Another Pension Lie?
This appeared in our e-mail (click for bigger version):
Hooray! Solvency!! We're saved!!!
- Illinois’s biggest financial challenge, the $130 billion debt to its workers’ pension funds, may only get bigger thanks to the budget that pulled the government back from the brink.That spending plan, pushed through by lawmakers eager to keep Illinois’s bond rating from being cut to junk, allows the state to sink deeper into the hole by giving it five years to phase in hundreds of millions of dollars in increased contributions to four of its five retirement plans.
Those extra payments stem from the funds’ decisions to roll back forecasts for what they expect to make on their investments, which means Illinois will need to set aside more money to ensure it can cover pension checks due in the decades ahead.
“The phase-in of the actuarial assumption is another exercise in kicking the can down the road, but we’re not sure how far the can travels,” said Dave Urbanek, spokesman for the Illinois Teachers’ Retirement System, the state’s largest pension, which has $73 billion of unfunded liabilities. “You pay less now, pay more later.”
So the can got kicked down the road again? For five more years, which covers how many elections cycles? Why can't anyone be honest with the workers? Even for a second?
Labels: money questions, pension
posted by SCC at 12:02 AM
33 Comments:
Rahm is a snake oil salesman. He's trying to sell a phony pack of lies so he can get votes. He only thinks coppers are dumb enough to fall for it now with this memo.
The real question is are they?
Question....
While I was working I contributed 9% of my salary to the pension fund, even after 29 years. The city was suppose to contribute twice that or 18% to the pension fund.
Now if all these new employees will be paying 11.5% of their salaries toward their pensions will the city be paying 23% into the pension fund?
Did Rahm break his arm while patting himself on the back?
maybe everyone that is entitled to a pension will all just die, and then the government will be solvent?????
it could happen.......
just like the lottery money helps pay for the schools.......
rahm didn't know about the video......
madigan cares about the state of illinois.......
Illinois, the biggest Ponzi Scheme ever.
Don't trust the Rhamster.
Thank you Rahm, I knew you were not like Daley, I always had faith in you. YEAH RIGHT!!!!!!!
Somewheres I read "The first thing to do when you find yourself in a hole, is quit digging!".
If politicians weren't politicians, would they still be criminals? Only the lower level politicians are worried about their pensions, the others have their future needs already taken care of.
(And the two-faced bastards bitch about President Trump's wealth).
J.J.
Forget about the Pension, What about the retiree health benefits "Harm"(Rahm)took from the retiree's. Now they pay for their retiree guaranteed health benefits with most of their monthly pension.
This prick is chumming the water for his next election...If any of the people present Mayor, States Attorney, Sheriff, County Board President..... aw hell if the voters put another democrat in elected office well........you all deserve what you get!!!!
Heres the translation of Rhamspeak.
"Yes your pensions will be fine up until after I win the election and then it will be crisis mode again". "Just get me thru this summer and do something about the murdas and your pensions will be OK until Nov.".
And yes, we do have coppers that dumb. Why do you think that academy work is 8'th grade Level? This job is the death for any kind of intellectual growth and yet we at least mostly know the score. The general public is even dumber. How else do these people get elected?
Max out your 401k,there will be no $$$ in 10 yrs!
Phase -in?🤔 Another liberal buzzword.
Your boy Rauner is allegedly a pension fund guru. How is it they still get paid if the pension is in crisis?
Running out of road to kick the can down...Build more road.
New hires paying 11.5, then the City needs to kick in at 2.5 times the rate or 28.75% to reach decent funding levels.
Isn't it about time CPS start paying 9% ???
Sure was quick he settled their lump obligation this year.
No discussion - They'll Strike.
He only mentions the Police pension as the evil cash draw.
F/U Rahm.
A day without Police needs to come.
Do you really expect to fully collect on your pension?
Really?
Wait, you asked for someone to be honest--there is no such thing as an honest politician with the possible exception of a dead politician!!
don't be fooled by government
save and invest your own funds
try to stay out of debt
don't buy new cars; buy used at least
4 years old
live below your means
Don't expect anything to change here...Liars Lie...that's what they do. The only thing that will change this is a LOT of media attention to the problem...
Pitchforks and Torches at city hall would get their attention...Are "We the Sheeple..."? or are we Free Men and Women? I believe the time is ripe for action. What I don't believe is that any action will take place on behalf of the Union Members of this town and state. Our unions are weak, and cant organize shit from shinola... on the other hand, our peers and fellow citizenry are pathetically Apathetic...
how about the health insurance you pulled from us you fucking scum bag. fuck rahm and every demorat.
Quinn didn't address the pension shortages when he raised the taxes under the lie of fixing the pension, why should the dems in Springfield with this new income tax.
They just basically increased the employee contribution by 2.5%, but there is still nothing that mandates the city's contribution. All BS. I wouldn't believe anything that comes out of this shyster until I see the cancelled check that was issued to the pension fund from the department of revenue. They can just as well say that the pension fund has been increased by 2.5% ,but out of our pockets, not the city's.
The letter from 9 1/2 is regarding Chicago's pension funds. The article is about the State pension fund. Two totally different entities. They have different rules and contribution requirements. Don't confuse the two.
In corporate America today the martched portion on 401 plans is capped at 6%. You can elect to contribute more but with no matching funds. Your pension is just another example of government out of control. No wonder Illinois has 130 Billion in unfunded pension liability. Wake up taxpayer and demand that government is run like a business. Until you do stop complaining. You are part of the problem make your next vote part of the solution.
And CPS teachers still pay just 2% towards their pension.
>>>Anonymous said...
don't be fooled by government
save and invest your own funds
try to stay out of debt
don't buy new cars; buy used at least
4 years old
live below your means
7/16/2017 12:00:00 PM<<<
Very true... make sure some of those investments have taxes paid on this end so you can draw most of money out tax free when you retire.
And we don't have a 401k plan; that's for private industry. We have a 457(b) plan, almost but not quite the same.
It would be nice since we have a friend in the White House if we would get all of our Social Security benefits back. I did write a letter to the President about that since he promised Americans would get all of their SS benefits. Never any word on this matter from FOP.
Slightly OT: a friend texted me that the unions won case against the city for retiree healthcare,covers everyone hired before 2003. Check out FOP website~Underwood VS City of Chicago.. If this is true why isn't it front page news!? Can someone smarter than me read it and see if true?
It's all bullshit kid, and I shit you not. Just look at what these Dem's done to the retirees medical, and just think what they're going to do to you when its time for you to retire. At least the retirees are still fighting, and I only hope people keep up contributing to the attorney's involved in the law suit. If the retirees win, we all win in the long run.
Whyhould the city pay into the pension when all they have to do is rent a bus on Election Day and drive the unemployable to the polls, Susana Mendoza just gave 300 million for college grants, you don't do that when your broke.
7/16/2017 12:31:00 PM
Anonymous Anonymous said...
The letter from 9 1/2 is regarding Chicago's pension funds. The article is about the State pension fund. Two totally different entities. They have different rules and contribution requirements. Don't confuse the two.
Bottom line all new po's will be paying 11 1/2 % into our pension. Why not increase the teachers contrition to 11 1/2% and make the teachers pay the whole 11 1/2, instead of using our tax dollars to pay their share of their pension. Pure bs that the taxpayers have to pay 7 of their 9% contributions and they pay 2%
Granted it's as goods as the paper it's written on, but you do have the Mayor on record stating that the city has every intention to make the Pensions solvent.
I guess I look at it as a contract. Rahm is acknowledging that there is a problem with the pension which is now fixed and we can rely on receiving our pension. I think Rahm is full of shit, but he is telling me I am going to get my pension. Rahm promises.
When it all hits the fan and collapses pensions will be cut.
To think otherwise is delusional.
Rahmie speak with forked tongue.
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