Trust City Government?
- The Fraternal Order of Police Lodge No. 7, the Chicago Police Department union, responded to projections estimating the Policemen’s Annuity and Benefit Fund of Chicago will require a taxpayer bailout to pay for retiree benefits in four years.
Local Government Information Services (LGIS), which owns this publication, released estimations that the police pension fund will experience a major loss in funding by the beginning of 2021 because of higher wages and promises of higher pensions.
“The lodge has received many inquiries regarding the status of the pension fund in response to media claims that it is in danger of running out of money in the near future,” FOP #7 President Kevin Graham wrote in an email to members. “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.”
FOP No. 7 declined to comment further for this story.
The City hasn't made the correct actuarial adjustments to the pension contribution in over two decades. What makes Graham think they're going to start now? A silly little thing like a state law?
If the money isn't there, it isn't there. Rahm is spending money on everything except pensions. We still haven't seen an inch of progress on a supposed casino. The Contract expires in a few days and we don't see the City budging much on the financial end of things...not without major disciplinary concessions, which thankfully, the FOP has so far refused to discuss. And oh yeah, the State itself is on the verge of three years without a budget, meaning hundreds of millions earmarked for Chicago aren't available.
And Graham thinks the best idea is to trust a state law Rahm has shown no intention of following?
If the money isn't there, it isn't there. Rahm is spending money on everything except pensions. We still haven't seen an inch of progress on a supposed casino. The Contract expires in a few days and we don't see the City budging much on the financial end of things...not without major disciplinary concessions, which thankfully, the FOP has so far refused to discuss. And oh yeah, the State itself is on the verge of three years without a budget, meaning hundreds of millions earmarked for Chicago aren't available.
And Graham thinks the best idea is to trust a state law Rahm has shown no intention of following?
Labels: FOP, money questions
posted by SCC at 12:02 AM
76 Comments:
Not much choice at this point?
Lots of things will probably change by about July 15, after Chicago and Illinois actually admit they are broke and have no chance of becoming solvent without massive political changes.
Graham should concentrate on getting union and worker unity, because the FOP will need it. Contract? Insolvent State? BLM? Empty Pension Fund? Lots of nasty problems. Good Luck! You are going to need it. You will also need Union Solidarity.
Honestly why do we even have a union? Every union president in my 23 years on the job talks all tough when election time is up and once they sit in that seat its business as usual for the machine. Face it folks our union is the biggest joke out of all major cities. Time after time we get duped by leadership and the city does whatever it wants breaking contracts bargained for.
Rahm got his guy in the FOP. To the victor go the spoils.
You don't see anyone from the unions in police row calls asking questions either
If the money isn't there, it isn't there.
Exactly, and in 2055 the politicians will point to the Richard Daleys and Rahm Emanuels of our time and say 'its their fault' and wash their hands of it. Daley, Emanuel and the rest of the political hacks will be dust n bones by then. They'll be telling stories about how a former mayor sold away the city's parking meters to a company for a 75 year lease and then got a consulting job with that same company after he retired for $250,000 a year for lining that company's pockets. You do something for me and I'll do something for you. And they'll say, 'how the fuck did he get away with it?'
Well we contributed union dues to the union, put our faith in it, and elected it, so who do we have to blame, but ourselves.
The city has to go "bankrupt" before they don't pay out pension.....the city has assets still...not as many as before but not as few to prove bankruptcy....20 and out!
Raise taxes for a stated purpose and then after collecting the taxes divert the funds elsewhere. Magicians would be impressed at Rahm's slight of hand.
Jesus Kevin, I'm very disappointed to hear you say that. You should know these Chicago politicians only do what's good for them and lie and make their own rules. We can not trust them!!! Once again our contract is about to expire and they don't care. Why is it the norm for us to work without a contract for 2-3 years every time since the beginning of time? In regards to the pension question, Why couldn't you have answered, "Yes, this is very concerning and needs immediate attention. The city needs to keep their promise to their police officers now instead of later. The city has spent billions over the years on projects they believe are important to Chicago. I believe Chicago's police officers are just as important as any of these projects. We police officers continue to pay into the pension as agreed when we accepted the job. The city needs to fulfill their obligation immediately and stop kicking the can down the road. Police officers have enough on their minds to think about and worrying about their survival in retirement should not be one of them. If the city properly funded the pension as promised, it would send a positive message to the police officers working hard every day, and possibly give a little kick start to their morale in these difficult times for law enforcement."
This is the stuff you should be saying in our behalf, Kevin.
"And Graham thinks the best idea is to trust a state law Rahm has shown no intention of following?"
And what happened, then? Well, in Whoville they say - that the Grinch's small heart grew three sizes that day. And then - the true meaning of Christmas came through, and the Grinch found the strength of *ten* Grinches, plus two!
*Well, it could happen*
"And Graham thinks the best idea is to trust a state law Rahm has shown no intention of following?"
Rahm "Ebenezer Scrooge" Emanuel: [singing] I will start anew / I will make amends / and I will make quite certain / that the story ends / on a note of hope / on a strong amen / and I'll thank the world / and remember when / I was able to begin again!
Rham wants a Monorail monorail 🚝 your kidding me is an episode of the Simpson s
Thanks Graham! I glad to hear we have nothing to worry about. Chicago and Illinois are in great financial shape suddenly?
Even if the the city payed what it is supposed to pay... you still have a piece of excrement who is heading some office and this asshole will invest in bullshit on recommendation of Rahm or Daley and sons.... it will them give major losses.... I am sure Rocky had better financial advice from Paulie--- a drunk butcher for crying out loud
should we continue to retire at 55 yoa and out bye, bye? 2018 is my turn, what do I do?
OMG! I can recall getting in arguments, with red faced fellow patrolmen in the roll call room of the 020th District back in the 80's! "Da Penshun iz ensurd by da State of Ilinoise". Yeah, they were Rocket Scientists, who went on to become Tac Officers, and graduates of alcohol rehab. I became a Sergeant, and got out of 020. Yep, "Da "Penshun" iz protected by Da State, which currently has not had a budget in over two years, if they don't get one in 72 hours it will be 3 years. "Da State" iz on da verge of Bankruptcy; but Dey Got Our Backs! Right, like the medical coverage for retirees.Oh, and let us not forget all the past FOP bosses who went onto great jobs with the County Sheriff, and second "Penshuns". And the Daley Crime Family is doing quite well financially. Genuine "Chicago Values" on display. Baby "G"
Why aren't we taking to the streets about this. It's our money and we NEED it now. Start putting the blame and responsibilities where they belong, on a mayor and government who has lied and stolen from us.all with the past and hopefully not the present FOP allowing it.
Why are we allowing this to happen. We, our spouse or children are losing and no one cares. F this. Let's do something, tell somebody, force that little shit to pay what is owed.
Graham and the Board know better than to believe / trust State law; but it's just too complicated to explain in one single email. I've heard the Board had a couple guys from an accountability group brought in for an interview to get a plan in place. More info to come from FOP.
It seems like the new regime is going to be as impotent as the last regime, minus Deano's thievery. Oh well, at least we aren't buying golf shoes for this year's golf outing.
Rahm didn't follow it, Daly didn't follow it, what should Graham do. What's it been, 30 years?
What happened to th $25 million spent on BAM? Does the taxpayers need a new Gatley park at 103rd and cottage? The new tennis courts at 51 st and state aren't benefiting the taxpayers. There is no reason to replace the cities street lights.
If your not staying FETAL because of all of this ,then there is no hope for YOU or the pension funds, These politicians dont give a dam about us. Quit doing these ASSHOLES bidding (Emanual,Durbin, Duckworth, Special Ed and all the Aldercreachers .....Let them get voted out of office for all the homicides in Chicago ..Until the casino is built and the money is flowing into the Pension Fund Period !!!!!!! Use your fricken heads for something more than holding up your baseball cap Hair Gels !!!!
If we are gonna cross our fingers and hope foe for the best, why not go to an arnitrator. But if Rainer continues to hold off on budget we are going to get screwed aGAIN
SB777 is temporary pension relief bill which allowed the city to pay a equal amount to the fund
I think it is 480 million. by the way the city made it payment. The casino bill is just another funding source to the fund
Never trust the Rahmster. He is the honey badger of the political world.
Can the city just let the funds go bankrupt,this is BS!
Graham hasn't been in office 2 months and already he's stumbling and mumbling. ♠️
If the city was broke or bankrupt, could the creditors include the police force the city to sell off assets to fund the pensions? Could the police take possession of the 606 and charge a fee to use it?
Illinois is approaching insolvency. There is no way the state can bail out the city and they would not even if they could. Prepare for massive tax increases in the city, that is if the state does not freeze property taxes for 2-4 years. But, never fear, the teacher's union will call another strike unless they get their raises and benefit increases. If only the cops could strike for just one day.
The revolution is fast approaching, make sure you are well stocked up on ammo.
Agreed! Then what are the real numbers?can FOP file a court action to get the city to pay up? It's the law.. it's the Illinois constitution. These pols could give a rat s ass.FOP should be putting high pressure on the city
Hey Graham, just look what the actuaries did to the retirees medical. They projected some outrageous number that the city was going to incur. And that number said the cost would continue to go up, which was smoke being blown up are asses. The actuaries numbers were based on 1986 numbers of new retirees joining, but that was impossible because the Department now takes out Social Security and the number would have decreased, not increased over time. Thus, costing the city less for the retirees health insurance. So Graham, don't believe anything these Dem's are proposing, have someone independent look at it and you will find the truth.
With accurate estimates out there, it shows that we are definately going to be financially harmed, pension wise!!!!! So that means we might be able to sue city now for future harms!!! Why not? Can somebody seriously look into it, FOP???????
So, somebody who comes on the job in 5 years will be guaranteed a pension?
Anonymous Anonymous said...
should we continue to retire at 55 yoa and out bye, bye? 2018 is my turn, what do I do?
6/27/2017 05:47:00 AM
Why would you ask the blog? You will get 100 different answers. No one on the blog knows your situation. Talk to someone who does and maybe gets some advice from a lawyer or financial planner
Ultimately the decision is up to you. No decision is right or wrong
I for one was criticized for staying until 63 instead of leaving at 55. Listened to shit for years, but the eight years allowed my wife and I to put a quarter million dollars in deferred and raise my pension substantially. Never had to work a second job after retirement. Been retired ten years and am thankful to god that I have my health and am enjoying retirement and not having any financial concerns due to the increases deferred and higher pension
Did I make the right decision maybe yes maybe no but it's your decision not the blogs. Hell I could have died at 56 or 62 and never collected a penny from the pension
Anonymous Anonymous said...
Why aren't we taking to the streets about this. It's our money and we NEED it now. Start putting the blame and responsibilities where they belong, on a mayor and government who has lied and stolen from us.all with the past and hopefully not the present FOP allowing it.
Why are we allowing this to happen. We, our spouse or children are losing and no one cares. F this. Let's do something, tell somebody, force that little shit to pay what is owed.
Sounds like you are a great choice for leading this demonstration. Get it started and I'm sure you will get a lot of followers
Stat of Illinois politicians are majority LIBERAL Leftists, we get what we put in office, we don't vote with unity!!! We are divided and conquered!!!!
Anonymous said...
should we continue to retire at 55 yoa and out bye, bye? 2018 is my turn, what do I do?
6/27/2017 05:47:00 AM
YES!!! I did it almost 4 years ago and don't have a SINGLE regret, also move the hell out of ChiRaq and Illinoyed!! You won't miss it one bit..............
Anonymous Anonymous said...
If we are gonna cross our fingers and hope foe for the best, why not go to an arnitrator. But if Rainer continues to hold off on budget we are going to get screwed aGAIN
One reason is we don't have binding arbitration. If the arbitrator gives us to much the city council just won't approve the contract. The city council has the final approval of the contract
Anonymous Anonymous said...
Jesus Kevin, I'm very disappointed to hear you say that. You should know these Chicago politicians only do what's good for them and lie and make their own rules. We can not trust them!!! Once again our contract is about to expire and they don't care. Why is it the norm for us to work without a contract for 2-3 years every time since the beginning of time? In regards to the pension question, Why couldn't you have answered, "Yes, this is very concerning and needs immediate attention. The city needs to keep their promise to their police officers now instead of later. The city has spent billions over the years on projects they believe are important to Chicago. I believe Chicago's police officers are just as important as any of these projects. We police officers continue to pay into the pension as agreed when we accepted the job. The city needs to fulfill their obligation immediately and stop kicking the can down the road. Police officers have enough on their minds to think about and worrying about their survival in retirement should not be one of them. If the city properly funded the pension as promised, it would send a positive message to the police officers working hard every day, and possibly give a little kick start to their morale in these difficult times for law enforcement."
Have to agree with you about the FOP doing more to either agree with the report or explain why it is not true, backed up by actuarial facts
Now by no means am I defending the city or Rahm,but since the new pension law was enacted the city put in the 500 million. True it came from increased property taxes but there's where the law stated it would come from. And true when paying they kicked the can down the road 15 years. We can only hope the city will now start honoring their commitments for a situation started 25 yrs ago by the Daley regime
I think this report is getting too much attention. There is no validity in this report and no reason to believe this report anymore than any other report on the pension.
This report is nothing more than projections and estimates. The author has no idea of what the city will do on plice hiring. Does he know how many police will be retiring. No he doesn't. I've read on the blog for years about the mass exodus of po,s retiring but it has stayed approx a constant 500 even after the 55 and out. Read they are in line at HR waiting to fill out their retirement papers, can't get an appointment at pension board because of the mass retirement point is this report doesn't know
How many po,s are hired and how many retire has a huge impact on the pension
Does the author know how the stock market is going to react in the next five years. No. Does he know where interest and bond rates are heading. No. An increase or decrease in the stock market has an enormous affect on the stability of the fund
20 and out get some money fuck the city
Real simple, I refuse to do anything but the minimum that is required by me IN WRITTING until the pension fund is at least 90%. I still find it funny that few have noticed that the only two pension funds that are that bad off are the only two that by federal law cannot strike. Well its not a job action if I show up and answer my calls and that's all they're gonna get outta this guy! Oh btw, the aldermanic fund is very well off if anybody was worried.
Rauner and Madigan are both too stubborn and hard-headed to actually accomplish anything by working together, and let's be honest, Madigan isn't going anywhere. I think the best case scenario is the election of a new governor next year that is in favor of legalizing weed. Use the massive tax collection to fund pensions in the city and state. More people love their weed than they do going to a casino, and it's considered less dangerous than alcohol. You'll have residents of neighboring states travelling to Illinois for the sole purpose of buying weed legally if Illinois were the only local midwest state to have legalized it. It's a cash cow just waiting to be milked, but nobody wants to get their hands dirty.
I have a great idea, take every single cent from the politicians funds and stop any payments going out and divert them into the police and fire funds until they figure this out. I guarantee the problem will be solved in 6 weeks max! Furthermore eliminate the gold braid pension and base it on the last 4 years of highest earned rank which would be lieutenant since everything after that is appointed rank. That in itself would save a fortune. Sorry all you suckholes guarding rhammy and lil' burke but a patrolmen's pension is all you should get! Wow, I just saved the pension system in 5 weeks minutes. Boy that was hard!!
http://www.chicagotribune.com/suburbs/daily-southtown/news/ct-sta-tinley-park-cops-st-0608-20170608-story.html
Tinley park pd new contract doesnt require their coppers to live in their village anymore.
FOP Lodge No. 7 is the collective bargaining agent ... Fraternal ...
Lodge 7 (as with all other FOP Lodges) is a FRATERNAL Organization .... NOT a UNION. They work as many do as a Bargaining Agent for it's members (and those who choose not to belong). If one truly has "collective bargaining" rights, that is great ... ONLY as long as the arbitrator is truly fair & impartial.
Who else are fraternal organizations: Your local Eagles, Moose, and assorted clubs. The major difference is they only do the golf tournaments, run a bar for cheap member drinks, etc.
Being a bargaining agent (or even a union) in a restrictive environment (by law - no strike or job actions) leaves any negotiator pretty much feckless. This especially applies to Chicago where the power structure ignores the laws by which they are to act. Your wage team needs to be innovative, which is pretty hard especially when there is not a united front.
And for those blaming the budget impasse on just the Gov and not in mass, stop for a second and realize what not having a budget means. With budget - 2 million authorized for XYZ, with no budget they can spend 4 million for XYZ and really don't have to answer as expenditures are not budget restrictive. Thus spending 4 million for XYZ took all the cash, when ABC (which relates to PO) comes up - Sorry no cash. No budget at contract time can only help 9.5.
Spent a few years on negotiations on my smaller department ... From what I see it's going to be a "bumpy" and "prolonged" contract.
Stay Safe and Police SMART.
https://www.google.com/amp/www.chicagotribune.com/news/opinion/commentary/ct-annex-chicago-suburbs-second-city-perspec-0414-jm-20170413-story,amp.html
You guys think this will ever happen? Suburbs joining the broke city
Be prepared to get 50% of what was promised to you. So 20 and 50 will get you 25%. There is no way they will let the greedy lazy police get what they deserve. If that is the case, I hope the whole country and society collapses, that way we won't have to go on welfare and depend on anyone accept ourselves. Kind of like Soylent Green. Just take what you want and need. Start stocking up on ammo my friends.
Did you say your contract is about to expire?
F.Y.I.
You are about to lose your back pay...
Just ask local 399...
TIF funds that is where the money went and will be going unless the 50 thieves put a stop to it and divert the money to the city pensions and bills that are due. Rahm paid out 1.3 Billion over the years to his friends and political donors. That is tax payers money it should be used to pay for the tax payer's bills not to enhance his friends.
In the mid-80's thru 90's Actuaries actually declared and advised a city contribution ratio of 2.5:1 to keep the Pension fully funded.
They used to print it In the newsletter. They don't do that anymore, when Daley ousted Santos and stacked the Board in his favor with backstabbing Neely.
The whole 55 & Out scheme was ever intended to be a "benefit" for the Police.
It saved the City millions in salary payouts in exchange for their chump change, high deductible and out of pocket health insurance payments. Some deal. Even worse for older retireees and the next years generation of retirees.
When they cut the amount of Pension contributors from of the highest salaries, they knew that reduced the overall Plan income balance.
Was it by design for the City to foresee a Plan bankruptcy?
You betcha.
Now leave up to the Junk State to alter the Constitution, one way or another, try to reduce pension payouts for everyone.
Even taxing the pension income is an option as well as higher contributions.
Worst case is even a complete dissolution and that's surely possible with the Democrats.
This does not apply to Strike-Ready CPS.
Try and max-out Now in Def Comp (if you can) for at least the next 3-5 yrs. adjust when the pension crisis is resolved for better or worse.
If we stand to loose all those years of pension contributions at least you'll have a good start with your own 401k or 457.
Time for an independent audit by the FOP and other bargaining units to see if the funding assumptions are realistic or just some pie in the sky projections.
SB777 is temporary pension relief bill which allowed the city to pay a equal amount to the fund
I think it is 480 million. by the way the city made it payment. The casino bill is just another funding source to the fund
The casino money or large part of it will go the COS, not CPD who would get a small share if any. Also a casino is years away with all the laws, permits, construction and oversite. A whole lot of money has to be put out there for years before you see any returns. He'll just employment would be a long drawn out battle. Everyone would want their constituents to be hired and the too would be loaded with high paying unneeded jobs, just like CPD
Kevin graham you better not be letting rahm roll over you! If that pension is not secure that being #1 contract issue, you better man up,stay up until this task is finished! Then we have the dishonest lying cnn media getting caught on video and audio lying about the president:
http://www.veritaslive.com/06-26-2017/americanpravdacnn.html
Now the news is reporting 3 hard working street coppers some retired indicted for the high on pcp knife wielding attempting to stab and kill anyone incident! watch how the 24 hours a day 7 days a week plus the papers trample and orgasm over this nonsense that is what the elected and media are good at attacking police,and since rahm owns them all what else do you expect? if your a working copper relax you could be the next contestant on the "I just retired from this shithole but now am indicted" chiraq game show! Something about keeping your job-pension-family-home-freedom should be the only thing in your head when you respond to ghetto nonsense the animals have won. The alderman like "I removed Trumps sigh and took over $5,000 and refused to return it" o'reilly, want more police crying like a little school girl Brendan you will that big gold aldermatic enforcement badge get your moronic colleagues and patrol, your already out drinking in the taverns just go outside and patrol. maybe you could offer the thugs extra beers, yoiur really the same so have a bud together!
As the Sergeant in Stripes said, "Lighten up, Francis." All of you need to chill.
Here's a novel idea. I'll start with some facts.
1) The so-called journalist who wrote the piece proffered an opinion, based only on a best-guess supported by assumptions that may or may not come true. Nobody, let me repeat that, nobody who has done a legitimate analysis of the pension fund has ever come up with a 2021 doomsday date.
2) All of you need to know that the FOP went down to Springfield several years ago and had legislation enacted that mandated our pension was to be funded at 90% by the year 2040. This was legislation that had teeth. An actuary would advise the City what it needed to contribute each year to achieve the 90%. If the City failed to make the proper contribution, tax money that was destined for the City would be diverted into the pension fund. The City had no say so in this matter. This was to begin last year.
3) Rahm already raised taxes to make the payments that were projected due to the original legislation. That money is available as are all of the TIFs hidden around the City.
4) If you want to be pissed at someone, be pissed at former President Dean Angelo. Angelo, with the promise of revenue from an unbuilt and unplanned casino, decided to give the City a break and let them off the hook for the first payment of $173 million. Even worse, he agreed to legislation that now moved the 2040 date to 2055.
5) As far as why aren't we taking it to the streets as one poster commented, in case you're not aware of it (and apparently you're not) nobody gives a shit about you or your pension. As a matter of fact, a lot of people don't think we should get a pension at all. So, what would be the point of taking it to the streets?
6) Our pension, from how it's funded to how it's dispersed, is regulated by legislation. No person or organization, including the FOP or its president, can change anything without the State Legislature.
I find it truly amusing that if our current union president had said we need to worry about our pension it would somehow make all of you feel better. He likely didn't think he needed to point out the obvious. Next thing you will be wanting him to tell you to inhale, exhale, inhale, exhale, inhale, exhale.
Kevin is not like deano he will not be lied to or will he? The only way is if Kevin is promised something from rahm and that evil bunch! Then we have barry obama the democrats are mad he is living large:
Obamas under fire from the left for never ending, sizzling ultra-luxury vacations
http://www.foxnews.com/politics/2017/06/27/obamas-under-fire-from-left-for-never-ending-sizzling-ultra-luxury-vacations.html
typical democrat spending millions did absolutely nothing for 8 years, look at Chicago the murder and mayhem he did nothing, total failed presidency now Trump is trying to turn everything around! then we have durbin beating his small chest about the dea van, a better use would be to convert it to an ice cream truck or pizza delivery for tommys felons would help the pandering to the thugs that are their voting base!
PLEASE PEOPLE! Don't think for a minute that the casino will save the pension fund. That casino will be the only one in the gaming
Industry to Never make a profit.
Also, think of the interest being lost from the money not being there assuming it would be properly invested.
March on city hall. That would bring international attention to how fuk'd up this city really is.
Anonymous Anonymous said...
https://www.google.com/amp/www.chicagotribune.com/news/opinion/commentary/ct-annex-chicago-suburbs-second-city-perspec-0414-jm-20170413-story,amp.html
You guys think this will ever happen? Suburbs joining the broke city
What do you think? Why would a solvent suburb join a broke city. That's why they are a suburb to get away from the city
And if they aren't solvent why would the city want them
Anonymous Anonymous said...
http://www.chicagotribune.com/suburbs/daily-southtown/news/ct-sta-tinley-park-cops-st-0608-20170608-story.html
Tinley park pd new contract doesnt require their coppers to live in their village anymore.
And your point is? Just because Tinely Park allows it, do you think that has any bearing on chicago requirement to live in the city
Max out in deferred comp? Are you aware that the money in deferred comp belongs to the City until you actually take it out? What happens to def comp money if the city goes bankrupt? Guess.
Does this mean that Lappe was lying the whole time? He told me the pension was empty and almost all gone because of all the disabled cops. Oh my golly he lied. This whole time I thought city was funding the pension fund and the sole reason the pension was broke was all the disabled cops on the pension rolls. What a news alert!
I absolutely agree with you SCC.
Rahm despises us and doesn't like our pension system.
He doesn't feel we deserve it.
Therefore the little rat bastard has no intention of making the mandatory contributions.
That asshole couldn't care less if our pension went belly up.
Anonymous said...
Rahm got his guy in the FOP. To the victor go the spoils.
6/27/2017 12:14:00 AM
Reminds me of this. sopranos
The city can not touch your 401k $$, get your tin foil hat off!
Anonymous Anonymous said...
PLEASE PEOPLE! Don't think for a minute that the casino will save the pension fund. That casino will be the only one in the gaming
Industry to Never make a profit.
6/27/2017 04:37:00 PM
Exactly. Just like whe the Illinois Lottery started out, the proceeds were all supposed to go to the schools.
Anonymous Anonymous said...
Max out in deferred comp? Are you aware that the money in deferred comp belongs to the City until you actually take it out? What happens to def comp money if the city goes bankrupt? Guess.
Where are you getting your false information The money is yours held in a Nationwide account
Man, you guys kill me. Money in deferred comp does not belong to the City. It belongs to you and is invested at Nationwide Retirement Solutions in the fund or funds that you choose. Please, if you don't know what you are talking about STFU,
Anonymous said...
Does this mean that Lappe was lying the whole time? He told me the pension was empty and almost all gone because of all the disabled cops. Oh my golly he lied. This whole time I thought city was funding the pension fund and the sole reason the pension was broke was all the disabled cops on the pension rolls. What a news alert!
6/27/2017 08:11:00 PM
It sounds like Lappe has delusions of grandeur
about "being in charge" of overseeing the disability
roll and has been losing his mind slowly but surely
over the last several years.
Not every Copper who is hurt is a scammer but
that seems to be his premise.
The City Plan Document for your Deferred Comp specifies that it is a non-qualified eligible 457 plan. Your account is an accounting entry only. It is unfunded. That is why it is not taxable until you actually collect.
Anonymous Anonymous said...
Anonymous said...
Does this mean that Lappe was lying the whole time? He told me the pension was empty and almost all gone because of all the disabled cops. Oh my golly he lied. This whole time I thought city was funding the pension fund and the sole reason the pension was broke was all the disabled cops on the pension rolls. What a news alert!
6/27/2017 08:11:00 PM
It sounds like Lappe has delusions of grandeur
about "being in charge" of overseeing the disability
roll and has been losing his mind slowly but surely
over the last several years.
Not every Copper who is hurt is a scammer but
that seems to be his premise.
6/28/2017 12:39:00 AM
Not sure about Lappes comments on pension going bust but actuary tables are not promising! Kevin needs to really watch this, so important contract issue #1
For some reason, the guys who run the FOP always default to the Illinois Law, or "constitution" when it comes to questions about the pension being funded. I have asked several FOP candidates, (some of whom have been elected), about these matters, and the down pat answer was "The Illinois Constitution"
It is WAAAAAaaaaaYYYYYY more appropriate to question the Pension board in these matters anyways...I have been waiting for their response in the media...(Cheep-cheep-crickets)
The FOP either doesn't know the answers, or they are lying...in either case, they can do very little to change the outcome of the pension.
Hey Dean, how's that Mercedes running?
a casino???what happened to all the money from the lottery.when they pushed for it back in the early 70s it was gonna pay the teachers,build schools,pay off bills, cure cancer, walk on water,now they can't even play the winners, pathetic,
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