"Skeptical"?
- Chicago’s chief financial officer will sound out aldermen Thursday on the possibility of issuing $10 billion in pension obligation bonds amid widespread skepticism from municipal finance experts about Mayor Rahm Emanuel’s plan.
Mayoral challenger Paul Vallas has urged the City Council to stop that train from leaving the station to avoid putting Chicago taxpayers in a “financial straightjacket” — though CFO Carole Brown has insisted no final decision has been made.
Richard Ciccarone, president of Chicago-based Merritt Research Services LLC, shares Vallas’ skeptical view.
He called the plan to minimize the need for another punishing round of post-election tax increases “not the solution I wanted to see” from Chicago. Not even after dedicated funding sources have now identified for all four city employee pension funds.
Here's the thing though - the aldercreatures know that if these bonds get created, connected bankers and money-men will make all sorts of political contributions to their reelection campaigns and reduce the need for aldercreatures to actually have to, you know, shake hands with filthy voters and attend yet another fundraising dinner with crappy food and watered down drinks.
ZeroHedge.com points out the obvious:
ZeroHedge.com points out the obvious:
- John Maynard Keynes would be thrilled to hear about the brilliant solution Chicago has come up with to help solve its pension deficit: issue a $10 billion bond and take on more debt.
Chicago's pension deficit has been a problem that we’ve been covering at length. The stunning funding gap, which comes in at about $28 billion, is an issue that Chicago Mayor Rahm Emanuel campaigned on fixing, along with the rest of the city's finances. "It’ll be a big test for sure,” said Vikram Rai, head of municipal strategy at Citigroup Inc. “But if it works it’ll set a good precedent for the other cities and states that have pension problems."
It won't work.
And here's a frightening picture at their site (click for larger version):
That doesn't look good at all.
Any mathematicians in the house?
Labels: pension
posted by SCC at 12:04 AM
87 Comments:
Simple.
The City of Chicago seizes all the real property in Chicago and sells it off to finance the pension fund.
Boom! Done!
They seize your own home to pay you your pension.
We taxpayers are already in a fucking straightjacket.
This would be the adding of the ball gag, butt plug and nipple clips......
I’ll take a 2 million dollar buyout if the city offers it. Or, just suck it up, pay the people who are on now the pension they were promised (figure it out) tell the newbies they are getting a 401k and when the last one of us dies, the pension is gone forever.
Well, maybe they can cut off immigrants from the taxpayer funded giveaways. These illegal AND legal immigrants are something like 30 or 40% more likely to be getting some government assistance than native Americans. I know, I'm heartless. Why cut off people that just got here? Oh, I know why! Because the well is dry and there are people that have been here for generations that need a hand. But that's OK, the government will just print money and everyone will be fine, until we aren't, which is on the way.
Any Aldercreep who supports this measure should be voted out of Office! Rahm's Plan, means nothing, because: a. Rahm has not even committed to running for Mayor. So he may not be here when this plan is implemented. b. Should Rahm choose to run, he is likely to get his ass whipped. At his point, Willie Wilson has more credibility than Rahm. Hence, whomever does become the next Mayor will be saddled with something akin to the 75 year Parking Deal, which was without question one of the greatest rip-offs in the history of this "Shitty". Just like our great grandchildren will be sending their quarters to Dubai, if they are dumb enough to stay or visit, "Da Shitty". Homeowners and Chicago residents yet unborn, will be saddled with this new debt. Rahm has already done enough damage, and shed enough People of Color blood through his incompetence in managing the Police Department. Don't enhance his legacy of failure with more mega-debt! Stay safe, unless your in 016, Da Community resents you! Baby "G"
For starters let's not forget the 68 million dollars that Richie Daley's nephew, Robert Vanecko and business partner Allison Davis (protégé of Barack Obama) got from the pension funds and lost the money on bad deals but just happened to save 9 million for themselves. We should start with them. When are they going to contribute? Or do we have to shake them upside down so the spare change falls out of their pockets?
It's called a ponsi scheme.
The later boomers and early xers will suffer the most.
Those after will adjust to a 1930's world.
Living during the decline is so wonderful.
the state of killinois will never, ever, get out of that hole
Don't count on pension. Illinois bankrupt by 2021....actually, already done. Sad.
I have a minor in mathematics—— Run! Or retire— if you can do either in any order,than do so
How about not contributing to or abolishing TIF Districts there is plenty of money!
The city and the state and a whole lot of its resident are broke and so far in debt it's past saving. Forget about a pension. Retirees who ran from Chicago and Illinois like their hair was on fire, start looking for a job. Hope you got something out of the fund before the collapse.
Anonymous said...
Simple.
The City of Chicago seizes all the real property in Chicago and sells it off to finance the pension fund.
Boom! Done!
They seize your own home to pay you your pension.
8/24/2018 12:23:00 AM
This has already happened, Just think about it. I spent almost twenty years paying off the house. Look back at my taxes and almost paid as much in taxes. if I stay just another ten I will pay as much as the mortgage I paid off, again.
All of this while suffering through a bad economy. Working 2 and three jobs sometimes, While this wasn't in Chitcago, it was in another thieving democratic run east coast shit hole.
Emanuel, who is heading towards an election defeat, is quickly trying to grab all the money he can from our coffers, then ‘kick this can down the road...’
The areas a changing.
I’ve noticed Lightfoot for mayor signs on 1631’s beat lately.
Guess everything south of Foster and east of Central is going ghetto fast.
CFO Carole Brown has insisted no final decision has been made...............
Bullshit. The papers have already been signed. The aldercreatures are going to vote to make the deal appear "legal"
The "concerned" puppets will give tiny dancer at least 40 votes
The pensions will see very little of this money. Expect announcements of several new social feel good programs with this new money
What happened to Chicago getting its own casino? The politicians can't agree on the proper way to cut the pumpkin up for themselves. Like the "Skim" that the mob was getting from Vegas Casinos in the 70s.
This reveals very clearly that the Dems' political model is nothing other than bribery---not the ideals they appear to espouse. It all boils down to 'vote for us, and we'll give you something'. They'll even give you something they don't have, or be willing to enslave your fellow citizens in order to give it to you.
Only idiots fall for this bullshlt.
What should cause the most concern is that should the markets tank this guarantee's creditors will come before pensioners when getting paid from the dwindling monies.
It right there in writing for all to see
I guess spending less on the Great Unwashed Democrat welfare voter is out of the question.
Ha! Look at the resident population and general revenue on the chart. They ain’t going up. We’re screwed.
This city and state is FUBAR.
Only solution is higher taxes
First question: Can any of the alder-things read and understand a graph?
Just use all the tax from those canabis centers! Ever see the line to get in! That should fund the pensions!
Any mathematicians in the house?
It's Friday and I was told that there would be no math on Friday
How about cutting "COSTS"???? I challenge anyone to name a democ"RAT" mayor or governor who "ever" actually cut the budget, costs, or actually lowered "total" taxes in the last fifty (50) years. These aaaholes really do believe money grows on tree's! They have cut down services, they have diminished the police force, created the most unsafe environment in the city since the 1920's, stolen money from every pension in the state, yet they still find money for "PORK PROJECTS" every time you turn around! When I see these aaaholes cut the city council numbers in half and actually cut taxes, well lets just say that's when I will "consider" voting for a democ"RAT" again! Thieving, lying, cheating, etc... BASTARDS... not only do they not know who their father's are, they don't know their own mother's as they have disowned each and everyone of the political hacks in the city, county, state of ILLANNOY!
Hey Lisa Madigan do you think you could find some time in your busy day to investigate the malfeasance of the pension funds in Chicago? ♠️
What happened to the fucking casino?
this guy is truly a disciple of shortshank-onomics.
nothing more than a high finance ponzi scheme.
how can one bundle short term debt into longer term debt?
easy! give big upfront lucre to the money guys like a signing bonus.
rahm and his pal bruce know exactly how the game is played.
now this goof is offering up future tax receipts as collateral?
not much left for the city hall gangster to mortgage.
lasalle street is every bit as dirty as wall street.
did RICO laws get repealed?
All the new development in downtown, West Loop, Lincon Yards, etc. will not be enough to carry the debt service associated with this. If Pritzker and Lightfoot get elected, they will pander to their union and minority constituents and raise property taxes again. The solution is municipal bankruptcy so that current benefits be reduced to private sector levels. Thousands of City and State past and present employees will have to take a haircut in order to have some retirement benefits or eventually nothing. Wealthy and middle class Illinois citizens have the ability to vote with their feet, and the subsequent money and tax drain is nothing the Democrat politicians can stop. Drive through Northwest Indiana or southern Wisconsin and look at all the new housing developments underway. My sister is a homebuilder in NW Indiana. Over the past 10 years her company has constructed 403 single family homes with an average price range $325,000 to $500,000. Checking her records, she told me that 93% of the homes she built and sold during this 10 year period were to people relocating from Illinois. And she is one of 80+ companies active in this market and she has told me her competitors have the same experience. A $325,000 home in southern Lake County, IN with excellent schools and safe neighborhoods has an average property tax bill of around $4,500 per year. In Orland Park, Frankfort or the City, that tax bill will be $12,000 to $15,000 year. When you add the additional $8,000 to $10,000 per child saved in private school tuition per year, the average annual savings is $20,000 to $30,000 per household. She has told me that she has clients that are making 1-2 hour morning and evening commutes each day back to their jobs in Chicago, Orland Park, Joliet, Naperville, Schaumburg, Warrenville, Oak Brook,Elmhurst Arlington Heights and other areas. Rahm, the Democrats and Mike Madigan have created a lot of wealth in NW Indiana.
OT Did you see the legal notice buried in the back of the FOP magazine? Disabled officers have a class action suit because FOP used telemarketers to raise funds in disabled officers names. Final money split was telemarketers 78% FOP 22% disabled officers zero!!
Telemarketers must have much better picnics and golf outings!
"Homeowners and Chicago residents yet unborn, will be saddled with this new debt" Unless the residency rules change, it's gonna be a whole bunch of public employees paying the debt. No middle class, private sector workers will be able to afford Shitcago. And all those Millennials living downtown and in the trendy northside neighborhoods? Well, mommy and daddy's money is gonna eventually run out. The last generation to retire with any decent benefits were the Boomers.
Just shut the pensions down now. Give everyone a 401 k. Private sector did it. It's our time.
Sorry SCC, Mathematics isn't the answer.
Neither is Economics and or Finance. And Rahm knows it. So he's banking (pun intended) on something else -- Physics!
Tiny Dancer is hoping that Physicists at CERN can get the LHC -- Large Hadron Collider to work more of its magic in the Quantum World and discover: Lepton Money! That's money that can be -- In Two Places At the Same Time! -- just like Leptons can be (seriously, it's true). This way, the Nine-Digit-Midget can pay Lepton money into the pension funds but it would still be in the city's bank account too. It's win-win for everyone. Naturally it would have to be worked out how actual people could spend this quantum money, but hey, just a minor detail.
And if the above doesn't come to fruition, Flaming Tutu is then hoping that Astrophysics can come through for him. That a giant Asteroid hits Earth and everything on the planet is burnt to a crisp.
This whole thing is nothing but a great big blow job for all of Rahm's friends in the bond market because Rahm needs the money for his failing re-election campaign.
Still raises the question as to wht Shortshnks isn’t in prison for his lack of fiduciary obligation to the city by creating this mess.
have a minor in mathematics—— Run! Or retire— if you can do either in any order,than do so
8/24/2018 02:20:00 AM
"Your" pension is not a lock. If you quit now, and the fund flows, you get nothing. Hope you have a well paying job lined up, before you go.
Rahm knows he lost. This is a last minute money grab by his donor friends to make big money. He was put on the 5th floor to keep the swamp going. He When he gets voted out of office his big money friends will have the facet turned off. We lost it boys and girls, we lost it.
Anonymous Anonymous said...
For starters let's not forget the 68 million dollars that Richie Daley's nephew, Robert Vanecko and business partner Allison Davis (protégé of Barack Obama) got from the pension funds and lost the money on bad deals but just happened to save 9 million for themselves. We should start with them. When are they going to contribute? Or do we have to shake them upside down so the spare change falls out of their pockets?
8/24/2018 01:43:00 AM
As Rahm tries to maneuver his boy Michael Sacks
into position to "monetize" our pension, take a tidy fee
and run away leaving us with nothing.
Municipal Employee pensions are the last relatively
unmolested pots of "other people's money" left in this
country and Rahm and his Wall Street/LaSalle Street
confreres have been moving quietly over the last two
decades or so to get their hands on that money.
Why do you think that the "Police Are The Problem"
narration is so damned persistent?
It ain't about whether The Police are good/bad, it's ALL
about that "free money those dumb Coppers are sittin' on."
How Shortshanks, Vanecko and Davis skated with
STEALING Police Pension money, is a never-ending
source of grief and aggravation.
Let alone the many years of deliberate undefunding...
The Feds knew.
They were too scared to take action because that
would result in too many Gold Coast and North Shore
big money people going to prison or killing themselves/
each other and causing Chicago to collapse way too soon.
Rahm is here to run out the federal statute of limitations clock.
Gotta protect his peeps...
Right?
Meanwhile.
"Police Reform needs to happen hard, fast and right now."
Hit Daley up for the money. He is the one that bankrupted Chicago.
I’ll take a 2 million dollar buyout if the city offers it. Or, just suck it up, pay the people who are on now the pension they were promised (figure it out) tell the newbies they are getting a 401k and when the last one of us dies, the pension is gone forever.
—-
This is exactly what he is trying to do. Once the pensions are funded to a certain level (I believe it’s 72%) then Rahn can eliminate the pension completely for new hires and put them on a 401(k) as the pension fund will be well enough funded to pay off all pensions for active employees (theoretically) that were promised one. This will free him of the burden to provide pensions for new hires And they will be put on a 41K plan just like the New York police are at the moment for their new hires. No new laws to be passed-just a quick change as the new hires won’t be harmed or promised anything. He gets to claim victory as the great reformer. Oh, and his friend makes tons of money to kick back to him at a future date...
tell the newbies they are getting a 401k and when the last one of us dies, the pension is gone forever.
When you were a newbie you were paying the dinosaurs' monthly checks.
If you cut out the future newbies, they won't be paying your check.
Our pension fund is at 22%. Yes we have a major funding problem. We will have to work until we are 63.
There is plenty of money being made in chicago, this is all orchestrated...Chicago's GDP is bigger than a lot of countries!....The mayor is making it look like a crisis...numbers can be manipulated...
I think the union should consider putting an effort together to challenge residency ! Because the thought of living in this sinking ship of a city is scary ! Expect to see your property tax double within the next 6 years and what do you vet in return, zero police coverage where you live and a 2% raise !
Sorry, that is not how Keynesian Economics works at all. Please let's not start getting like the politicians and media and misrepresent what is going on. As you point out the only reason for the bonds is political in nature and not economic. As you aptly stated, the bonds make the money managers happy who in turn will repay the politicians for their kindness. Keynes famous policies were for a government in crisis and he would surely argue against the idea that the government in Chicago is in crisis, at least in terms of cash flow. I doubt he would even suggest tax increases. he would more than likely tell the mayor and alder creatures to be more fiscally responsible the available resources. Read any article on the state of the economy in Chicago like in Crains and they all relate we have a robust economy. Keynes, I believe, would argue that they are just not spending it in the right way or in the right places.
And, by the way, the Republicans in congress have destroyed the National Budget and Driven up the Deficit, which WILL have the effect ofincreasing inflation and interest rates, a slowing down of the economy and housing market and a reduction in real wages, which means even though you make more your money doesn't go as far.
What happened to the fees collected from the property tax increases, cellphone surcharges, the garbage pickup fee, the doubling water bills to name a few (and CPS stills pay only 2%).
Rahm appointed Carole L. Brown as the City of Chicago's new Chief Financial Officer May 15, 2015.
Post election appointee, a year before The Right Man for the Right Time ™️.
These are two examples of Bad Picks that are still collecting a city paycheck.
Both have had plenty of time for fucvking things up, wonder how close Rham is to paying off someone’s favor for these two dimwits.
If Carole L. Brown was sooooooo successful in the world of private finance...why leave?
Guess who really is pulling the strings and managing the city Hall ledgers.
Rahm’s donors.
Rahm’s freiends also get to make out good with the loan processes too and that’s BEFORE any loan is doled out and even before any repayments are made,
Gotta Pass It Before You See It Deal.
“Last week, Brown said she hoped to make a quick decision — possibly in time for a City Council vote in September — to take advantage of a favorable market.”
Who’s market?
The Market created after 8 obamiserable years of a diving economy...the Market of President Donald J. Trump?
Rotten Rahm is going to sneak this in, default isn’t any consideration because his pals will benefit up front, as they always do.
Gotta borrow before we spend.
More we borrow the more Rahm spends.
No shortage of lending institutions either.
Sanctuary First, then the rest of bills get paid.
Want some sound financial advise ... invest in who Rahm borrows from.
Anonymous Anonymous said...
Don't count on pension. Illinois bankrupt by 2021....actually, already done. Sad.
Relax doomsdayer. There is still a long road for the politicians to kick the can down
Anonymous Anonymous said...
I’ll take a 2 million dollar buyout if the city offers it. Or, just suck it up, pay the people who are on now the pension they were promised (figure it out) tell the newbies they are getting a 401k and when the last one of us dies, the pension is gone forever.
Who wouldn’t. Keep dreaming , it will never happen
A scam so the banksters can make millions off selling the bonds. Then, the lousy investment advisors that we have, will make more money as they charge more. Look at IMRF and their returns over the years- they are great compared to our pension fund. Illinois Municipal Retirement Fund. In assigning investment advisors- politics seems not to play much of a role unlike Chiraq.
Anonymous Anonymous said...
I’ll take a 2 million dollar buyout if the city offers it. Or, just suck it up, pay the people who are on now the pension they were promised (figure it out) tell the newbies they are getting a 401k and when the last one of us dies, the pension is gone forever.
8/24/2018 12:43:00 AM
Why should I pay for your pension when I get a 401scam never able to retire you can take a pension cut shared sacrifice?
Anonymous Anonymous said...
How about not contributing to or abolishing TIF Districts there is plenty of money!
8/24/2018 02:36:00 AM
Time for an audit of TIF Districts how money is siphoned off?
How about not contributing to or abolishing TIF Districts there is plenty of money
****************
Not actually the way TIFs work. They are both a typical-Chicagoan and somewhat clever way to keep local tax money close to where it was collected.
The typical-Chicagoan part is that Rahm personally has decision power over how the TIFs spend their money and who he can choose to buy off with it. So if Rahm wants to help build Section 8 in your neighborhood he controls a pot of money to support that, as well as things like fixing the CTA tracks at Belmont.
TIFs in good neighborhoods are supposed to spend in/near those neighborhoods instead of getting shipped south and west to the "community", like so much of the other 2/3rds of city property tax money. That's the somewhat clever part.
The graph includes pension funds for teachers, state employees, university workers, judges and lawmakers. I realize state taxes will have to pay for these obligations, and they will probably go up. As for the municipal workers pensions, specifically the police fund, how are we doing? I thought the state passed a law requiring the city to fund our pension fund or risk the state funding it by withholding funds due the city. I understand the city will probably have to raise taxes to fund our pension, (this on top of the state tax increases). So is the police pension fund improving?
The equivalent of obtaining a credit card to pay off another. What could go wrong?
I don't want my taxes to go up....
https://www.cnsnews.com/commentary/terence-p-jeffrey/521-percent-kids-live-households-getting-means-tested-government
The real reason that states like Illinois are in financial turmoil.
Liberal democrats running this city are a bunch of losers and have no business or economic sense. The money is there, it's just wasted on stupid shit and wasteful programs!
What is yearly obligation on the pension funds that they are not paying? How is borrowing 10 billion going to help when you owe 28 billion? You will still owe 18 billion plus interest on 10 billion in bonds plus the next years obligation and all the years after. In a nut shell you want to borrow money you couldn’t afford to ay and promise to pay off those borrowers down the road with money you will not have. Sounds like sound Democratic financial wisdom to me. If your going to buy any of these bonds better be with money you can afford to lose.
Anonymous Anonymous said...
The graph includes pension funds for teachers, state employees, university workers, judges and lawmakers. I realize state taxes will have to pay for these obligations, and they will probably go up. As for the municipal workers pensions, specifically the police fund, how are we doing? I thought the state passed a law requiring the city to fund our pension fund or risk the state funding it by withholding funds due the city. I understand the city will probably have to raise taxes to fund our pension, (this on top of the state tax increases). So is the police pension fund improving?
Last year a bill was passed for police and fire mandating the city has until 2055 to fund our pension 90%. There are required payments and included in the law, if the city doesn’t make the payment the state cannot release their share of state tax revenue. It also states the city has the power to raise property tax levies to pay or fund these payments
“Anonymous Anonymous said...
Anonymous Anonymous said...
I’ll take a 2 million dollar buyout if the city offers it. Or, just suck it up, pay the people who are on now the pension they were promised (figure it out) tell the newbies they are getting a 401k and when the last one of us dies, the pension is gone forever.
8/24/2018 12:43:00 AM
Why should I pay for your pension when I get a 401scam never able to retire you can take a pension cut shared sacrifice?
8/24/2018 11:31:00 AM”
Are you on the job now??? If so you would get the pension. NEW HIRES would know going in to the job they were getting a 401K, they wouldn’t be bait and switched like they will probably try to do now. Love the pension, but unless the city does their part, it’s never going to be sustainable.
Anonymous said...
Just shut the pensions down now. Give everyone a 401 k. Private sector did it. It's our time.
8/24/2018 09:27:00 AM
Another Rahm al-Ghoul butt buddy heard from.
STFU clown...
Anonymous said...
I’ll take a 2 million dollar buyout if the city offers it. Or, just suck it up, pay the people who are on now the pension they were promised (figure it out) tell the newbies they are getting a 401k and when the last one of us dies, the pension is gone forever.
—-
This is exactly what he is trying to do. Once the pensions are funded to a certain level (I believe it’s 72%) then Rahn can eliminate the pension completely for new hires and put them on a 401(k) as the pension fund will be well enough funded to pay off all pensions for active employees (theoretically) that were promised one. This will free him of the burden to provide pensions for new hires And they will be put on a 41K plan just like the New York police are at the moment for their new hires. No new laws to be passed-just a quick change as the new hires won’t be harmed or promised anything. He gets to claim victory as the great reformer. Oh, and his friend makes tons of money to kick back to him at a future date...
8/24/2018 10:07:00 AM
You are going to have a lot more corrupt Officers if pensions are cut big mistake! It's going to create a lot resentment too working next to someone who gets a pension while I get a 401scam never able to retire.
Anonymous said...
What should cause the most concern is that should the markets tank this guarantee's creditors will come before pensioners when getting paid from the dwindling monies.
It right there in writing for all to see
8/24/2018 07:49:00 AM
Watch the 2015 movie "The Big Short" and you'll get a better idea of what the tiny dancer at city hall is up to...
😲 Did YOU see that chart? 😲 Ho-ly shit. And Michael Sacks picture, that is about the most snake-faced, untrustworthy looking guy I've ever seen! Just another billion dollar deal, like Rahm's old hedge fund days. Wow
401scams it will never compare to a pension a couple hundred grand is not enough to retire on.
I don’t believe this city is broke. Rahm and city council approving retrofitting street lights with led’s is just an example of wasteful spending. Yet approved this without any taxpayer input. The city isn’t broke they just playing poor mouth because they refuse to pay their obligations.
The first thing blogo did was refinance the state pension debt, ended up with payments that increased every year, imagine if your mortgage did that. Borrow $10 when you need $28 must be new math. Sounds like a great way to get bribes I mean campaign contributions from finance consultants
Anonymous Anonymous said...
I’ll take a 2 million dollar buyout if the city offers it. Or, just suck it up, pay the people who are on now the pension they were promised (figure it out) tell the newbies they are getting a 401k and when the last one of us dies, the pension is gone forever.
8/24/2018 12:43:00 AM
Why should I pay for your pension when I get a 401scam never able to retire you can take a pension cut shared sacrifice?
_________________________________
Because I took a job where I worked midnights and afternoons for years. I also missed more holidays and family functions due to the fact that I was working when most everyone else was off due to their M-F 9-5 job. That being said, I’m not complaining, because I was willing to do all that because of the understanding that I would be rewarded with a pension at the end of my career. If you chose a profession that either had a poor retirement plan, or you planned poorly, I’m sorry that you’ll never be able to retire. There are positives and negatives to every profession, and you should have given more thought to the retirement aspect if you now believe that a 401k will leave you unprepared.
They can bailout banks and GM why not pensions? How about pooling all the funds into a new National Pension Social Security Plan for all workers? Another thing all these pension plans starting having problems when interest rates became too low.
Anonymous Anonymous said...
Don't count on pension. Illinois bankrupt by 2021....actually, already done. Sad.
Relax doomsdayer. There is still a long road for the politicians to kick the can down
8/24/2018 11:11:00 AM
Perhaps a 'doomsdayer' comment in 1999...it's 3-5 years now, killer. The kicking is coming to an end. Itll be pennies on the dollar.
anyone who does not believe this actuary tables regarding pensions is just fooling themselves. This is a nationwide problem and cannot be solved with tax money. Yes, I believe you will see cuts in public pensions across the country, but especially in Illinois. Can the state wait 8 years for a constitutional convention to alter the pension clause or will the Illinois Legislature attempt to put a referendum on the ballot within two years ? With JB most likely the next governor there will be no reins on whatever Madigan wants to do. The democrats will control the state and pass whatever they want to, which will not be good for the working man.
Real soon, we will learn the reality of living in a state dominated by Democrats. The next Governor of Illinois, probably a Democrat, will switch from a flat rate state income tax to a graduated income tax, so we we'll be paying, the equivalent of two federal income taxes on one income. Only the state tax will not allow the deductions like the Federal. We will end up paying more to the state than federal, because you won't be able to take those nice federal deductions on your property taxes or loan interest. Also, notice that nobody mentions a casino in Chicago anymore as a new source of revenue.
Anonymous Anonymous said...
They can bailout banks and GM why not pensions? How about pooling all the funds into a new National Pension Social Security Plan for all workers? Another thing all these pension plans starting having problems when interest rates became too low.
8/25/2018 12:15:00 AM
Those bailouts were federal. Our pension isnt
Vallas , why not run on a platform end sanctuary city to save money for american citizens , reduce alderman by 60% , cut middle management and prevailing wage contracts for city patronage payrollers , many do little for pay they receive . In private sector we work our rear ends off , no 12 holiday with pay , medical days or bloated pensions , no drivers sleeping , sitting , reading in truck while other do the work.
Liberal democrats running this city are a bunch of losers and have no business or economic sense. The money is there, it's just wasted on stupid shit and wasteful programs!
8/24/2018 01:42:00 PM
They got tons of business sense.....crooked business.....
"Any mathematicians in the house?"
Well I did take cyphering in 6th grade.
- Jethro Bodine
Anonymous Anonymous said...
Don't count on pension. Illinois bankrupt by 2021....actually, already done. Sad.
Relax doomsdayer. There is still a long road for the politicians to kick the can down
8/24/2018 11:11:00 AM
Perhaps a 'doomsdayer' comment in 1999...it's 3-5 years now, killer. The kicking is coming to an end. Itll be pennies on the dollar.
8/25/2018 06:38:00 AM
Not going to happen. Rauner couldn’t do it. Dems don’t want to and already kicked it down the road. JB when he’s elected sure isn’t going to change the pension. Nor will matter
If you really believe that then put in your papers now when it’s not pennies on the dollar
Detroit went bankrupted and the police kept their full pensions, big boy
Anonymous Anonymous said...
Anonymous Anonymous said...
I’ll take a 2 million dollar buyout if the city offers it. Or, just suck it up, pay the people who are on now the pension they were promised (figure it out) tell the newbies they are getting a 401k and when the last one of us dies, the pension is gone forever.
8/24/2018 12:43:00 AM
Why should I pay for your pension when I get a 401scam never able to retire you can take a pension cut shared sacrifice?
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Because I took a job where I worked midnights and afternoons for years. I also missed more holidays and family functions due to the fact that I was working when most everyone else was off due to their M-F 9-5 job. That being said, I’m not complaining, because I was willing to do all that because of the understanding that I would be rewarded with a pension at the end of my career. If you chose a profession that either had a poor retirement plan, or you planned poorly, I’m sorry that you’ll never be able to retire. There are positives and negatives to every profession, and you should have given more thought to the retirement aspect if you now believe that a 401k will leave you unprepared.
8/24/2018 10:35:00 PM
You think new Officers should get a 401scam too other professions work crazy schedules too you public sector workers are so out of touch?
Anonymous Anonymous said...
“Anonymous Anonymous said...
Anonymous Anonymous said...
I’ll take a 2 million dollar buyout if the city offers it. Or, just suck it up, pay the people who are on now the pension they were promised (figure it out) tell the newbies they are getting a 401k and when the last one of us dies, the pension is gone forever.
8/24/2018 12:43:00 AM
Why should I pay for your pension when I get a 401scam never able to retire you can take a pension cut shared sacrifice?
8/24/2018 11:31:00 AM”
Are you on the job now??? If so you would get the pension. NEW HIRES would know going in to the job they were getting a 401K, they wouldn’t be bait and switched like they will probably try to do now. Love the pension, but unless the city does their part, it’s never going to be sustainable.
8/24/2018 05:05:00 PM
401k is the biggest scam out there it only works for executive management with stock options. Fully fund pensions you will never be able to retire unless your parents or grandparents start one for you when you are born! Abolish TIF Districts put that money to fund pensions cut welfare to illegals!
We should copy Australia's retirement system much better!
8/24/2018 12:43:00 AM
Why should I pay for your pension when I get a 401scam never able to retire you can take a pension cut shared sacrifice?
_________________________________
Because I took a job where I worked midnights and afternoons for years. I also missed more holidays and family functions due to the fact that I was working when most everyone else was off due to their M-F 9-5 job. That being said, I’m not complaining, because I was willing to do all that because of the understanding that I would be rewarded with a pension at the end of my career. If you chose a profession that either had a poor retirement plan, or you planned poorly, I’m sorry that you’ll never be able to retire. There are positives and negatives to every profession, and you should have given more thought to the retirement aspect if you now believe that a 401k will leave you unprepared.
Couldn’t agree more. Last I heard the CPD job is open to everyone. All you have to do is apply
When I was working most of the civilians whined about the pay inequity and benefits. My answer was just apply to be aCPD Officer. Then came I don’t want to work midnights, I want an inside job, I can’t work weekends or holidays, etc
Zerohedge is my first stop website for news.
detroit officers and fireman got 18% pensions in the bancruptcy. federal court did it. if you believe everything is just going to be fine then you are part of the problem and just keep voting democrat. unlike dems math doent lie. no amount of political manuevering can fix this shortfall, the numbers have gotten too big. there are only two choices, raise taxes hugely, which causes people to leave the state, or fuck the city employees out of their pensions. if you were a politician which would you choose? fuck every voter in the state or fuck a couple hundred thousand people nobody likes anyway? took my city pension early 15 years ago, scared to death but best move i ever made. went right back to work in the same line of work, better pay and collected 15 years of a diminishing asset they wont get back. saved and invested and paid off all debt. better assume the pension wont be there and start saving like crazy. btw when does welfare run out of money?
Anonymous said...
Just shut the pensions down now. Give everyone a 401 k. Private sector did it. It's our time.
8/24/2018 09:27:00 AM
Private sector doesn't work midnights
Private sector doesn't work holidays
Private sector doesn't have to get spit on, shit thrown at them, fight with people
Private sector can take off when they want if they want to go see Buffy's dance rehearsal
Get my drift Mr Private sector. THAT is why we have a pension.
"401k is the biggest scam out there it only works for executive management with stock options."
Total bullshit obviously spoken by an ignorant person. I, along with millions of other worker bees, have had a 401k for decades. By matching my investments to the phase of life (high risk/high gains when I was younger; lower risk/lower gains as I got older) how well or how poorly I did was in my control.
I did quite well, thank you. I am not executive management and I've never had a stock option in my life. You need to get out of your basement more often.
Get my drift Mr Private sector. THAT is why we have a pension.
8/27/2018 07:57:00 AM
No, you have a pension so politicians can pilfer it into debt, continue to pilfer it into even more debt, then, fuck you out of your pension if you happen to still be breathing to try to collect.
That is the purpose of taxpayer funded publc employee pensions.
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