More Pension Bad News
Most people check out the front page of the paper, then move on to the sports section. Others go through the entire paper...editorials, comics, and the business section. Then they forward us stuff like this:
- Millions of Americans are expecting to receive a pension from the city or state that employs them. Many will be in for a terrible surprise, according to the nonprofit organization Truth in Accounting.
It surveyed 237 municipal pension plans across the country, using newly required reporting data about pension underfunding. Although it has taken decades for many of these pension funds to get into such bad shape, only now are the details being revealed, says Sheila Weinberg, president of Truth in Accounting and a CPA who has dedicated her life to requiring full and useful disclosure of federal, state and local debt obligations. (I am a board member of Truth in Accounting.)
This newly collected data should be frightening to those counting on a state or municipal pension. The latest numbers are available at http://www.statedatalab.org/pensiondatabase. There you can search by state to find both state and local pension statistics. The report for each city and state includes the amount of pension plan assets, the amount of plan promises, and the dollar amount and percentage of pension underfunding. Every plan also receives a letter grade, from A to F.
You'll never guess what city is in the biggest trouble.
The article is written by Terry Savage, who from our previous knowledge, has a halfway decent handle on financial matters. Prepare accordingly.
The article is written by Terry Savage, who from our previous knowledge, has a halfway decent handle on financial matters. Prepare accordingly.
Labels: pension
posted by SCC at 12:05 AM
116 Comments:
This is why Rauner is here, it's what he does for a living.
This why Emanuel is here, it's his job from his boss, Rauner, to make sure it's done.
Those that put their trust in democrat politicians and democrat run governmental entities are often disappointed.
Prepare accordingly = Work VRI
MAX out in your 457D Deferred Comp: $18,000 a year - $750 a check
24,000 a year if you are 48 or older - $1000,00 a check.
Enroll in Pro Account program.
This comment has been removed by the author.
1.So, should I stay to max out or quit and get what I can? 2. Stick around and max out deffered comp? 3. How much is the medical insurance if I'm under 55?
Rahm simply couldn't care less about this.
Rahm and the alderthieves pension fund is healthy as a horse.
Instead of making any kind of effort to shore up our pension fund Rahm continues to "find" money to piss away on things he wants to do:
DePaul Arena, $160 million for fancy streetlights, $40 Million for ghetto mentoring program, etc., etc.
Rahm's insistence on not funding our pension along with his ass backwards priorities are a very bad combination for us.
Rahm: You're an evil asshole who will rot in Hell.
I'm out in less than a year.
My opportunity now to "plan accordingly" is very limited.
One of the many reasons I took this job 31 years ago was its pension.
This is criminal and Shortshanks and Rahm and their ill ought to be in jail.
A) not everyone can get or work VRI (scab- letting thm f*ck us by not hiring more which keeps us safe and contributes to the pension)
B) all the additional BS Gold Braid & 100K + Civilian jobs being created Take Away from our Pension
1.So, should I stay to max out or quit and get what I can? 2. Stick around and max out deffered comp? 3. How much is the medical insurance if I'm under 55?
1. Depends on your financial situation at home. Do you have a lot of credit card debt? Do you have kids? Is the mortgage paid off? 2. How much do you have in it now? And if you stayed longer, could you afford to max out? 3. Well, if you have to ask, you can't afford it.
Look, about the only thing you have control over is how YOU and your family save and spend money. Don't waste time thinking about the pension. It's out of your hands. If you plan to stay longer then yes, put as much into deferred comp as you can afford.
Not only was I in deferred comp, but years ago I opened a Roth and have been contributing to it on a regular basis. I'm now retired and have around $30,000 in it ( and still contributing ). The wife has a tidy sum in her 401k and about the same amount in one of those guaranteed income retirement plans. AND she is still working and has no plans to retire in the near future.
Good luck in what ever you do!
Screw the people who work hard and and earn the pension. However, they have money for illegals, all of whom are criminals by just being here. They have money for refugees. All the politicians need to go.
I honestly do not understand why the city/department does not hammer home the benefits of financial planning OUTSIDE of this job. One way they could do that is to allow coppers with less than 15 years on to attend the pre-retirement seminars. This way they can start planning early.
The site must have crashed from over use.
Getting http error messages.
No one can ever answer the following questions for me. One, pensions always seemed like a Ponzi scheme. Two, the union thieves almost always end up running off with pensions over 200k in the end. Also how can a person who only contributes less than 100k walk away with millions in benefits? Lastly how the fuck can a Bill Gates, Steve Ballmer, now the guy from Amazon, they have more than tripled their net worth. But the pension experts invest your money right? What the fuck are they investing in where the pensions are not making money? And worse, the pension investment gurus still get paid?
Correct link:
http://www.statedatalab.org/pension_database/
I don't know why I even bother commenting here. I might as well type then instead of hitting enter just hit delete. To new/potential recruits: Don't come on. To people already on this job DO NOT WORK VRI. Are you kidding me? You work VRI and make $18K/month? LOL. I do more than that in a month.
Start your own biz like I did. I had ZERO and I do mean ZERO biz experience and now have a successful biz and have 5 employees working for me and I am leaving this job in a few months and moving to Costa Rica on the beach. Oh and I'll be leaving at age 49 with about $20K in Deferred Comp. I didn't bother with that. I paid my condos off instead. I'm hoping the pension works out but if it doesn't I will be okay either way. I only need about 5 more good years with my biz at the current rate and pension won't matter to me.
So for those of you who are going to start in with the "But I have a kid" routine or but my family is here or the "But I have medical/health care concerns" check this out: They have schools in Costa Rica! Yes, they do! And my medical insurance is going to be $200/month for me and my family and if I want BCBS of Central America it's $3,000/yr additional. Property taxes are 0.25%. Oh and tell your mom and dad that Boeing has this thing called an airplane and you can hop on it and go to CR. They work great. Similar in Panama and other places regarding the cost of living and property taxes.
I have 2 properties paid for; my beach condo for income and the one I will live in and I can remotely run the biz there plus may start another there in CR. I'm not bragging. I'm just telling you all to not waste your time here that it is possible in 20 years to do something with your RDOs and freetime. Do your 20 and go if you are already on the job. But I know this might as well be written in Russian or Swahili.
I hate to say it but most of you are lazy and have no motivation so again I know I waste my time giving advice. Good luck guys/gals on the job and to the nitwits in the academy. Why on God's green earth anyone would sign up for this job today is beyond me. (Delete Key or Enter?)
Well, the city has a lot of assets it's going to need to sell. And those property taxes are just going to have to be hiked up again. It's funny how these doom and gloom stories always start popping up around contract time.
Rahm needs to hurry up and get the illegals their new city ID so they can start contributing to the pension fund!
I just tried the link it is telling me that it is invalid I wonder if the powers that be took it down. Kevin Graham this is the most important issue facing the Chicago Police Department they should be number one in the contract this is why you were elected we have the worst funded pension we all know in the country under 25% no one else is that low look at for example the state of Indiana they are at 90% funding. Why? The politicians there are not as evil as the politicians we have here who do nothing but steel. Another thing Chicago fire department has abolish the gold braid bill the highest pensionable rank is Lieutenant all the other bullshit like our exam ranks the mayors detail Who are all patrolman but all get pensions ranging from commanders two sergeants patients which is ridiculous the captains Who are a bunch of appointed clowns should I get the gold brake pension either this is ridiculous Kevin get on this immediately.
Kevin as President Trump was elected because of the forgotten Man and woman of the United States of America Kevin you were elected by the forgotten man and women of the Chicago police department I like what you're doing so far speaking out on the FOP website you did a good job with that liberal piece of shit on Chicago tonight keep up the good work don't let them get to you remember the pension is number one make sure the evil man the mayor finds this pension he is spending billions of our dollars on things that are not needed then he has even using millions of our dollars he diverted for the illegal invaders the criminals to help them as she takes things away from the hard-working men and women of Chicago Police Department this man must be stopped here is worse the doctor evil! The time for change dramatic change is now we careful of who is around you we are happy that at least you are draining the swamp at the FOP by throwing out the former member of the cabal he may be elected but at least he's not in the office at least according to information received so far you cannot have a man with no integrity from the other administration's sitting in the office not even going to mention his name he does not even deserve to have a snack posted on this insignificant blog.
Evil mayor think about it is yours millions in Chicago tax payers property tax rebate money to find lawyers for the illegal criminals who violate federal laws then the mayor violates the federal laws also causing us the remaining people in Chicago to lose billions of dollars in federal tax revenues as he took away the Chicago police retirees healthcare then get emails from this evil friends who congratulate him and destroying the healthcare a retired police officer's as he laughs it's his wine and cheese and then he has a huge overpaid Chicago police detail assigned to drive him and his entire family whatever they desire to go and then he has a huge overpaid Chicago police detail assigned to drive him and his entire family whatever they desire to go as our taxes I have a rising.
So what exactly happens when the police pension fund dries up? Does the state pay and federal government after that? Do we just get nothing? Legit question...I'm not sure of the process.
I get my check every month and will till I die the court has ruled in my favor get twenty and retired
It's for the children?
But there's plenty of money to protect and defend the illegal aliens. That's where all your pension money is going, there and liberal democrat slush funds probably located in Swiss banks.
J.J.
Thanks Deano. How is that casino deal going?
Does anyone know the status of the retiree healthcare case in the supreme court?
That's right, keep voting Democrat.
Thousands of armed retirees suddenly desperate, numerous banks and financial institutions in the area. You broke your oath to them, they owe nothing to you. Jesse James rides again! On the other hand don't worry, the democratic leadership will give them free link cards and rebuild the projects to provide them a nice place to live.
SCC, the link in your article isn't working. Here's one that does:
http://www.statedatalab.org/pension_database/
Anonymous said...
Those that put their trust in democrat politicians and democrat run governmental entities are often disappointed.
4/24/2017 12:23:00 AM
True, too bad the ghetto welfare leeches they represent are never disappointed from all the free handouts from these enablers...
The State's pension crisis started under Gov. Jim Thompson. He and he alone allowed monies to be withdrawn from the pension and used for elected officials pet projects. The promise was that the monies would be returned but never were. The issue became even worse under Gov. Jim Edgar. He gave the store away. Somebody in Springfield called the governor out on the non payment back to the fund so two cute words were crafted to by pass the funding; "pension holiday". This meant funding was put off with the stroke of a pen.
Now present day, our mayor has been wheeling and dealing to cut the amount of funding and dragging it out for four more decades. Lets not forget a certain FOP past president with the help of their state lobbyist past pension issues that were adopted but caused the pension fund to take a 6% hit when enacted.
The gloom and doom can be spread around.
Anonymous said...
1.So, should I stay to max out or quit and get what I can? 2. Stick around and max out deffered comp? 3. How much is the medical insurance if I'm under 55?
4/24/2017 01:56:00 AM
Find someone with a health plan and retire or buy lots of lottery tickets or look for a garage sale for a lamp with a genie...
Don't put a penny anywhere with the City of Chicago affiliation(deferred comp).Put you r money in Fidelity or Janus or T.Rowe Price.Who knows what could happen to your deferred comp investment when the city finally goes bust.And you'll get a better investment return.
Latest FOP magazine list of retiree's. 23 with less than 29 years , 14 of them female, I only came on because of my husband, father etc. Yeah I know everyone has a right to do what they want but the early pensioners have helped deplete the ranks and number of contributors.
Face it the Nation is broke, Trillions in red ink and falling apart each day.
If you wanna shore up the pension let us pensioners contribute 3 pct' back after 3 years on pension, it isn't that unreasonable, the alternative will be state income tax on pensions, problem there is the thieving politicians will see it as a way to spend more for their pet projects.
So do you retire now and buy you're own insurance???? Or wait and hope they don't fuck you at 55 Opinions please
Blame Daley, he was Mayor and let his Nephew and Davis guy steal our pension money
A sports book in Illinois is inevitable to solve this mess.
Prepare accordingly is too vague. Please don't assume that this situation will fix itself. You can't depend on the promised pension. Do the math! Do the research!It's so underfunded with so little hope of being caught up! They will not be able to pay out what is currently outlined. Please talk to financial "experts" on the ways to supplement your retirements, and start doing so now. You all work too hard to struggle once you're able to retire. So many things that will "never happen", are happening. Don't let yourselves and your families get cut short. Stay safe.
Wait for the Courts to come down on Rahm's decision to take away the retirees medical. He shot himself in the foot on this one, when his E-Mail revealed retirees medical was in fact a benefit he took away.
Reason for the Illinois state budget impasse = force state, Chicago into bankruptcy and eliminate public pension obligations.
Actives and retirees under age 67 are all f*cked, 55 and out was a scam.
Your insurance, if you choose BCBS PPO is $1,466 per/month, deducted from your pension check.
I'm sure that Mayors Daley and Rahm's pensions are quite safe. In the end, isn't that all that counts!!!
You mean Democrats, and the unions they control, have been over promising things they could not deliver and have been knowingly outright lying to people, for decades?
Whodathunkit? What a shocker! This is so unexpected! It's not like people have been saying that, for like decades or anything!
Yes, people should go to ail for this debacle. Isn't that what cops are for, to like....arrest the criminals?
As for this is why Rauner is here....yeah, it actually is. He is supposed to take all the blame as an (R) for the mess Democrats have made for the last 40 years.
The question really is, are the people going to fall for that scam, again, or are they finally going to hold the Democrats accountable? If Bernie Sanders admission this weekend about the Democrat model being a failure is any indication, well, there isn't going to be a party to hold accountable much longer. So the inquiry becomes, will Individual thieves be caught, arrested and tried for their crimes
It's over. The horse is out of the barn. If you have less than ten years on, you are cooked. The numbers just aren't there.
Residency was put in place so those Who got their City Jobs could pay the Alderman back with Votes
Who approved Vanecko getting a 68 million dollar welfare check and how come he was never prosecuted?
Prepare accordingly = Work VRI
MAX out in your 457D Deferred Comp: $18,000 a year - $750 a check
24,000 a year if you are 48 or older - $1000,00 a check.
Enroll in Pro Account program.
4/24/2017 12:24:00 AM
If you're not working VRI to save money, you're doing this job wrong.
At the very least, pay off bills, pay off your mortgage quicker. Anything to get ahead before you retire.
HEY!!!! Chicago is only 49th out of 50, NOT the worst..................
Anonymous said...
Prepare accordingly = Work VRI
MAX out in your 457D Deferred Comp: $18,000 a year - $750 a check
24,000 a year if you are 48 or older - $1000,00 a check.
Enroll in Pro Account program.
4/24/2017 12:24:00 AM
Did the lower the age to increase your DC to $1000 a check? It was always 50............
Bad link in article. The correct one is as follows.
http://www.statedatalab.org/pension_database/
Start removing pension from all elected officials ,
Next utility companies
Gas ,electric ,telephone
Customers pay their pensions
Look at city tax added to gas ,electric,telephone bill
Become an undocumented citizen, receive better benefits.
This problem goes back 30 years when the politicians stopped paying the pensions and the lottery was going to solve all the problems. Well we are 30 years down the road and more taxes, more giveaways and "MORE BROKE THAN EVER" and still the same crap from the politicians. TERM LIMITS, NO PENSIONS, NO HEALTHCARE, GO GET A F--KING JOB AND LEAVE THE TAX MONEY ALONE!!!! OH AND STOP VOTING DEMOCRAT! See how fast the financial picture straightens out once the fox is out of the hen house.
It has been known for several decades that the entire public retirement system is in serious jeopardy. It is unlikely that there is a viable solution, even in states where the pension plans are better funded. Public employee pensions are eating up ever more percentages of revenue while government is expected to payout more to other things. It cannot go on much longer, especially in places like Illinois where pension funding is in such deep trouble.
The fixes involve structural changes in how pensions are funded and in how and how much they payout, and almost certainly have to include at least in part, some kind of shift to defined contribution plans.
How you do that in states like Illinois where the public employee unions all but own state politicians is a mystery.
Sell the parks, airports and all the assets the city owns. To make good on the pensions.
Rhams crisis he did not let go to waste
Nothing new, always been the case, the public could care less as are the lawmakers. They're pensions are safe as are their bank accounts.
I'm not sure how much bearing it has on First Responder pensions since it's written into State law differently than state employees, BUT no or few Police = little pension contributions. Sanctuary Aid money sure gets found easily as does the many welfare programs and bloated gibvernmet agencies. Rainer is a fraud and has done little for waste and even less for our pension. Too many extensions and giveaways.
Don't rely on laws rewritten by Madigan Fools and police hating Durbins.
The CPD Pension actuaries used to always report in the newsletter (90's) how underfunded the pension was and that it needed the City to contribute 2.5 to 1 in other to keep up. At around the same time Daley ShortShanks was having a feud with Miriam Santos the City Treasurer and Pension Bd member, to keep him from having absolute power over the pension funds for use as investment capital projects (i.e. Davis-Vanecko).
If there was 1 thing you need to wish for is Daley-Rahm & Friends to get launched into prison for corrupt pension schemes.
Start saving some Deferred Comp just in case the Democrats find another way to trim CPD pensions.
Pay into Social Security too, while your young it may help pay for Part 2 Medicare.
Never trust a Democrat, they're running out of sanctuary road to kick the van down.
Anonymous Anonymous said...
1.So, should I stay to max out or quit and get what I can? 2. Stick around and max out deffered comp? 3. How much is the medical insurance if I'm under 55?
How should I or anyone know what you should do? Everyone's situation is different
Deferred sure helps but is doesn't replace a pension. Been retire 10 years
Looks like Tom Needham is now partners with Hamilton Law . Thats strange because I always thought Tom Needham was the lawyer to hire if you were a cop. Now he sues the cops.
Keep voting Democrat, it's bound to get better.
Remember the unofficial motto of the Cook County Democrat Party:
"You can fool some of the people all of the time, and those are the ones we're going to concentrate on."
Anonymous Anonymous said...
I'm out in less than a year.
My opportunity now to "plan accordingly" is very limited.
One of the many reasons I took this job 31 years ago was its pension.
This is criminal and Shortshanks and Rahm and their ill ought to be in jail.
4/24/2017 03:09:00 AM
Anonymous:
No, technically it is not criminal. The politicians make the laws so at best it is unethical and immoral. The people who broke the law work for the union. They have a fiduciary and legal supervisory position over the terms and enforcement of the contract. If they chose not to require or at least to attempt enforcement of the contract terms then they have de facto accepted a modification of the terms. Has the union gone to court over passed missed payments? Have makeup payments been negotiated in the contract? If the union, speaking for the members, doesn't care then the union members have accepted this. You all voted. This was accepted underpayments in the members names. Too bad. The politicians were and are scum acting in their own personal interests only. So what else is new? That is why you have a union. If you vote in self serving leadership then that is on you. This message of short payments has been around since the 80s.
Salary man pension funding rules are under federal law. Union rules are under union control. Sue past union leadership for failure to perform fiduciary duties. Without that as a first step there is no second.
615am....will you marry me...not kidding...Costa Rica is paradise.
NYPD is 73% funded yet they still got a D
Anonymous Anonymous said...
So what exactly happens when the police pension fund dries up? Does the state pay and federal government after that? Do we just get nothing? Legit question...I'm not sure of the process.
4/24/2017 07:03:00 AM
---
I was always under the impression that our pension is guaranteed by the state. I have looked, but I have not been able to find that in writing.
I was also under the impression that Detroit's police pension was NOT backed by the state, so when the city went bankrupt, the cops were screwed. In short, I thought we were in a different situation.
Not sure of anything.
Eliminate "Every" politicians pension and put it toward the funds of actual hard working people! At the same time eliminate every politicians Health Insurance Benefits. Last hang every last one of the immoral heartless thieving bastards.
PROBLEM SOLVED!!!
http://www.chicagobusiness.com/section/pensions
Read this while you are taking a shit. When I see the picture there are 3 Republican Governors there. You cannot blame anyone on welfare for this fucking mess. And each time elections came around, the truth was in your face. Each time.
This jagoff mayor multi millions for connections to contractors but underfunding police pension fund is okay Kevin graham here you go more low hanging fruit pension is job #1
http://www.chicagotribune.com/news/local/politics/ct-chicago-911-system-replacement-met-0425-20170424-story.html
He obviously has billions hidden where is attorney general Sessions people at?
I've been in the Steelworkers union, the Teamsters union, and now the FOP. All three of them are crooked and in bed with the company, selling out their members.
Blogger Leonard Hamilton said...
Who approved Vanecko getting a 68 million dollar welfare check and how come he was never prosecuted?
4/24/2017 10:35:00 AM
Dv urban realty who signed off at our pension board giving away our money? They should be indicted I contacted attorney general Jeff Sessions was told it would be "explored" along with other corruption here!
Donahue " forgave" the city's pension contribution years ago. Then the city is behind the eight ball with mandatory contributions and lo and behold, they get out of it. Promise of a casino- the whole thing is a joke and the FOP is as heavy as a cork with the Illinois Legislature.
Then tollway finds 4 billion yes billion for more spending as Illinois owes pensions how much?
http://www.chicagotribune.com/news/ct-tollway-294-construction-0425-20170424-story.html
Come on dishonest lying media wtf!
Coppers, Firefighters and City Employees might lose their pensions Slugs like Daley, Madigan, Cullerton and the rest of the democrats will flourish. ♠️
Anonymous said...
No, technically it is not criminal. The politicians make the laws so at best it is unethical and immoral.
Since they've taken over $100,000 of my own money out of my paychecks since I've come on the job and I'm not eligible to collect social security that I paid into from various jobs since I was 15 until I came on this department, I'd call it criminal. It's theft, plain and simple.
The last I heard the city is taking the position that the pension funds are stand alone funds and they rise or fall on their own merits. The city has no further obligation to make the funds healthy or to pay out pensions. It is wrong, it just plain wrong. As you can see the political class takes care of itself. Their pension funds are healthy
Anonymous said...
Sell the parks, airports and all the assets the city owns. To make good on the pensions.
4/24/2017 12:23:00 PM
this will never happen unless the city declares bankruptcy. They have no obligation to fund the pensions beyond what is in state law.
615am....will you marry me...not kidding...Costa Rica is paradise.
4/24/2017 03:34:00 PM
Don't marry him just yet.
First, he doesn't know he cannot leave at 49 years of age unless he takes a penalty hit on the pension, plus he will not get a pension check until he turns 50 years of age. The only way he can leave at 49 and have an income is if somebody is letting him burn time until his 50th birthday.
Second, what is 0.25% ? Does he mean one-quarter of 1%, or 2.5% or 25% ? And, one-quarter of 1% or 2.5% or 25% of what amount? Sounds like the old Three Stooges bit about one for me and one for you.
It does seem he has the Costa Rica thing correct as far as owing real property and it sure looks as if he is doing well financially. Oh, what the heck, marry him as fast as you can! LOL.
Anonymous said...
So what exactly happens when the police pension fund dries up? Does the state pay and federal government after that? Do we just get nothing? Legit question...I'm not sure of the process.
4/24/2017 07:03:00 AM
The state and federal government do not pay when a government pension fund runs out of money. There is no law to cover that. Private pensions are insured by the federal government. When the fund runs out of money, they will only pay out what they take in monthly. The city is not obligated to pay into the fund anymore then what the state law requires. They will not be forced to sell any assets absent the bankruptcy of the city. The fund stand alone.
To 6:15am. If you are the one who has a house inspector business I wouldn't quit yet. You sucked as a house inspector and if the five employees learned from you then I feel sorry for any future clients. The reason I say you suck is because I have first hand experience from your expertise. I ended having several issues after the closing which should have been found with your know all knowledge. I would not recommend you to anybody I know. If you live south then you're the one.
Ponzi scheme always works out lol
I hate to say it but most of you are lazy and have no motivation so again I know I waste my time giving advice. Good luck guys/gals on the job and to the nitwits in the academy. Why on God's green earth anyone would sign up for this job today is beyond me. (Delete Key or Enter?)
-----------------------------------------------
You've gotta be kidding me with your arrogant post. You said you're not bragging about what you "accomplished". But, your post was all about YOU and how successful you are with your "BIZ". I bet you're the PO in roll call room who's very loud, obnoxious, and no one wants to sit or work with you because you also stink. I wonder why you don't get invited to any parties. Fool!
Is the line ready...
But I just bought a house for 525000, I need that pension
"Start your own biz like I did. I had ZERO and I do mean ZERO biz experience and now have a successful biz and have 5 employees working for me and I am leaving this job in a few months and moving to Costa Rica on the beach." (4/24/2017 06:15:00 AM)
– tell me this didn't sound like a lead in to a scam ?
Hi friends my name is Escobar Alop Lop " I did - so can you" !!! Pleas email me your info ss# and birthday and I will soon show you how to make millions of dollars using sea shells and wax worms.
But good luck anyway, you did well for yourself and planned, so many other not so fortunate for many reasons.
This job made me very well off and don't regret ever taking it, that was 32 years ago, people back then still said "don't take that shitty job".
Beach life is good if you like water & sand, but doesn't make sense if you can't deal with the coconuts.
To 6:15am. If you are the one who has a house inspector business I wouldn't quit yet. You sucked as a house inspector and if the five employees learned from you then I feel sorry for any future clients. The reason I say you suck is because I have first hand experience from your expertise. I ended having several issues after the closing which should have been found with your know all knowledge. I would not recommend you to anybody I know. If you live south then you're the one.
4/24/2017 07:32:00 PM
And, the extent of his liability is the amount of his fee. I, too, learned the hard way. My five year-old could do a better job than that guy.
Prepare accordingly = Work VRI
MAX out in your 457D Deferred Comp: $18,000 a year - $750 a check
24,000 a year if you are 48 or older - $1000,00 a check.
Enroll in Pro Account program.
4/24/2017 12:24:00 AM
Did the lower the age to increase your DC to $1000 a check? It was always 50............
4/24/2017 10:39:00 AM
Since tier 1 employees can retire at 50 you can increase contributions the year you turn 47 or 48... check with Nationwide.
20 years on and 50 years old. Of course looking for a job with BENNIES and a little pension in 10 years. If I get this job, run like hell?
- Who approved Vanecko getting a 68 million dollar welfare check and how come he was never prosecuted? @4/24/2017 10:35:00 AM
- Dv urban realty who signed off at our pension board giving away our money? @4/24/2017 04:46:00 PM
Davis (obama tie) Vanecko (daley kin) formed DV Urban & used a total $68 million (they wanted $100 mi but CFD & Cook Co said No) from 5 City pension funds (CTA,CPS,City, Laborers) CPD lost/handed over a $15 million cut. The scheme initiated by Daley after he stacked the city pension boards in his favor with appointing Stephanie Neely. See how simple that was.
DV Urban eventually went "out of business", made $$$$ commissions from re-sales of vacant lands and properties firsthand as the LLC protected their assets. They even collected millions in fees for managing how they spent that $68 mil. So today Davis Group is back with a new LLC after refusing to pay losses and suits, business as usual if you have the connection...AND use other people's money to gamble while pocketing expenses.
SLOW YOUR ROLL JOE !!!
- "615am....will you marry me...not kidding...4/24/2017 03:34:00 PM"
- " Don't marry him just yet.... Oh, what the heck, marry him as fast as you can!"...4/24/2017 06:54:00 PM
Are you Aware:
There's $40,000 Widows Benefit refund waiting for you if you're Unmarried at time of Retirement.
Shack up in Margaritaville and then what if him/her is a her/him (not that there's anything wrong with it ) ?
The FL Keys are closer and America First. Hawaii is out, N Korea was it on the radar.
My 2¢.
Mike Lappe wrote this recently :
Speaking of more heroism…On January 26th, 2017 a Board meeting was held at the Fund’s Board room. One status review case in particular took center stage. On August 25th, 2003 a female recruit was hired and began her training at the Education and Training Division. On or about four weeks into physical tactics training, the recruit incurred a fracture to her right lower tibia and trauma to her right ankle. The recruit was offered corrective surgery to repair three ligaments in her ankle. Keep in mind she ambulates without assistance as she walked into the Board room just fine.
Back before I was elected to this Board, she was granted a duty disability 16½ years ago! Now all you retiree’s out there who showed up for work each and every day have paid this recruits freight to the tune of; $526,173.87 tax free and not to mention the free insurance that accompanies this benefit. So now, figure it’s close to a million dollars return for four weeks of work. Great work when you can get it.
Currently, this Fund has been working diligently to have the Chicago Police Department’s Human Resources change their policy which will allow those in cases such as the one I just mentioned to return in a light or limited duty capacity as a glorified overpaid civilian.
My question to Lappe is what about the cops who ruined themselves in car crashes and foot chases and those officers who's benefits you took away? What about the cops who loved the job of chasing people but cant do it anymore? They never took the job to be a civilian Lappe. Your a jag off Lappe and a condescending prick . Go enjoy your retirement. Your a loser and a ignorant person for your comments.
"Lastly how the fuck can a Bill Gates, Steve Ballmer, now the guy from Amazon, they have more than tripled their net worth"
Add to that The Koch Brothers, Sheldon Adelson, Rupert Murdoch, your Governor Rauner, every CEO of Insurance Companies, Big Oil, Heath Care Providers, Airlines, and the Current Members of Congress.
"On the other hand don't worry, the democratic leadership will give them free link cards and rebuild the projects to provide them a nice place to live."
You'll be on a link card and living in subsidized housing long before any retiree steps foot into one. Count on it.
Anonymous Anonymous said...
Rahm simply couldn't care less about this.
Rahm and the alderthieves pension fund is healthy as a horse.
Instead of making any kind of effort to shore up our pension fund Rahm continues to "find" money to piss away on things he wants to do:
DePaul Arena, $160 million for fancy streetlights, $40 Million for ghetto mentoring program, etc., etc.
Rahm's insistence on not funding our pension along with his ass backwards priorities are a very bad combination for us.
Rahm: You're an evil asshole who will rot in Hell.
4/24/2017 03:07:00 AM
100% agree But the scary part is....If Chewy Garcia or Toni Preckwinle is mayor how would our pension fund look under them? They hate the police.
The politicians believe these stories will be their excuse, wrong! That's our money owed to us. Better start finding funding , taxes , casinos what ever it fucking takes.
Anonymous said...
So what exactly happens when the police pension fund dries up? Does the state pay and federal government after that? Do we just get nothing? Legit question...I'm not sure of the process.
4/24/2017 07:03:00 AM
The state and federal government do not pay when a government pension fund runs out of money. There is no law to cover that. Private pensions are insured by the federal government. When the fund runs out of money, they will only pay out what they take in monthly. The city is not obligated to pay into the fund anymore then what the state law requires. They will not be forced to sell any assets absent the bankruptcy of the city. The fund stand alone.
4/24/2017 06:55:00 PM
Complete and total bullshit. The city is completely on the hook for all that money. They've been shorting these funds for decades which they are required to fund. The only way you get out of paying your debts is to declare bankruptcy just like Detroit had to do. The only difference is that Chicago isn't Detroit and it's FAR from bankrupt, regardless of what Rahm will tell you. Haven't you noticed yet how he endlessly conjures up hundreds of millions of dollars out of thin air on a regular basis to fund projects that he wants to fund? The latest one is a CTA green line renovation. Chicago has some of the lowest property taxes in the state. They can start by doubling those. That alone would bring in enough revenue to solve this "problem". You know why Rahm isn't paying what the city owes into the pension fund? Because that doesn't get him votes and he knows he won't be around long enough for this "problem" to hit critical mass. It will be a future mayor's problem. Building batting cages in Englewood and renovating CTA stations in the ghetto is what gets him votes and creates opportunities for him and his cronies to steal. Putting money in the pension funds is like flushing it down the toilet to him. Make no mistake though, in the end, the tax payers that keep voting these shysters into office are the ones that are going to be on the hook for all this money that these thieves have basically been stealing for decades.
"My question to Lappe is what about the cops who ruined themselves in car crashes and foot chases and those officers who's benefits you took away? What about the cops who loved the job of chasing people but cant do it anymore? They never took the job to be a civilian Lappe. Your a jag off Lappe and a condescending prick . Go enjoy your retirement. Your a loser and a ignorant person for your comments."
To the author of the statement above; You sir are a complete idiot and must be one of the many abusers of the IOD system. Just because you didn't take "the job to be a civilian" doesn't mean that if they are unable to "chase people" they should get this pension money. If there is work within the Chicago Police Department that they can do without risk of re-injuring themselves, then they should be doing such and releasing the officers who are doing these jobs and place them back on the street. In my 30 + years on the job I have seen this IOD abuse over and over again. Listening to goofs, just like you, brag about their 75% tax free life while they golf, hunt, fish, jog, exercise etc... all things that show they could work! As for the "Legitimate" officers on Duty Disability I say give them all they deserve but to the many who are abusing this system I say F@*k them and put them back to work or off the payroll completely.
Anonymous Anonymous said...
Mike Lappe wrote this recently :
Speaking of more heroism…On January 26th, 2017 a Board meeting was held at the Fund’s Board room. One status review case in particular took center stage. On August 25th, 2003 a female recruit was hired and began her training at the Education and Training Division. On or about four weeks into physical tactics training, the recruit incurred a fracture to her right lower tibia and trauma to her right ankle. The recruit was offered corrective surgery to repair three ligaments in her ankle. Keep in mind she ambulates without assistance as she walked into the Board room just fine.
Back before I was elected to this Board, she was granted a duty disability 16½ years ago! Now all you retiree’s out there who showed up for work each and every day have paid this recruits freight to the tune of; $526,173.87 tax free and not to mention the free insurance that accompanies this benefit. So now, figure it’s close to a million dollars return for four weeks of work. Great work when you can get it.
Currently, this Fund has been working diligently to have the Chicago Police Department’s Human Resources change their policy which will allow those in cases such as the one I just mentioned to return in a light or limited duty capacity as a glorified overpaid civilian.
My question to Lappe is what about the cops who ruined themselves in car crashes and foot chases and those officers who's benefits you took away? What about the cops who loved the job of chasing people but cant do it anymore? They never took the job to be a civilian Lappe. Your a jag off Lappe and a condescending prick . Go enjoy your retirement. Your a loser and a ignorant person for your comments.
4/24/2017 10:49:00 PM
This is a case that definitely has clogged and needs to be further investigated is the doctor on the take also? Lappe you said you're going after the people that cheat on the duty disability what about this case sounds like total bullshit doesn't Mike?
Anonymous Anonymous said...
- Who approved Vanecko getting a 68 million dollar welfare check and how come he was never prosecuted? @4/24/2017 10:35:00 AM
- Dv urban realty who signed off at our pension board giving away our money? @4/24/2017 04:46:00 PM
Davis (obama tie) Vanecko (daley kin) formed DV Urban & used a total $68 million (they wanted $100 mi but CFD & Cook Co said No) from 5 City pension funds (CTA,CPS,City, Laborers) CPD lost/handed over a $15 million cut. The scheme initiated by Daley after he stacked the city pension boards in his favor with appointing Stephanie Neely. See how simple that was.
DV Urban eventually went "out of business", made $$$$ commissions from re-sales of vacant lands and properties firsthand as the LLC protected their assets. They even collected millions in fees for managing how they spent that $68 mil. So today Davis Group is back with a new LLC after refusing to pay losses and suits, business as usual if you have the connection...AND use other people's money to gamble while pocketing expenses.
4/24/2017 10:25:00 PM
Did the Illinois attorney general look into this? All you'd have to say is that they were investing the funds into the manufacturing of dangerous children's toys! Her daddy (the governor) probably wouldn't let her do it anyways......
How much is the medical insurance if I'm under 55?
$1800 for single
$2200 for you and spouse
$2600 for family plan
Anonymous Anonymous said...
Anonymous said...
No, technically it is not criminal. The politicians make the laws so at best it is unethical and immoral.
Since they've taken over $100,000 of my own money out of my paychecks since I've come on the job and I'm not eligible to collect social security that I paid into from various jobs since I was 15 until I came on this department, I'd call it criminal. It's theft, plain and simple.
4/24/2017 06:46:00 PM
You can collect SS if you paid in the quarters to be eligible. You just get a reduced (way less than you rightfully earned), amount.
Apply three months before your 62nd birthday. You start getting the funds sooner, so you will be drawing them longer. Since they are reduced you try to get as much as you can. The sign up process is very easy, and can be done online. Open an account then fill out the forms and submit. They do the rest and you start getting checks after your birthday month.
It's a shame that none of our elected representatives would try to change the windfall pension act, since Mr. Trump is all for first responders!
"On the other hand don't worry, the democratic leadership will give them free link cards and rebuild the projects to provide them a nice place to live."
You'll be on a link card and living in subsidized housing long before any retiree steps foot into one. Count on it.
I am a retiree, and I have no faith in the politicians that oversee the pension fund. You are correct I will never be on a link card or live in subsidized housing so long as my index finger works.
So what exactly happens when the police pension fund dries up? Does the state pay and federal government after that? Do we just get nothing? Legit question...I'm not sure of the process.
4/24/2017 07:03:00 AM
The state and federal government do not pay when a government pension fund runs out of money. There is no law to cover that. Private pensions are insured by the federal government. When the fund runs out of money, they will only pay out what they take in monthly. The city is not obligated to pay into the fund anymore then what the state law requires. They will not be forced to sell any assets absent the bankruptcy of the city. The fund stand alone.
Well then I guess I can sell drugs until I get caught once. Bank as much money as I can, may not get caught for 10 years. All Good!
100% agree But the scary part is....If Chewy Garcia or Toni Preckwinle is mayor how would our pension fund look under them? They hate the police.
4/25/2017 01:54:00 AM
And Rahm likes the police? Did Daley like the police too?
The pension is going to continue to look like shit until someone holds these thieving politicians accountable or until the chickens come home to roost. Either way, the tax payers are going to hurt and they can thank themselves for electing crooked thieves into office for the last 4 decades.
When are 'we' going to have a march against Tiny Dancer. Seems we (those who r being cheated out of pension contributions, health care etc.) have some real grievances. We have been silent too long.
MAX out in your 457D Deferred Comp: $18,000 a year - $750 a check
24,000 a year if you are 48 or older - $1000,00 a check.
Did the lower the age to increase your DC to $1000 a check? It was always 50............
Love some of the incorrect information..
You can raise your contribution the year you will be turning 50. So techincally at 49 and change, depending on your birthdate. Not 48,(1000 a check)
If you are three years out from pulling the pin, you can bump to 36,000 a year. (1500 a check) Once you start this option you have to stay in it. If you change back to any lower amount you can not do it again. One time option.
Anonymous Anonymous said...
The politicians believe these stories will be their excuse, wrong! That's our money owed to us. Better start finding funding , taxes , casinos what ever it fucking takes.
4/25/2017 03:31:00 AM
Agreed the thought of how many armed retired coppers trained, and the retired military members from CPD and these pos are going to take our money! I don't think so, you take it away a copper then will say "Fuck it I have nothing to lose, my health is deteriorating, rahm already took the health care and now the pension is under 25% funded this would be as barry says "acting stupidly" mayor and cronies!
You know the City's credit rating keeps getting worse, right? And it keeps getting worse because of the hole that is underfunded police, fire, teacher, and municipal pensions. Dear God help us all. You think people are unhappy now? Best to figure out how to fund the pensions now and avoid soup lines later.
Anonymous said...
Anonymous Anonymous said...
1.So, should I stay to max out or quit and get what I can? 2. Stick around and max out deffered comp? 3. How much is the medical insurance if I'm under 55?
How should I or anyone know what you should do? Everyone's situation is different
4/24/2017 02:46:00 PM
My advice is to not take financial advice from people that don't do it for a living. For instance most if not all of the posters on this blog. They tend to get things mixed up.
Anonymous Anonymous said...
1.So, should I stay to max out or quit and get what I can? 2. Stick around and max out deffered comp? 3. How much is the medical insurance if I'm under 55?
1. Depends on your financial situation at home. Do you have a lot of credit card debt? Do you have kids? Is the mortgage paid off? 2. How much do you have in it now? And if you stayed longer, could you afford to max out? 3. Well, if you have to ask, you can't afford it.
Look, about the only thing you have control over is how YOU and your family save and spend money. Don't waste time thinking about the pension. It's out of your hands. If you plan to stay longer then yes, put as much into deferred comp as you can afford.
Not only was I in deferred comp, but years ago I opened a Roth and have been contributing to it on a regular basis. I'm now retired and have around $30,000 in it ( and still contributing ). The wife has a tidy sum in her 401k and about the same amount in one of those guaranteed income retirement plans. AND she is still working and has no plans to retire in the near future.
Good luck in what ever you do!
4/24/2017 05:40:00 AM
How are you making contributions to a Roth IRA if you are retired?
You can collect SS if you paid in the quarters to be eligible. You just get a reduced (way less than you rightfully earned), amount.
Apply three months before your 62nd birthday. You start getting the funds sooner, so you will be drawing them longer. Since they are reduced you try to get as much as you can. The sign up process is very easy, and can be done online. Open an account then fill out the forms and submit. They do the rest and you start getting checks after your birthday month.
It's a shame that none of our elected representatives would try to change the windfall pension act, since Mr. Trump is all for first responders!
4/25/2017 08:23:00 AM
The problem is that most of us are not eligible. I worked jobs that paid into Social Security from the time I was 15 to the time I came on this job at 27 (Now 45). Once I came on this job though, I ceased paying into SS because I was placed into our pension plan (without a choice I might add). When I get my statements now from SS, it says I do not have enough quarters or whatever the hell it's called. Sure, I could go work some other part time jobs for the next 10-15 years to pay into SS but what's the point of that since I'll only get 40% of the benefits that everyone else gets. It would just be throwing good money after bad away. So basically I'm screwed out of the tens of thousands that I paid into SS (Money stolen by the federal government) and from the talk on here I'm screwed out of the 100+ thousand dollars I've been forced to put into the police pension as well. I guess when I "retire" I'll have to go on welfare.
I was always under the impression that our pension is guaranteed by the state. I have looked, but I have not been able to find that in writing
======================
For reasons that have never made much sense to me, police and fire department pensions are controlled by local governments while other municipal workers and teachers are controlled and guaranteed by the state (except Chicago which has its own).
The Illinois fund that covers municipal and other local employees outside of Chicago is 100% funded (or close to it). It is the only state run pension fund that is fully funded. And it is funded entirely by the agencies who the employees work for.
The Illinois teachers plan is paid for by a combination of state money, school district contributions, and teacher contributions, but is nowhere near fully funded, and many school districts do not require employee contributions. Why this plan is not funded entirely by school districts like the municipal worker plan escapes me other than as some sop to the teachers union.
I don't disagree that the city and state are in terrible financial shape but the city's assets at 7.6 billion dollars is ridiculous. I say this state data site has an agenda. O'Hare airport alone generates somewhere in the neighborhood of 45 billion dollars in revenue a year. Midway, Jardine water filtration plant and the water infrastructure added on, these 3 assets alone have to be worth far more than the liabilities. Again we are in no way in good financial shape but this site is panic pedaling.
MAX out in your 457D Deferred Comp: $18,000 a year - $750 a check
24,000 a year if you are 48 or older - $1000,00 a check.
Did the lower the age to increase your DC to $1000 a check? It was always 50............
Love some of the incorrect information..
You can raise your contribution the year you will be turning 50. So techincally at 49 and change, depending on your birthdate. Not 48,(1000 a check)
If you are three years out from pulling the pin, you can bump to 36,000 a year. (1500 a check) Once you start this option you have to stay in it. If you change back to any lower amount you can not do it again. One time option.
4/25/2017 11:41:00 AM
-------------------
I was able to increase it when I was 48.
IRS rules state you can increase 3 years from "normal retirement age"; WE can retire at age 50. That's what I did.
Now I'm almost at $625,000 in my 457D.
The problem is that most of us are not eligible. I worked jobs that paid into Social Security from the time I was 15 to the time I came on this job at 27 (Now 45). Once I came on this job though, I ceased paying into SS because I was placed into our pension plan (without a choice I might add). When I get my statements now from SS, it says I do not have enough quarters or whatever the hell it's called. Sure, I could go work some other part time jobs for the next 10-15 years to pay into SS but what's the point of that since I'll only get 40% of the benefits that everyone else gets. It would just be throwing good money after bad away. So basically I'm screwed out of the tens of thousands that I paid into SS (Money stolen by the federal government) and from the talk on here I'm screwed out of the 100+ thousand dollars I've been forced to put into the police pension as well. I guess when I "retire" I'll have to go on welfare.
If you worked from 15 to 27 years old you should have approx 48 quarters. You only need 40 quarters to get your SS benefits. Worse case is you have 36 quarters and all you have to do is work a year and you will have the required 40 quarters
Something is wrong with your math, you should already have the quarters
Just curious. P.O with $625k.
What is your current age?
Thanks
Just curious. P.O with $625k.
What is your current age?
Thanks
---
That's impressive but not even close to the top... I know many Dets that are 1million in deferred comp. shockingly, all those big OT checks supplemented their base pay while they have been maxed out for 15 plus years or longer. This dept. has a lot of really good savers (and spenders)
If you worked from 15 to 27 years old you should have approx 48 quarters. You only need 40 quarters to get your SS benefits. Worse case is you have 36 quarters and all you have to do is work a year and you will have the required 40 quarters
Something is wrong with your math, you should already have the quarters
4/26/2017 09:59:00 PM
No, nothing is wrong with my math. I'm telling you what the SS statements that come say. Could it have something to do with the paltry pay of shit jobs at those young ages including 4 years in the military? And then not having paid a cent into it for 17 years with the CPD? Last one I read I think it said I had 20 something quarters and was ineligible to receive benefits.
Just curious. P.O with $625k.
What is your current age?
Thanks
---
That's impressive but not even close to the top... I know many Dets that are 1million in deferred comp. shockingly, all those big OT checks supplemented their base pay while they have been maxed out for 15 plus years or longer. This dept. has a lot of really good savers (and spenders)
4/27/2017 06:59:00 PM
And don't forget compound interest. It works miracles. Which is why our pension fund should not be "broke".
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