FOP, You On This?
- Chicago could be the latest municipality to face diversion of state money as a result of a pension intercept law that took full effect in 2018. Under that law, municipalities that fail to make full contributions to their police or fire pension funds can see state money meant for the local government diverted directly to the pension funds instead.
According to The Bond Buyer, the Firemen’s Annuity and Benefit Fund of Chicago filed two claims with the Illinois comptroller for a combined $3.3 million shortage, alleging the city shorted it by $1.8 million in 2016 and by $1.5 million in 2017. While these are relatively small amounts for such large pension funds, there is no ignoring the city’s enormous pension problem and its crowding-out effects on core services for residents.
Bond Buyer reported that the city will likely contest the fund’s claims. The amount of the full, or “actuarially required,” contributions to municipal pension funds each year is determined by either the Illinois Department of Insurance or an independent actuary employed by the pension fund or municipality.
Under the pension intercept law, the Illinois comptroller must withhold state funds owed to a local government once a pension fund makes a claim for pension payments owed. For most municipalities, the comptroller can intercept all money owed to local entities from the state – including sales and income tax collections on behalf of municipalities – but for the city of Chicago, the comptroller can only withhold grant money from the state.
Make them live by the law.
Labels: pension
posted by SCC at 12:03 AM
45 Comments:
Sheeet... Ram was looking to pay off that 16 million to the family of the deceased female— ain’t got time fo Poleec and Fire sheeet
Lol but no problems cutting checks for ghetto lotteries. How long until the city pays for Harith Augusts. I see that lawsuit has already been filed.
Vote Republican, a democrat comptroller will some how disregard the law
push too hard and the city will declare the pension fund Bankrupt then look out.
Perhaps the FOP should send a few of there useless reps to observe the Firemen's union and take notes.
what will democrats do if they can't lavish love in the form of money to their base of the perpetually aggrieved?
that squeaky wheel will only get louder.
Why aren’t we hearing anything about the city no making the contributions from our elected trustees? Don’t some of them including the appointed ones by the city have professional credentials like they are lawyers and CPAs. Maybe the FOP can file a little ARDC complaint about neglect of fiduciary duties. What are our elected reps for the police officers, sergeants, lieutenants doing? Where is Lisa Madigan. Where are the democrates? You know the ones that want your vote!
This action was initiated by the elected board members of the fire fund. The City appointees opposed legal action. Have good representation on the fund is imperative. Dont ask the FOP what they are doing. Ask your elected board members on the fund what they are doing. All i can say is thank god someone at fire fund is holding the city and the process of getting money to the standard that it should be.
Chicago only follows the laws it wants to follow
Mendoza will do whatever Madigan and JB tell her to do
Yes, force the shithead city to pay their bills.
That's not an FOP issue. It's your ELECTED pension board issue
Pony up!
The intercept law only provides a drop in the bucket.
It’s like loaning your bustout brother-in-law 5K and he agrees to pay it back in five installments.
Surprise! He can’t/won’t/doesn’t.
You and him agree to a refi in which he pays you back with 1/2 of his federal tax refund for the next 20 years.
You’re still kind of fucked.
3:43AM is correct. This doesn’t need to be litigated, it needs to be lobbied.
In the mid 1980s, a group of retirees sued the city because its lawfully required contributions to the funds were not enough to cover benefits long term, as determined by actuaries.
Mayor Washington asked his Corp Counsel, Judson Miner, how to respond.
Miner advised retaliation by pulling health insurance from retirees. That’s exactly how the city responded, on top of winning the law suit.
I remember old timers in a panic in ‘86-‘88, thinking they wouldn’t be able to retire.
The court issued temporary orders between ‘88 and ‘13 that maintained retiree insurance at a cost. Prior to ‘88 it was free.
Enter Rahm who eliminated it after Korshak expired in ‘13.
The Korshak/Underwood case has been going on my entire career.
This isn’t the hill to die on and the firemen should know that.
Umm, police pension is only funded at 23% can we intercept the other 77?
Didn’t the FOP waive a HUGE payment in lieu of future casino proceeds payment promises?
Anonymous said...
push too hard and the city will declare the pension fund Bankrupt then look out.
9/21/2018 03:43:00 AM
If they cry bankruptcy, they must open ALL books to the State and that ain't gonna happen.
A law designed solely to once again make the pension funds look like the bad guys. Once funds are diverted, those who get the free cash will publicly complain about it, City will say "our hands are tied" and then you'll finally see the ballot initiative appear.
The city has long been looking for a scapegoat to take the heat for a ballot initiative. They found a way by making the public the scapegoat. Taxing residents makes the City look bad. Public complaints that they're not getting their free shit makes the public look greedy. And we all know they don't give a fuck what they look like so long as they get their free shit.
Rahm couldn’t care less about laws. Laws are for peons.
Rahm despises us and has no intention of properly funding our pensions.
push too hard and the city will declare the pension fund Bankrupt then look out.
Don’t do anything and the city will do the same thing. Force the payments directly into the Pension funds. Might be a few less dollars for these massive settlements and guaranteed incomes the city seems to sponsor. The city has the money. They want to be the sole judge in where it is spent.
Anonymous Anonymous said...
push too hard and the city will declare the pension fund Bankrupt then look out.
9/21/2018 03:43:00 AM
Pension Fund is the one who would do the declaring, not the city..... Pension fund is autonomous group.
Vote Republican in Chicago!
Its high time to turn this city over to something else!
This is the result of 100 years of Democratic rule!
Fuck ALL DemocRATS!
Hey J-Bee! What ya think of this one?
Fop. Ha! Theyll forgive this debt like they did years back without consulting the members.
We already have a Law that says the Pensions must be funded. What makes you think this will make any difference?
The FOP didn't act on that either...
FOP? Lol. They slept on the consent decree and blew that one, bigly. What makes you think they'll be on this?
Your pension is guaranteed by the state constitution
The knuckle heads in the state legislature will just pass a law bypassing this legal obligation.
RahmShort of Shanks always stiffing the little guy with complex swindler money schemes.
How much in under payments were made during the still going 20 years of O’Hare expansion?
Nobody is missing the small potatoes.
Federal audit of City Hall and Indict 45 (Mayor).
Where’s Auntie Toenay Prickwrinkle ?
Topic : Pension Fund Managers
Los Angeles is going to let a crooked Chinese outfit, that lost billions run the LAPD -FD pension fund.
As the last for the big money has already been made with the global economy and currency manipulation, LA is going to get into the China markets. That’s Buying High and Selling Low.
Expect our next mayor to do the same. Save China from the U.S. tariffs.
This is exactly the Davis-Vanecko $65 mil pension tapping scheme of real estate deals in the stagnant market recession.
Confucius say short man with Asian connection knows of a Qin Shi Huang-Vanecko with financial sweet tooth.
You know thanks to Rich Daley not having the city putting in their contributions and stealing money through bad investments involving his son and nephew the pension fund wouldn't be in such bad shape. All the money the police department generates in fines should go only into the Chicago Police Pension fund. As for these payouts in lawsuits should be based on what a average person would have if they had a life insurance policy. Come on who really has a 1 million let alone a 16 million dollar life insurance policy on them. Nothing will change if we don't stop voting for these corrupt democrats.
I’m not a lawyer, but I would ask this question. Could the FOP or a group of retirees hire an attorney (like Krislov) to oversee the city’s payment to the funds using Freedom of Information? If the city fails to meet its obligations, file an intercept with the state.
Just want to know if its possible.
https://www.cookcountyclerk.com/news/cook-county-tifs-bring-record-1-billion-according-clerk-orr-transit-tif-revenue-doubled
Abolish TIF Districts there is plenty of money!
Anonymous said...
That's not an FOP issue. It's your ELECTED pension board issue
9/21/2018 07:19:00 AM
Yeah, and our elected officials at the Board ALL SUCK! We get to replace two of them next month. Vote Saladino. He will fight for us. McGuire too. Lappe is the WORST, Bejna a close second. ARGH....God help us.
If you really care about your kids or grandchildren start a Roth IRA for them when they are born if you want them to be able to retire!
Mike Lappe has been in the business for years and has a wealth of knowledge. Lappe sent people back to work and God Bless him for it. Lappe has experienced horrible things this job can bring and he has always battled back. Lapp has reestablished integrity and will continue to do so in the Retired Pension Trustee Position.
#Vote Lappe #Vote Beyna - The only qualified choices devoted to the people benefits, #notpuppetcandidatesleadercandidates
Anonymous Anonymous said...
If you really care about your kids or grandchildren start a Roth IRA for them when they are born if you want them to be able to retire!
9/22/2018 02:30:00 AM
You must have earned income (not money made off of investments etc.) to fund an IRA. Infants rarely have earned income.
Anonymous Anonymous said...
Why aren’t we hearing anything about the city no making the contributions from our elected trustees? Don’t some of them including the appointed ones by the city have professional credentials like they are lawyers and CPAs. Maybe the FOP can file a little ARDC complaint about neglect of fiduciary duties. What are our elected reps for the police officers, sergeants, lieutenants doing? Where is Lisa Madigan. Where are the democrates? You know the ones that want your vote!
9/21/2018 05:43:00 AM
Thought the city has been making their contributions , the first one being 500 million since senate bill 777 was passed.
138pm...lol!!
Anonymous Anonymous said...
Anonymous Anonymous said...
If you really care about your kids or grandchildren start a Roth IRA for them when they are born if you want them to be able to retire!
9/22/2018 02:30:00 AM
You must have earned income (not money made off of investments etc.) to fund an IRA. Infants rarely have earned income.
9/22/2018 10:17:00 AM
http://natalimorris.com/blog/2015/09/29/why-my-3-year-old-has-a-roth-ira-and-why-yours-should-too/
Anonymous said...
Didn’t the FOP waive a HUGE payment in lieu of future casino proceeds payment promises?
9/21/2018 07:44:00 AM
We should match Joliet Officer pay too!
The upcoming Chicago Policemen's Pension Fund Trustee Election cannot happen soon enough. Our Pension is the biggest benefit of this job. The ONLY choice is to Re-Elect ~Tom BEYNA~. BEYNA is the only Qualified candidate for this position and here is why: BEYNA is the Chairman of the Investment Committee for the Chicago Pension Board, whereby he has gained an immeasurable amount of experience and knowledge. Beyna has established a strong and positive rapport with the Chief Investment Officer of the Fund. BEYNA is the ONLY certified Pension Trustee pursuant to the Illinois Public Pension Fund Association. BEYNA has maintained perfect attendance at all Board and Committee meetings. BEYNA continues to attend conferences and seminars to remain informed on all pension issues with an MBA in Finance. BEYNA is a leader and well respected in the industry. BEYNA will look out for ALL Police Officers and not be controlled by the FOP. It's time we keep Qualified people in the right position that keep our interests and our families interests as the crux of the issues. My fellow brothers and sisters in Blue, Please vote BEYNA , please mail ballot. We deserve the best, lets elect the BEST qualified person, the only choice. Vote BEYNA.
I see lappe is patting himself on the back again. Never has this dept seen a finer officer. Hes the only person whose endured such hardships.
FOP and PBPA busy at the moment working on the next golf outting. Lets keep our priorities straight here people. A fun time will be had by all.
Anonymous Anonymous said...
Anonymous Anonymous said...
If you really care about your kids or grandchildren start a Roth IRA for them when they are born if you want them to be able to retire!
9/22/2018 02:30:00 AM
You must have earned income (not money made off of investments etc.) to fund an IRA. Infants rarely have earned income.
I wasn’t the original post, but I think you missed his point. He was telling you to start the Roth with your money, not the infant and the infant couldn’t have investment income either because how would the infant get the money for the initial investment. Can’t you gift the money?
Mike Lappe will fight for retired police officers and prevent abuse of duty disability pension .
Some abuse CPD generous benefits , it must end . Those able should be required to work inside .
Put full duty officers back on the street , give the disabled back their dignity .
Joe Murphy works 40+ hours a week , he should be part of duty disability board .
Mike Lappe did not go on duty disability , he worked until he was 63 .
If McDonald dropped the knife , he would still be alive , free to walk among us , breaking into trucks ,threatening people .
Why did he continue to threaten police 👮♀️, was it a suicide by cop ?
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