Friday, March 10, 2017

Dead Last

  • Chicago is not alone among major cities grappling with under-funded city employee pensions, but is clearly in the worst shape among the nation’s fifteen largest cities, a Wall Street rating agency concluded Wednesday.

    Standard and Poor’s surveyed pension obligations in New York, Los Angeles, Chicago, Philadelphia, San Francisco, San Diego, San Jose, San Antonio, Phoenix, Jacksonville, Dallas, Houston, Columbus, Indianapolis and Austin.

    Chicago performed the worst across the board — registering the highest annual debt, pension post-employment benefits costs as a percentage of governmental expenditures and the highest debt and pension liability per capita.
And worst of all?
  • Chicago also had the lowest weighted pension fund ratio, the worst pension contribution vs. required level and the lowest funded return for a single fund.

    That dubious distinction went to the Chicago Police Annuity and Benefit Fund, which had assets to cover just 25 percent of its liabilities in fiscal 2015, down from 26 percent the year before.
And Rahm still isn't paying the legally required amounts:
  • [Standard and Poor] noted that Chicago “only made 52 percent of its annual legally required pension contribution” in fiscal 2015.

    While Mayor Rahm Emanuel’s 2017 budget contributes more toward employee pensions, amounts budgeted still fall significantly short of the actuarially determined contributions levels,” the report states.
"52% of....legally required pension contribution...." That would appear to be a fancy way of saying, "Breaking the law." So what is FOP and the Pension Board doing to fix this? And why isn't anyone facing removal from the Board, charges or prison?

Labels:

58 Comments:

Anonymous Anonymous said...

Judah Priest...Brsaking the law, breaking the law!!!!!! \m/ \m/

3/10/2017 12:11:00 AM  
Anonymous Anonymous said...

The pension will eventually go bust. Luckily Chicago has enough assets left to sell off to fund all of the city pension funds. Even Detroit was able to sell off enough remaining assets to only cause a small cut in pensioners pay.

3/10/2017 12:21:00 AM  
Anonymous Anonymous said...

In exchange for the promise of funding from a non existent casino, Dean Angelo let Rahm off the hook for over 2 billion dollars in state mandated pension payments. P. T. Barnum said," There's a sucker born every minute," and Dean is living proof that P. T. Was correct.

3/10/2017 12:37:00 AM  
Anonymous Anonymous said...

The courts need to force payment or jail him

3/10/2017 01:24:00 AM  
Anonymous Anonymous said...

Wasn't Rahm supposed to pay our fund about $600 million last year but got Springfield to kick the can for 15 yrs? Is it true the FOP was ok with that????? Just asking

3/10/2017 01:28:00 AM  
Anonymous Anonymous said...

How is nobody in prison over this??
They've stolen our secure retirement!

3/10/2017 02:59:00 AM  
Anonymous Anonymous said...

Well wait you alt-media types.
We're painting bike lanes that will bring hundreds of thousand lost jobs back to the Cicero ave. corridor.

It's values dat matter.

3/10/2017 03:41:00 AM  
Anonymous Anonymous said...

Iam retired I will get a check for the rest of my life time to retire boys and girls

3/10/2017 04:04:00 AM  
Anonymous Anonymous said...

It's the Chicago way !

3/10/2017 04:15:00 AM  
Anonymous Anonymous said...

Here ya go.........Now major violation..........RESPONSE ......JOB ACTION

No two ways around , the city was required by LAW TO MAKE THE PAYMENTS AND DID NOT

Contract violated ........Start with the Blue flu and a major infowar on the city's shady money games and turn it up from there.........

3/10/2017 04:33:00 AM  
Anonymous Anonymous said...

FOP doing NOTHING as usual.

Pension Board = they're spending all our money on doctors (for re-evaulations) and legal fees (to defend themselves from lawyers over those re-evaluations)
The pension bd has gone down hill since Lappe showed up, things that make you go hmmm?

3/10/2017 05:38:00 AM  
Anonymous Anonymous said...

How about instead of foreign aid going to other countries, we start here at home instead? Help ourselves before worrying about everybody else.

3/10/2017 06:00:00 AM  
Anonymous Anonymous said...

In the 19th ward $44 million is being spent for work on a school that was just rebuilt 5 years ago!

3/10/2017 06:11:00 AM  
Anonymous Anonymous said...

We should spend more taxpayer money on illegal aliens.

3/10/2017 06:13:00 AM  
Anonymous Anonymous said...

[Standard and Poor] noted that Chicago “only made 52 percent of its annual legally required pension contribution” in fiscal 2015.

Funny. I have a water meter installed in my home. Have had it since 2014. As per the agreement, the city guarantees that my bill will not increase for 7 years. However, if I'm so much as 1 month late in my payments the deal is null and void.

Can't wait till I move from this cesspool of a city.

3/10/2017 06:16:00 AM  
Blogger Jack Trumpblood said...

Deano has a plan. However, the plan only helps him.

3/10/2017 06:21:00 AM  
Anonymous Anonymous said...

Just goes to show you how these scumbag politicians think of the job their police officers do. They can't even fulfill the contractual agreement made at the time we were hired. Lying snakes! And Dean Angelo and FOP does nothing about it. Now let's go work our assses off for millionaire Rahm so he can get reelected.

3/10/2017 06:24:00 AM  
Anonymous Anonymous said...

It's a good thing for Rahm that he's only missing patments to honest working people and not the outfit.

3/10/2017 06:33:00 AM  
Anonymous Anonymous said...

fair is fair. cops should do no more than 52% of their job

3/10/2017 06:40:00 AM  
Anonymous Anonymous said...

Not only are we dead last in total funding but we still have the gold braid bill allowing the clogs and or the pigs to take whatever they want more and more and more why do you think we have a totally bloated do nothing completely inapt command structure they are only there to collect the big pension because they are cluttered. The fire department stopped the ridiculous pension draining gold braid Bill about five years ago and thinking that we have parity with the fire department we should do the same but then again people like Timmy Houser and Mike let the talk the good game but really what if they don't get this to stop this total pension drain nothing absolutely positively zero. That's why personally I voted for Mike Shields for president of the fraternal order of police say what you want about him he was set up with the support with the "letter" by others there one or find for power in the union and we can see how well that is worked out we now have a union president who really doesn't speak out about absolutely anything obviously Dean is bought and owned by City Hall.

Then we have the police officers the people that work as valets for the mayor who are getting the huge Payouts from the beleaguered pension fund when they retire it's OK for them to get the pay increase well the city pays the bills but when they retire they are all 9161 patrolman every last one of them but they will be drawing a pension of minimum sergeants pay all the way up to commanders and possibly up to 3 commanders on the detail and how many valets well probably about 30 total that I got to get it to you changing to this my stop at that again Ryan has has no idea how to handle money as evidenced above as you were selling your city heating systems to to drying a pension of minimum sergeants hey all the way up to commanders and possibly up to two commanders on the detail and how many valets well probably about 30 total that I got to get they do you change into this my stop at that again Ryan has has no idea how to handle money as evidenced above as you were selling your city heating systems to Take more money for the friends and family program.

Then we have the mayor who has property owners tax rebate money that he uses to keep the illegal criminals here in Chicago and totally disobey federal immigration law which I've been on the books even during his friend Barry Obama's time. The mayor is using over $1 million of our property tax rebate money in order to hire lawyers for the criminals that are here and we are set to Lose well over $1 billion of money from the federal government as president Trump has kept his promises so far I just hope he keeps his promise to come here into Chicago with the federal authorities and look into all the corruption at the highest levels of our elected City Hall the County building the Statehouse this must be done as soon as possible.

I will finally give the Suntimes newspaper a little bit of credit for something to expose all a lot of the dirty dealings of this and ministration with Rhonda has done to ruin this once great city the only way to make Chicago great again is for these people that are elected including ram tell me that the 50 state the state representatives state senators etc. etc. it's for A total forensic audit that will force them to resign and possibly go to prison where they should go for all the years of stealing and taking a misappropriating Armanni that is on the backs of hard-working text pairs in this corrupt city state county.

3/10/2017 06:51:00 AM  
Anonymous Anonymous said...

I,Have more questions then answers..

3/10/2017 07:02:00 AM  
Anonymous Anonymous said...

The Board is required by state law to only administer what was passed in Springfield.. Your focus should be all of the police unions who have lobbyist in Springfield to get some legal laws passed to fund the pensions and hold the mayor to the city's obligations.
Don't blame the police trustee's. If any one on the board should be faulted, look directly at the mayor's four appointed political goof's who spew his agenda.

3/10/2017 07:09:00 AM  
Anonymous Anonymous said...

Now more then ever all CPD should be in school and preparing to fend for yourselves after this goes belly up. Get an advanced degree and make the city pay for it. You grab extra compensation by way to tuition reimbursement, and earn the paper that they cannot take away. It is a double win. Having 60 credit hrs, and 20years on will get you a job at walmart. Do not walk away empty handed, go to school and be able to make a living wage when they fuck you out of your pension. DO IT NOW!! before it is too late.

3/10/2017 07:26:00 AM  
Anonymous Anonymous said...

Anonymous Anonymous said...
The pension will eventually go bust. Luckily Chicago has enough assets left to sell off to fund all of the city pension funds. Even Detroit was able to sell off enough remaining assets to only cause a small cut in pensioners pay.

3/10/2017 12:21:00 AM
Detroit didn't sell anything. Google "Detroit Grand Bargain".

3/10/2017 07:43:00 AM  
Anonymous Anonymous said...

To the person who keeps posting about Lappe- the Board was long overdue to crack down on the malingerers. As for the money spent, numerous posts have shown it was worth the investment. Are you one of those that wanted to go on disability and were refused?

3/10/2017 07:46:00 AM  
Anonymous Anonymous said...


Anonymous Anonymous said...
FOP doing NOTHING as usual.

Pension Board = they're spending all our money on doctors (for re-evaulations) and legal fees (to defend themselves from lawyers over those re-evaluations)
The pension bd has gone down hill since Lappe showed up, things that make you go hmmm?

3/10/2017 05:38:00

FORGET IT Mikey

3/10/2017 07:46:00 AM  
Anonymous Anonymous said...

According to the recent mailing from the pension board, they said that all is good and expect a 5% return on their investments to make up for any losses? Who the fuck do you believe?
Is rahm pulling strings with the credit agencies to paint a bleak picture, to fuck over the fund just before our elections?
Someone should be held accountable for this bullshit!!!
Has daley's kid or another relative raided the fund again? Unfucking fucking believable...

3/10/2017 07:52:00 AM  
Anonymous Anonymous said...

What about the money Daley's nephew lost/stole? We are arresting people for petty crimes, while Crony Democrat Party Capitalism steals tens of millions, and nobody goes to jail. The contempt The Democrat Party has for the Working Class is astounding. Democrats love the Entitled Underclass because they can count on their votes, and they love their fellow Elitists, Limousine Liberals. While dumb cops, firefighters and teachers are expendable. Do Absolutely Nothing; Nothing more than the minimum. Especially if you are stuck in Da Hood. Let Natural Selection be the judge and jury. Chicago/Wilmette Values. Baby "G"

3/10/2017 08:04:00 AM  
Anonymous Anonymous said...

05:38 am @10 MAR - Don't forget Ken Hauser & the Board's acquiescence to ShortShanks getting 60 million $$ for Daley/Vanecko Realty. The loan was illegal and was never paid back. You can congratulate Hauser Saturday night at the FOP St. Patrick's party. He'll be the clown wearing the Leprechaun costume (and he already found his pot of gold!). You can also watch Deano cry in his beer after losing his reelection bid. The Sergeants At Arms will finally earn their pay tomorrow evening keeping the King of Lillipution Security at bay.
Hey Deano - Maybe Rahm will let you bid for security contracts with the Aviation Dept. - starting with Meigs Field!

Retired .38 spl +P

3/10/2017 08:14:00 AM  
Anonymous Anonymous said...

FOP still silent on the majority of any issues especially the City of Chicago's lack of contributions. This is just another reason to vote Shields in. Why you ask? Because at least Shields has a set of balls and is not afraid to go against the machine. I want my pension not to go underwater and will motion at the next FOP for Dean To take action against the City and the Pension Board for not enforcing the order that the City was mandated to.

3/10/2017 08:25:00 AM  
Anonymous Anonymous said...

In 2008 I posted that the fund will be broke by 2022. Now that the FOP for some reason rejected the input of 2 billion dollars, 2022 should be it. Just grab a copy of the fund's last annual report and figure out the math.

3/10/2017 08:30:00 AM  
Anonymous Anonymous said...

March on city hall. FOP grow some balls your members are getting fuk'd.

3/10/2017 08:35:00 AM  
Anonymous Anonymous said...

Hauser is a fraud

3/10/2017 08:47:00 AM  
Anonymous Anonymous said...

Chicago needs a Casino , legalized marijuana
Raise mandatory retirement age to 66
Raise minimum age to 57 , lose 1/2 % of pension for every year you leave before 60
No double dipping , retire. No job with CPD

3/10/2017 08:53:00 AM  
Anonymous Anonymous said...

Anonymous Anonymous said...
Iam retired I will get a check for the rest of my life time to retire boys and girls

3/10/2017 04:04:00 AM

---


Will you?

3/10/2017 09:22:00 AM  
Anonymous Anonymous said...

"Anonymous said...
I am retired I will get a check for the rest of my life time to retire boys and girls"

What's your point here...bragging? How in the world does that comment, help further along the discussion about unsecure pension?? You sound like a self indulgent narcissist here...Your pension is as unsecure as everyone else's. Take your head out of the sand.

3/10/2017 09:29:00 AM  
Anonymous Anonymous said...

This happens all the time and we figured out a simple salutation, pop the hood and pull the coil wire. That's it, pull the wire and the vehicle will not start.

3/10/2017 09:43:00 AM  
Anonymous Anonymous said...

Pension funds are their own entities. The City is not on the hook for the pensions. To the retiree that claims he will be getting a pension for the rest of his life; only if you are about 78 years old.

3/10/2017 10:02:00 AM  
Blogger The Song Remains The Same said...

I'm admittedly ignorant to the particulars of the pension plan but as scc said, between the pension board and our unions, how the f is this allowed to happen??
I know I kept up my end of the deal the last 30 yrs

3/10/2017 10:15:00 AM  
Anonymous Anonymous said...

No one will be held accountable. None of these thieving bastards ever are. Us downstate taxpayers will take it in the shorts. Again. Shitcago needs to be separated from the rest of the state and allowed to sink or swim on its own. So sick and tired of the corrupt Shitcago machine bleeding the rest of the state dry.

3/10/2017 10:17:00 AM  
Anonymous Anonymous said...

In the past, FOP would be screaming about the lack of funding from city hall. Where is Dean? He has a excellent spokesman, Pat Camden. Dean has been very quiet, even invisible in the last few months. Is he afraid of the election? I find this completely unacceptable that Dean is quiet?

3/10/2017 10:23:00 AM  
Anonymous Anonymous said...

Yeah I read the Pension Board newsletter and all I get is Lappe bragging about going after those on disability. Get off it Mike none of us wants the scammers getting disability but that is NOT what's killing our pension. Now I know Lappe was taken care of after being shot because he wanted to come back to work. That's all well and good Mike but the average injured or sick PO doesn't have the clout and isn't taken care of they get some shit light duty spot on midnights no car no straight days no weekends off like you got Mike. Yeah a shit light duty spot if the Department finds one for them. So instead of bragging about how you "saved" our pension from the scammers why don't you actually do something and get our money owed us by the City? Whats the matter Mike afraid to piss off the politicians who took care of you? Or just too stupid to see the obvious? Either way you've done nothing to save the Pension Fund. Retire and move on.

3/10/2017 10:51:00 AM  
Anonymous Anonymous said...

The level of corruption in Chicago government runs deep. Its a wonder that it functions at any level. Talk about cleaning out the swamp. You need to drain the swamp here. Shit everywhere. Where to start? Certainly at the top.

A city cannot survive without law and order. Drain that first. Politicians in Cook county next. The list is long. Any other suggestions?

3/10/2017 11:18:00 AM  
Anonymous Anonymous said...

My question to everyone here is why have not the pension trustees held the City accountable?

What have to pension trustees done in recent memory?

3/10/2017 11:42:00 AM  
Anonymous Anonymous said...

The law is on our side

http://cookcountyrecord.com/stories/511061382-appeals-panel-n-riverside-can-t-claim-hardship-to-skirt-police-fire-pension-obligations

3/10/2017 12:01:00 PM  
Anonymous Anonymous said...

Jail them, jail them all.

3/10/2017 12:21:00 PM  
Anonymous Anonymous said...

Meanwhile millions of dollars go to fund Sanctuary City Legal Defense and Social Justice programs.
Every Democrat City wants President Trump to fund their social agendas.
Rahm Emanuel, PrickCankers or ChewieHayZeuz are not going to provide for City Pension obligations either.
And any government money that should trickle in will be used for pet projects.
If there were any President Trump Crime Reduction funding approved, it will be redistributed to CAPS communtity social programs, not hires, vehicles, equipment and certainly not to free up funds for Pension obligations.
The scheme is to use a MacCormick Place Casino for that...until it's up and running of course.
The public at large does not care about your pension, your healthcare costs or your sacrifices to protect the city.

FOP is powerless against the City.
A Day Without Police needs to be explored.

3/10/2017 01:24:00 PM  
Anonymous Anonymous said...

Anonymous said...

In exchange for the promise of funding from a non existent casino, Dean Angelo let Rahm off the hook for over 2 billion dollars in state mandated pension payments. P. T. Barnum said," There's a sucker born every minute," and Dean is living proof that P. T. Was correct.

3/10/2017 12:37:00 AM
I voted for Mike Shields at least he spoke out like a lion, not hidden like the pussycats we have occupying our union hall! Oh wait the letter stupidity this was done on purpose to use gestapo type tactics to remove him, the elected did not like him speaking out and had their guys remove him the enemy within the union is worse than the enemies outside of it!

3/10/2017 02:26:00 PM  
Anonymous Anonymous said...

this is criminal, the pension board needs federal intervention everyone should be called in sat down and made to explain what happened? For example who signed off on the 60 million to daleys nephew for an exploratory real estate venture? the money is gone! that would of helped the retirees heck it could of paid the healthcare bills for a couple of years! Read on here that fire stopped the gold braid bill looked into it and it is True! Civil service rank only, this stops the clouted from getting extra money that they are not entitled to!

3/10/2017 02:51:00 PM  
Anonymous Anonymous said...

Looks like graham vs dean, and if you want someone with "testicular fortitude" to speak out Marty will be #2 man, and we really need that a vote for dean is a vote for more silence and further destruction of the pension and the rights of police officers! This will be overwhelming victory for police, city halls reins will be over like we the "forgotten men and women" elected President Trump we will have brand new leadership and graham at least will speak out, with Marty in the sidecar the possibilities are now endless the future will be bright bye dean your done!!

3/10/2017 06:13:00 PM  
Anonymous Anonymous said...

Ask your alderman why they allow this corruption?

3/10/2017 07:15:00 PM  
Anonymous Anonymous said...

Anonymous Anonymous said...
this is criminal, the pension board needs federal intervention everyone should be called in sat down and made to explain what happened? For example who signed off on the 60 million to daleys nephew for an exploratory real estate venture? the money is gone! that would of helped the retirees heck it could of paid the healthcare bills for a couple of years! Read on here that fire stopped the gold braid bill looked into it and it is True! Civil service rank only, this stops the clouted from getting extra money that they are not entitled to!

3/10/2017 02:51:00 PM
Some great points where is that $60 million of our money that was misappropriated by the Pension Board who allowed that was it Kenny was it Mike who forced them to allow the deal this well this deal was done obviously in secret until the money was lost and it came out into the sunshine somebody needs to look into this and that somebody is the feds don't think for a minute that they have not been informed especially under President Donald Trump things are going to change Attorney General Jeff sessions is very interested in Chicago all the criminal activity not just on the streets but also internally the pension board I would strongly bet it's going to be looked into also there's a lot of work to be done here with all the corruption crime elected criminals they will they will be here soon the team is training right now and being put in place today our United States attorney in Chicago resigned he is he is going on to work for a law firm apparently now it will be new blood brand-new people will be here new agents new attorneys and the attorneys that are here will be taking their orders from a new man a person it's not going to tolerate all the trim electricity and the things that of been done the police officers are going to end now.

3/10/2017 08:17:00 PM  
Anonymous Anonymous said...

A few things about the Pension Fund and Board. 1. Many of the people on the board now, were not there to vote for the real estate deal with Vanecko. 2. The Fund is poorly funded but it is also poorly run. Just look at their returns- sickening. A big chunk of the money goes to politically connected firms like Ariel Investments run by a friend of BHO and for those old timers- son of Judge John Rogers of Juvie court. 3. The fund had a police lieutenant as the chief investment officer for at least a year - a complete joke. A nice guy but clueless- years ago I asked him why the fund was so heavily invested in derivatives like CDO,CDS and the like- never answered. The fund lost millions and millions on the derivatives. 4. Why would the FOP let the city off the hook on the payments for a bs promise of casino money?
I am retired and have been for almost 10 years, I do not understand why the FOP lets retirees vote for the officers- foolish and it should change.

3/10/2017 08:50:00 PM  
Anonymous Anonymous said...

Plan for the worst case scenario. Pay into deferred comp. Get a competent financial planner and form a sound plan for retirement. Don't put all your eggs in one basket counting on your CPD pension as all you have at retirement. Hopefully it will be there but it may not be.

And I agree the "gold braids" are draining the pension from the top. Pensions should be based on the rank of lieutenant or rank achieved below that rank. What can we do to make this happen, FOP?

3/10/2017 11:20:00 PM  
Anonymous Anonymous said...


Anonymous Anonymous said...
In 2008 I posted that the fund will be broke by 2022. Now that the FOP for some reason rejected the input of 2 billion dollars, 2022 should be it. Just grab a copy of the fund's last annual report and figure out the math.

3/10/2017 08:30:00 AM

I suspect it is a bit more complicated than "figuring out the math".

3/11/2017 11:21:00 AM  
Anonymous Anonymous said...

Anonymous Anonymous said...
Plan for the worst case scenario. Pay into deferred comp. Get a competent financial planner and form a sound plan for retirement. Don't put all your eggs in one basket counting on your CPD pension as all you have at retirement. Hopefully it will be there but it may not be.

And I agree the "gold braids" are draining the pension from the top. Pensions should be based on the rank of lieutenant or rank achieved below that rank. What can we do to make this happen, FOP?

3/10/2017 11:20:00 PM
Hello Dean hello Kenny hello Mike hello FOP Steph it's us again maybe you need to call the fire department Pension Board and find out how they illuminated the ridiculous pension draining politically connected gold braid pension theft the highest rank in the fire department is Lieutenant for a pension which is the civil service rank,or to put it simply for the skulls full of mush this is the highest tested rate captain or above for example on the Chicago Police Department are all clouded appointed positions that need to be eliminated from the pension fund.

3/11/2017 04:21:00 PM  
Anonymous Anonymous said...

Luckily my health isnt that good and I should be able to live out the rest of my days collecting. I'd hate to be a healthy 74yo without a pension check. I'll save a spot at the bar for the rest of you up in paradise, first rounds on me.

3/12/2017 10:26:00 AM  
Anonymous Anonymous said...

Take the assets in the fund, add the contributions made by the officers and the city, add the return ( if any) or subtract the return if negative - take the total and they have an amount sent to annuitants- subtract that. Up until this year it was a deficit of 300 million a year or so. With 3.8 or so in assets- do the math. If you cannot- google a addition and subtraction table, they will do it for you.

3/12/2017 09:11:00 PM  

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