More Pension Questions
- Chicago City Wire recently published a story projecting that the pension fund for Chicago police would run dry in several years, absent new taxpayer subsidies.
Reacting to the story, a police union representative reportedly sent an email to union members that included “This is not true. Current actuarial projections prepared for the pension fund do not include a time at which the fund has depleted all assets. The media failed to mention that Illinois law mandates that the pension be funded at 90 percent by the year 2055.”
Let’s take a look at some of those actuarial projections, shall we?
And their look at the numbers isn't promising. We're certainly concerned, as all members should be, especially as the State teeters on the brink of insolvency and Chicago is right there, too. We'd like some guarantees from the elected representation - not statements of "Trust Rahm and State Law."
Labels: pension
posted by SCC at 12:02 AM
41 Comments:
Sell Midway, sell O'Hare. Fuck Rahm.
Read this article. Puerto Rico declared bankruptcy and they were in better shape than Illinois.
http://www.nbcnews.com/news/latino/4-reasons-why-puerto-rico-s-bankruptcy-process-matters-u-n766991
Haha.. its not true while shit is literally falling from the sky... hey who ever is managing the pension fund... be sure to invest in Venezuela, Libya, and what ever is left of Bernie Maddoff or who ever the hell he is
Get rid of those damn gold braid pensions. It's nothing more than legalized bribery that drains our pensions for patronage political hacks.
Also, the original reason for what what the CPD terms as "duty availability" was to compensate street officers for shift differential working the third and first watches (hours of darkness). Yet the empty holstered suckholes and politicians want to get extra dollars for the house mice working steady days with weekends off. Cite any other big city P.D. that pulls that bullshit. You can't. Elsewhere, such monies are used for shift differential.
What happened to fop selling out disabled coppers at Status hearings? Coppers are getting fed to wolves for nothing and mocked and ridiculed by board members. Officer deserve respect at that board and FOP stands silent. God forbid any offficer gets hurt. If it happens you will see for yourself first hand how much the union sells out officers.
Why Worry?
Your Pension is as solid as the State of Illinois.
You can trust the Democrat Party to look out for the police.
Rahm, Dart, Madigan, and the Chicago Democrat Machine have your back.
Remember how they supported you against Black Lives Matter?!
"...Illinois law mandates that the pension be funded at 90 percent by the year 2055"
What makes that law any different than the laws on immigration for example? It doesn't have to be enforced.
Sure you can sue and even win but then you have to collect and you can't get money the city don't have.
Trust Rahm and State Law.
Gee what could possibly go wrong here?
Trust an asshole who wants to "stick it in the cops ear" and trust a state that's virtually worst in the nation?
Sounds like a solid plan to me.
Don't worry: FOP Genius says its all good.
Anonymous Anonymous said...
Haha.. its not true while shit is literally falling from the sky... hey who ever is managing the pension fund... be sure to invest in Venezuela, Libya, and what ever is left of Bernie Maddoff or who ever the hell he is
6/29/2017 12:33:00 AM
A sad fact of the matter is that the pension fund doesn't have enough funds to invest in anything!!!
The Governors of the Federal Reserve Board hold regular town halls with the commonfolk and field questions.
Defined benefit pensions came up, specifically yours. The answer to underfunding was tough shitksy boys and girls, you solve it without our help.
Did you at least pay into Social Security? Some of you should go to these town halls and hear what gov't officials are saying about you.
In God We Trust. Rahm and the State of Illinois are the furthest entities you will find away from God.
20 years and out better retire before the end of July and get your health insurance the family plan is $3,600.00 per month and you pay for it
Trust me! Don't look at those facts and figures behind that curtain! Hahahaha!!! Sounds exactly like a liberal democrat.
Anyone remember a president that said "Trust, but verify."? A very wise man, and wasn't a democrat.
J.J.
There is no guarantee. I think their plan is to charge as much of us as they can to strip us of our pension.
Anonymous Anonymous said...
"...Illinois law mandates that the pension be funded at 90 percent by the year 2055"
What makes that law any different than the laws on immigration for example? It doesn't have to be enforced.
Sure you can sue and even win but then you have to collect and you can't get money the city don't have.
**************
....... or won't give you. Like collecting a wager from a deadbeat. Don't bet with deadbeats. Don't bet with Illinois.
I joined CPD in the mid 1970s. As I recall, at that time the pensions were funded at about 65%. Why were they allowed to drop so low? Hardly a word about this from our pension reps. They told us that as long as the city writes you a check, there is nothing that can be done. I call total bullshit on this. Would Karen Lewis tolerate the city not making pension contributions? She would have every retired and active teacher marching on City Hall. Rahm is deathly afraid of the teachers union, BLM, Phlaeger, and any other organization which can generate negative publicity and expose how incompetent he is.
Pensions have now reached a critical stage. Anyone who believes that enacted laws will save us is foolhardy. Our governor will veto any legislation deemed harmful to pension reform. He already refuses to give money to Chicago's schools, calling that legislation a bailout. FOP and our elected pension reps better begin immediate corrective actions if pension payments are not made.
And when contract negotiations come up- what will be the main topic on the board--retro.
If the city/state declares bankruptcy, does that affect our deferred comp?
The formula is as follows: The actuary basis funding on if every Chicago police officer retired at once, could the pension fund support those officers with no officers paying into it anymore. That's a pretty high standard that will never happen. Maybe its time to reevaluate the funding formula.
Man do I really regret working for Chicago!
To all you young people considering any job with Chicago, Cook County or the State of Illinois, Police, Fire or whatever, Leave Chicago, Cook and Illinois instead and really look elsewhere!
These government units are really in horrible shape all around and terrible to work for!
I wished I had done that and left this place 25 years ago!
KMA
On the bright side Western avenue just got some new medians with trees that really help blocking the police respond to an emergency during heavy traffic !
Video extremely related. The state's budget is officially 100% fuct.
https://www.youtube.com/watch?v=HH-Z7-PMIwI
It's so obvious how this plays out, all that's uncertain is the timing. Just remember one thing when making your escape plans, being early is always better than being too late. Or put another way, don't pick up pennies in front of a steamroller.
Anonymous Anonymous said...
Get rid of those damn gold braid pensions. It's nothing more than legalized bribery that drains our pensions for patronage political hacks.
Also, the original reason for what what the CPD terms as "duty availability" was to compensate street officers for shift differential working the third and first watches (hours of darkness). Yet the empty holstered suckholes and politicians want to get extra dollars for the house mice working steady days with weekends off. Cite any other big city P.D. that pulls that bullshit. You can't. Elsewhere, such monies are used for shift differential.
6/29/2017 01:28:00 AM
true! But also why does rahms detail get commanders and sergeants pay, and the pension at that rank? The city clerks drivers and the city treasurers also get that high pay rate and huge pension dip why? Kevin graham we have many questions on our pension do you have any investigative type answers? Or do you tout the cities "don't worry" line? Kevin you better stand up,stay up,be up, to fight for us all of us maybe you could look into restoring retirees health care while your at it! You were strong at the beginning but now that your "settled" seems like your "comfortable" now!
Kevin did you finally stop the gestapo type door entrance at "our hall offices" outside of the the offices? can we walk in?
duh, why haven't your alleged leaders at FOP & other police orgs (as well as Fire orgs) figured out that their is a huge Democrat party conspiracy to deny future retirees their pensions & to reduce current retiree's to penury ? BTW - the Democrat conspiracy has massive Public Support amongst the "receiver" class of citizens & we all know that it's "ask & ye shall receive" in the Democrat party playbook
Rules, projections, the law? Please. For the umpteenth time, this is Illinois. Land of the democrats and liberals. Land of "we'll do anything we want, and damn the law". Anyone that thinks there will be some sort silver bullet and everything will be fine is very naive.
"...Illinois law mandates that the pension be funded at 90 percent by the year 2055"
A lot of good that does when the pension fund will be bankrupt by 2025.
The libtards are pushing to change to constitution to allow the States and Cities they have destroyed to be able file for bankruptcy. It is coming folks.
When it happens, Chicago will be the first to file. That means Union contracts void, pension funds dissolved, time on the books, gone. Medical insurance gone. And if they can figure out how to get at your Deferred Comp. They will take that too.
The fact is that they stole the money that by law was supposed to be payed into the pensions and pissed it away. When are they going to be put in JAIL?
If the Overtime Budget in 2016 was 110 million dollars then why in 2013, 2014, 2015 the Pension Contributions were not made?
If the Finance Committee could approve 110 million in Overtime. Then WHY wasn't the Pension Contribution made?
Ask the Alderman and the 9.5 fingers fir an Answer. No Common Sense Answer will be on their lips
I remember all day Kindergarten was a Promise. That Promise is gone with the closing of the School Year
Next September. No all day Kindergarten. Smoke and Mirror Promises
The state of Illinois has nothing to do with funding the Chicago police pension plan. So the state's financial position has little to do with whether Chicago police pension benefits ever get paid out.
On a side note, the state is now going to prop up the Chicago teachers union pension plan. But no other Chicago employee pension plans are so favored. I guess the teachers have more clout.
"Sell Midway, sell O'Hare. Fuck Rahm." (6/29/2017 12:29:00 AM)
–. Remember Daley tried to sell Midway and soaked the investors for the millions in the earnest money deposit when the deal flopped. I'm sure they made it up in other ShortShank schemes.
Ohare has plenty of money and portions of the income actually pays the CPD 050/051 and the CFD pension payment. Ohare also has so much money it could qualify as it's own city. Stuffed with more political appointed hacks than they have in police protecting the travelers.
Ohare/Midway airline revenues can supppement the entire CPD pension without ever losing a dime in income.
Democrats won't allow that.
The service unions there are demanding raising airline fees so the workers can get a $15 hr. min. wage.
Rahm hasn't said much onthta but some alderthieves are all for it.
Rahm would rather shell out and sell out to the crooked strike-ready CPS first.
Never forget Rahm like ShortShanks, is putting the fear of financial collapse in the face of the public and it's the Police that is causing it.
Beside Rahm stacking the Pension Board in his favor, if there should be a like minded liberal Democrat as the next governor, I fear we could get screwed big league.
They have 30 days to put my mind at ease on the pension situation or i take my 21 years and leave. Start over elsewhere
Vote Republican case closed
Whoops! Illinois must have really pissed off
Karl Denninger at The Burning Platform.
He states he left the state 20 years ago
because of corruption and high taxes.
His latest article is: Hey Illinois! Blow it
out your ass.
Retirement at age 50, best earnings years,
ect. This guy is really mad and worked up.
Please, somebody read the article.
Say it ain't so, Joe.
6/29/2017 01:39:00 PM
Anonymous Anonymous said...
The state of Illinois has nothing to do with funding the Chicago police pension plan. So the state's financial position has little to do with whether Chicago police pension benefits ever get paid out.
On a side note, the state is now going to prop up the Chicago teachers union pension plan. But no other Chicago employee pension plans are so favored. I guess the teachers have more clout.
6/29/2017 02:20:00 PM
More Clout?
Damn Straight! Those are Hundreds of Thousands of Loyal Democrat Voters.
They are organized, and vocal Democrats.
All those Union Campaign Contributions are paying off.
Anonymous Anonymous said...
They have 30 days to put my mind at ease on the pension situation or i take my 21 years and leave. Start over elsewhere
Do what you have to do. You are a grown man and can make your own decision. Good luck and I hope you make the decision that is right for you and your family
they can make all the laws they want, it means nothing. CPD should have gone to a 401k thirty years ago. Problem is not the funding, retired cops are just living too damn long now. Look at those old issues of STAR magazine. Most cops kicked the bucket at 52-59 years old. With that formula, the pensions future looks very rosey...
Anonymous Anonymous said...
20 years and out better retire before the end of July and get your health insurance the family plan is $3,600.00 per month and you pay for it
$3600 a month my ass
$3600 a month my ass
6/29/2017 08:21:00 PM
actually less then half of that
The fact is that they stole the money that by law was supposed to be payed into the pensions and pissed it away. When are they going to be put in JAIL?
6/29/2017 12:25:00 PM
yes you are correct. But, you fail to see what is going on around you. Most of the public do not seem to be in the corner of the police these days. They resent you having a pension, don't think you deserve it and think that is is way too generous and you are able to retire way too early. And, they believe the media's and BLM lies and false facts. The public willnot like the higher taxes.
I did 20 and out. No Insurance, I wasn't 55...so I took a part time job with benefits for Zero payment on health insurance.
The city plan is sure to bankrupt you. If you are not getting free health care, then leave the city behind you entirely. Sever all ties IMHO. If your wife works you are Fucking golden...
Was maxxed out in Deferred comp the entire time!
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