...
Bit of advice from a retired guy. Get out of city's "deferred comp" program as soon as you retire. You can roll it in to any program with number of financial houses with no penalty or cost. Do some research and don't let any company associated with city hall near your retirement savings.
6/12/2016 05:30:00 PM
Good advise, but I tried to go with a big investment company and their proposal didn't have the same return that I have with my portfolio in deferred comp? It's always good to try and find something that could be better!
Anonymous said...
Stop your deferred comp and put that money with a private firm like edward jones. deferred comp sucks.
6/12/2016 01:23:00 PM
Worst advice I've ever seen.
Younger Coppers don't listen to the posts knocking Deferred Compensation. Get in it and get in it early as time is money's best friend. Try to max if you can and watch that balance grow.
The posts on here truly don't understand how a Def Comp works. I watched a 51 year old PO tell the younger POs that Def Comp is a scam. This 51 year old PO didn't contribute 1 single dime to it and is currently in Bankruptcy proceedings.
Do it and do it early, Young Bucks
Peace
Where was Bubblehead?
Stop your deferred comp and put that money with a private firm like edward jones. deferred comp sucks.
6/12/2016 01:23:00 PM
Hahahaha. Yeah ok, R-tard..
D-comp has the lowest rate passively managed index funds around (Vanguard). Go to Edward Jones and pay to have someone manage your money which will be another expense on top of the fees you'll pay for actively managed mutual funds that Edward Jones and the like uses. Passively managed index mutual funds beat actively managed funds 80% of the time, with a fraction of the fees.
6/12/2016 08:21:00 PM
Not really.Refi for another 30 years, spend the $$ on what you want, and be dead before the note is up. I really don't plan on being alive at 88 yoa.
Anonymous said...
The money in your deferred comp account belongs to the city until you withdraw it. You are in effect lending the money to Rahm.
6/12/2016 11:00:00 AM
That's one of the dumbest statements I've ever read. You're an extraordinarily ignorant person.
Anonymous said...
Your money in deferred comp is actually owned by the city and not you. They can take it if they want and issue you an IOU. Probably won't happen but you never know.
6/12/2016 10:39:00 AM
I thought the other idiot poster was an ignorant fool but you win the gold medal for the dumbest post. I don't understand how people like yourself can go through life being so fucking stupid. I actually feel sorry for you.
This has to be true! I requested a loan on Memorial Day, the money was in my acct a few days later. Happy! i paid my bills off....then, the money was gone out of my acct. It had been reversed. Of course all the payments i made bounced. Nationwide said there was suspicious activity and they wanted to verify it was me. I had to agree because getting the money was TOO EASY! Anyway, they refunded all the overdraft fees and returned the money. No complaints from me...
Post a Comment
<< Home