CPS to Pay Pension....
- The Chicago Public Schools will make a $676 million payment to the Chicago Teachers Pension Fund due Thursday even though that massive payment will leave the nearly bankrupt school system with just $24 million in the bank.
“Chicago Public Schools will make that pension payment. . . . In the last two years, the city of Chicago has made more pension payments to the Chicago Teachers Pension Fund than the preceding 15 years. Payments weren’t made by Springfield or anybody else, and that was wrong,” Mayor Rahm Emanuel said Monday.
Emanuel said CPS would “not have a financial challenge” if Chicago taxpayers were not paying twice — through property taxes for the pensions of their own teachers and through income taxes for the pensions of teachers outside the city.
So now what? Everyone is playing chicken, but they're doing it on a high-wire with no safety net. The first one to swerve falls into the abyss.
Labels: money questions
posted by SCC at 12:01 AM
35 Comments:
http://www.chicagotribune.com/suburbs/ct-bellwood-pension-met-20160624-story.html
There should be marches over this bullshit right here. How the fuck do you go from 14k a year to 77k? You cannot get that type of return on a normal investment. And to make it worse, they are using our fucking money to do it. Sure give me 105k then pay me a pension of 77k a year you will get your money back. damn
They're doing it on a high wire with the kids beneath to break their fall. It's the kids who will suffer - no $, cut teachers, larger class sizes. You think Rahm's kids' schools have class sizes of 30 or more? Study after study shows small class size makes a difference in learning. (Among other things such as parent involvement...)
If the schools don't open sue to lift residency. Can't make us live in city with non or chronic disfunctional schools. Lift it and I'm gone tmrw. And the high crime.
The teachers union is bigger, more powerful and has more political suck than the cops union does?
As they are fond of saying in the ghetto . This shit is getting real.
It isn't like the poor students in the Chicago schools learn anything.
Maybe the best thing is to shut them down for a year.
The caring parents and the devoted students will learn how to be educated , and probably learn more.
You want to see some real suck? Look at the last 10 years growth of "Pension" in the Teachers Union. It's something like 10,000 percent growth. That there might indicate some fishy business to an FBI Type Accountant in the "days gone by". Today? Not so much.
The administration of the schools is a mess. Start there.
As our pension fund money is still being held and not paid where's CPD outcry?
How do these greedy teachers think that paying two percent into their pensions will secure their benefits? Karen Lewis and her side kick troll need to wake up and start paying the same as the rest of us, just because Daley gave them a special deal about 15 years ago to cover 7% of their pension for what suppose to be a one year deal worked its way into their contract and they have been ripping US off ever since. I do like teachers and have numerous ones as friends but Karen Lewis and the left wing freak show is hurting the reputation of teachers everywhere as being greedy SOB's. Lewis is fighting a 7% pay cut (in reality restoring their own pension contributions) when in reality Emanuel/CPS is trying to safe their pensions and everyone else in the process. Greedy Lewis only has three houses, wish I had a vacation home. Just saying.
I love how he twists the facts to fit his agenda of stealing the suburban money and funneling it back into the CPS abyss. Fuck him.
It's terrible when you run out of other people's money. I am fortunate to be a retired teacher in Texas, where, strangely enough, the politicians controlling our pension fund realized that there is a tomorrow (which has become today) and funded the fund properly. I'm still amazed that actually happened. Kudos to conservatives!
Emanuel said CPS would “not have a financial challenge” if Chicago taxpayers were not paying twice — through property taxes for the pensions of their own teachers and through income taxes for the pensions of teachers outside the city
Why does this always go unchallenged by the media. The state pays a much larger percent of the regular CPS budget, than it does to most other school districts. Yes the state is not paying for A, but they are paying for B. CPS has also decided (negotiated) to pay 7/9 of what the teachers should be paying into the pensions.
To the Anonymous commenter who thinks we should shut schools, @##$ you and all your descendants. I'm a caring parent with a kid in CPS. These cuts will be devastating to not just my child but many others, children of caring parents. Don't blame poor students and their families. Instead, we need to demand our elected officials do their fucking jobs.
Rahm's words strike me as something a ghetto denizen would say--wanting credit and praise for doing something he was supposed and required to do.
Chris Rock did a entire routine on this
These are the facts of CTU contracts and pensions form Chgo Tribune archives.
Contracts going back to 1990's have been 4% per year except when RAhM stepped in and said he didn't have money for a 4% raise in the previous Daley negotiated contract.
Health care costs to the member have remained steady (no increase to CTU members) for 8 years.
7% of the members 9% pension contribution has been paid by CPS.
Could FOP have gotten us 4% a year, no way, Daley wouldn't open the books and the arbitrators wouldn't grant it.
Could FOP been able to get the City to hold our health care costs at the same level for 8 years, not a chance.
Could FOP negotiated the City to pay 7 of our 9 perecent pension contribution. No way.
Why not ? Because we can't strike and FOP won't negotiate in the press, just put their head down and take it in the rear.
How about eliminating the broken school system and going private? How much would you save in taxes for a school system that most of us don't use? I send my kids to private school so they aren't handicapped by socialist brainwashing. Why must I pay for this broken system that throws away dumpsters full of school supplies and performs dismally every year? All they do is complain, demand more money every year and turn out illiterate students. They feed them, throw away most of the food and give them "free" supplies that I'm taxed for. What is the result? Why am I paying for this?
Perhaps it's time to eliminate public employee defined benefit pensions for future hires and give them defined contribution plans (401K), since the money remains under the employees control and watch-no one can steal it.
Do the teachers even pay into their own pensions? If not, no fucks given.
Good rundown here on student numbers/demographics. Might shed some light, except that the city probably bought a truckload of dead flashlight batteries at $37.95 each...
https://www.dnainfo.com/chicago/20150925/logan-square/cps-enrollment-falls-by-6000-students
While our pension fund monies have not been deposited even though rahm put the property tax increase squarely on the backs of CPD pension fund! That money should not be sitting in the treasurers account it should be in our pension account, they short changed us for years and daleys family took 60 million (Who what idiot at the pension fund allowed this theft?), dv urban reality and lost it!
On the school front if and hopefully soon the pro-police,pro-America,Pro-Military,Pro-borders Trump gets the office we have a massive exodus of illegal invaders, think of the savings? taxes would be rebated, the schools would be smaller, the medical system with the third world diseases coming back in would be easier to get appointments, the freebies that are making "Illinois is broke" would stop!
Crazy thing how can anyone especially hillary running for the highest office be dragging around like a key chain the mothers of thugs who tried to kill police officers and honoring them? If she gets in think its bad now look what she did with Benghazi heroes called them liars and laughed about it!
Anonymous Anonymous said...
The teachers union is bigger, more powerful and has more political suck than the cops union does?
6/28/2016 12:24:00 AM
Do you have ANY idea how many teachers there are?!
The answer to your question is YES.
ssooo... the city negotiates the contracts, including the retirement benefits, then expects the state to pay for it????
The Chicago Teachers' pension pick-up started in 1981.
According to Rahm "Payments weren’t made by Springfield or anybody else, and that was wrong,”
Does anyone else get to skip paying their mortgage for more than a decade and not expect to have negative consequences?
This was all engineered by Madigan & Co. (and Richie)
They set this up to create a crisis that would require a taxpayer bailout. More for them, less for us. Brilliant.
How do these greedy teachers think that paying two percent into their pensions will secure their benefits? Karen Lewis and her side kick troll need to wake up and start paying the same as the rest of us, just because Daley gave them a special deal about 15 years ago to cover 7% of their pension for what suppose to be a one year deal worked its way into their contract and they have been ripping US off ever since. I do like teachers and have numerous ones as friends but Karen Lewis and the left wing freak show is hurting the reputation of teachers everywhere as being greedy SOB's. Lewis is fighting a 7% pay cut (in reality restoring their own pension contributions) when in reality Emanuel/CPS is trying to safe their pensions and everyone else in the process. Greedy Lewis only has three houses, wish I had a vacation home. Just saying.
6/28/2016 08:06:00 AM
My opinion, you guys can roast me & educate me if I'm off base, is that the teachers must put in 9%. The days of contributing only 2% is over. I'm also fine with them increasing police, fire, and teachers to 10% across the board. And CAPPED at 15% over 20 years. Obviously under certain stipulations made by the pension board- vanecko goes to jail for starters. In return, decent raises and Residency must also be lifted. I'm paying more in property taxes for shit CPS schools I cannot even use. Allow us to move to a decent, safe place to raise our families and schools I can use and save a lot of money in Catholic tuition. I'd rather get something in return out of my taxes and have a small percentage of my money that's already going to catholic schools pay into the pension fund instead. Fuck flager and this Chicago archdiocese . We gave in then, again, by increasing our contribution (we also gave in if you consider our property tax increase). now the city must do their part and fund it!
Btw, the city is not broke. Open the books if they are.
Rauner has the city by the balls and Rham & Madigan know it. The city is making national headlines With these savages killing and shooting everything in sight, Gibbs me dat youfs robbing people, and dindu nuffin dealers fighting and resisting the police . Madigan has been robbing the democratic tax payers blind for years now. Do you think Rham and Madigan can afford to not negotiate a budget and not have the schools start on time this year? Holy fuck there would be bloodshed ! The killings would carry on into October. We'll have two teams in the World Series. No fucking way can the city take the chance and be embarrassed If the Cubs make history and are even slightly overshadowed by the violence. Look at rio with the olympics. The ball is in Rauner's court.
The teachers will never go on strike because a majority of them live in the suburbs and the mayor and the ceo know it.The union has no leverage when they negotiate because the R word(resident of the city of chicago)and that word is on the tip of the tongue of the mayor and ceo.
SCC you post most of my rants. I read this today and fell over on the damn toilet. Here is the link
http://chicago.suntimes.com/politics/emanuel-closing-in-on-deal-to-save-citys-largest-pension-fund/
Know the city needs to pay into CPD pension...
Anonymous Anonymous said...
The teachers will never go on strike because a majority of them live in the suburbs and the mayor and the ceo know it.The union has no leverage when they negotiate because the R word(resident of the city of chicago)and that word is on the tip of the tongue of the mayor and ceo.
6/28/2016 06:21:00 PM
So that last strike was just a mirage?
“The mayor is committed to stabilizing and fully funding all four city pension funds, righting the financial situation he inherited,” Adam Collins, the mayor’s communications director, said in an emailed statement."
That's the funniest part.
All of a sudden,he's committed.
What's he been doing the last five years?
Fire the teachers , hire all new teachers without a contract
Chicago has lower property tax rates than I do out near Rockford.
Chicago's CPS gets more $ per student than do kids in my district.
Chicago's pols are holding the state hostage to loot those outside of Chicago and give the swag to their appointees at CPS.
Can't Illinois dig a moat around Chicago and float it out into the Lake, where it can be its own political entity entirely? Please?
Chicago School District represents 19% of the students in Illinois. They currently get 34% of the State’s education budget.
Chicago has the lowest residential property taxes in the state; about 1/3 of what residents in Winnebago County pay.
Blogger dc.sunsets said...
Chicago has lower property tax rates than I do out near Rockford.
Chicago's CPS gets more $ per student than do kids in my district.
Chicago's pols are holding the state hostage to loot those outside of Chicago and give the swag to their appointees at CPS.
Can't Illinois dig a moat around Chicago and float it out into the Lake, where it can be its own political entity entirely? Please?
6/29/2016 03:58:00 PM
Well I suppose they could, but then the rest of the area, including nearby Indiana communities would sink like a rock in the same lake. Chicago is the reason the suburbs exist. Remove it and you are nothing.
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