Pension Dwindling
- Last week, between cookouts and fireworks, it came to my attention that the City of Chicago CAFR (Comprehensive Annual Financial Report) for 2018 has now been issued, alongside the actuarial reports for three of the four pension funds (the police are a bit of a laggard, it seems, and only have available their own CAFR, without the fuller analysis of the actuarial report). Interested readers can view the Municipal Employee's report here, and follow these links for the police, the firefighters, and the Laborer's Pension Fund (from which the numbers that follow are derived).
By one measure, the combined funded status at year-end 2017 was as high as 27%. By that same measure, it's now 23%.
Yikes.
How did this happen?
How indeed.
This is going to end up in the courts, we have no doubt. Go read it all.
This is going to end up in the courts, we have no doubt. Go read it all.
Labels: pension
posted by SCC at 12:03 AM
146 Comments:
gold stars should be paid out at service rank like fire department does. That would save a lot of money and stop undeserved win falls.
Everyone keeps voting these DemocRATS in who now hate government workers.
The person who should push for the federal investigation into the pension fund scandal the most is, our new “reformer” mayor Lightfoot. She inherited a bag of garbage from Daley and Rahm. It’s her mess now and she should fix it. This should be priority number one! She should push for the crooks to get nailed and fund the pension while the investigation goes on. We pay into the fund every check like we agreed to on day one of employment. The fund should be 100%. This is criminal.
well isnt that spiffy ! ill be 70 and in a wheelchair when my pension folds in a couple years. well as long as the bean is ok i guess it was all worth it. if anarchy ever reigns and we have a purge every illinois politician better head for the sawtooth wilderness in idaho and learn how to build a shelter and eat tree bark. last day in office twink boy has BILLIONS for a development nobody wants or needs but sorry no soup for you chumps. this in your face theivery has to stop, i throw up every time i hear durbin or louie gutterrat speak. they deserve whatever third world bunga bunga happens to their tender asses. desperate people do desperate things, not me of course lol. at least we got a speed bump with the donald, if killery was in charge we would be in tents in grant park. viva hate !
Happened because Pension Board members, both city appointed and elected, are not qualified to manage their own checkbooks, let alone a billion dollar....million dollar fund. The sharpest of the city appointed use our funds as a personal petty cash fund.
Unless we, as a whole, wake up and do something about it, it will continue on it's downward path. Most of us take it for granted and believe our pensions are insured.
Look at the elected trustees: Hauser, Benya, Wodniki Enough said.
Meh... retire today and get 10 years of pension before it busts. Personally, annuities are safer municipal pensions give. This bullshit. I have my sons and wife on an annuity each from prudential
“Boy, if this is true, there’s going to be a reckoning”. Lightning loris own words
LMAO!,
More like wreckoning madame mayor..
23.8% Funded?
What happens when the last taxpayer leaves?
Money matters uh? I am sure it will all work out...
https://youtu.be/M3vL_0XtiVY
Daley Set To Collect $184,000 Annual Pension
"CHICAGO (WBBM) — When Mayor Daley leaves office in a couple of weeks, no one will be throwing any tag days for him. WBBM Newsradio 780 has learned the mayor will be receiving government pensions totaling nearly $200,000 a year.
Mayor Daley has already notified the Municipal and General Assembly Retirement Systems he wants to begin collecting his pension on May 17, the day after he leaves office.
LISTEN: Newsradio 780’s Bernie Tafoya Reports
When he does, he will be collecting a pension of nearly $184,000 a year. Of that, 64 percent will come from the state pension system and 36 percent will come from the city pension system.
According to Tim Blair, the executive secretary of the General Assembly pension system, the mayor has chosen to obtain his government pension under the Illinois Retirement Systems Reciprocal Act.
In other words, all his government service is being combined into one lump—nearly 40 years, instead of getting separate pensions from every government body he worked for.
In 1991, Daley transferred his nearly 7.5 years of service credit as Cook County state’s attorney and more than $98,000 in contributions to the General Assembly Retirement System.
The mayor is also taking advantage of a rule that was in effect for legislators in office before 1994 which allows him to base his state pension on his last government salary. In this case, it’s based on his $216,000 salary as mayor of Chicago.
RELATED STORY: The top pensions for former state officials
Daley has not been in the state legislature since 1980.
And, because Daley has about 40 years of government service, he’s eligible to receive the maximum of 85 percent of that mayor’s salary.
When Daley left the state legislature in November 1980, his salary was $53,000 a year. Blair says the state portion of Daley’s pension will come to more than $117,000 a year. More than $66,000 a year will come from the city pension system.
Current state legislators are only able to base their state pensions on their final salaries as legislators." CBS CHICAGO 29 Apr 11
What does Rahm Emanuel get from his Chicago and Federal pensions? And what kind of heath care do they receive?
The Machine fucking the CPD?
I don't believe it.
I hope the funding numbers they admit to are the actual numbers. In either case, yikes!
End TIFS now. Sue for TIF money. The city can’t cry poor when 40 percent of the tax money goes to TIFS not the general fund. 1.4 billion to Lincoln yards 600 million to Roosevelt and the river and that is just 2. Anyone notice the new bike path by the river and Irving park. That has to be at least 500 million. And on and on. The city needs to pay its obligations before they build bike lanes. The rally cry should be end TIFs now.
They found him living in poverty with less than one dollar
in change in his pocket. 30 yr CPD vet? No, Stephen Foster.
Despite Detention Camp OT, CPD is still in the hole.
CPD is barred from working at the Detention Camp Museum.
They want us in the dangerous front line jobs but refuse
promotions to docents.
Really feel for you. Former cop now working in the oil fields.
when Pension goes Bust Then what???????????????
FOP, CLOUT,The DEM Party, 5 holy Martyrs, chicken little will save us
Keep Shoveling Shit and Calm On
No Outrage from FOP ZZZZzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
TIFs have been scafing the pension moeney for decades. The rich and famous have enjoyed their own welfare payments in the form of TIF accounts while pension funds go without the necessary payments needed to insure solvency. Next time you drive by the old 17th dist, say a prayer to the golden 6 armed elephant God the new owner parked out front. You paid for it with your pension money.
It will end in the courts. Also by then it will be insolvent. So who cares if someone goes to jail when you no longer have a pension.
With the stock market at an all time high. Nice!
A constitutional amendment to allow pensions to be modified, or bankruptcy.
Those are Chicago's only 2 options.
The numbers are irreversible an going into a death spiral.
This is one reason why I started my own business and did 20 years on the job and left at age 50. So many of you want to max out lol. The ship is sinking and sinking fast.
I don't know why anyone would come on this job as Tier II anyhow yet they do. If the pension flopped tomorrow it not devastate me due to my business.
Guys and gals: plan accordingly. Go at 50 not 63. Do your own thing. Do not waste anymore time here than necessary. Lock in at 20, hope for the best and go elsewhere.
There is no money left for the pensions. The Great Unwashed Democrat welfare voters need things.
Now, kees me you fool!!!!
Even though I never liked Rahm, he made every ARC payment. He brought our funding from 12% up to around 25% where it is now. The full blame rests with Shortshanks who put nothing into our pension, but sold away the city into the twilight zone.
Basically, the FED manipulated the bond funds during Obama’s tenure which has led to this problem nationally. Also the city has not keep up its end of the bargain. This failure by the city is going to save the retirees. By breaking the covenant they will be forced to make it right. It will become like ISP, no fund just a line item on the city’s budget each year.
Why isn’t Richie in jail!
Thanks to the Daley Crime family, and where was the Pension Bd. and FOP while our pension fund was being mismanaged? ♠️
"Anonymous said...
No Outrage from FOP ZZZZzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
7/10/2019 05:47:00 AM"
Selective Moral Outrage at the FOP is the least of our problems. I would worry about the Pension Board Officers that we are blindly electing each term. And remember that the city gets to pick their own as well.
Most PO's live in a financial house of cards. If the pension disappears (and it looks like it will) they are basically going to live on Social Security. Make a plan to be employed elsewhere or start saving bigtime. Is this what you work for?
The city has always made promises they don't intend to keep. The sooner pensioners wake up, the sooner we can put a bug up their asses. We put in our share, and the city has defaulted for years on their liabilities.
Time to pay up or shut up. The number say this is unfixable. Given the city's kick the can mentality, I have little faith anything will change.
If the pension collapses, there are going to be thousands of armed and pissed off retirees to deal with. Many will have no choice but to become criminals. I can think of several fellow retirees I could team up with and hit a few banks or armored cars. Do it in our old uniforms. Be done and gone before they realized what happened. I hear there are whole communities of retired police in Costa Rica. A few million each should set us up good. Men that have nothing to lose are dangerous men indeed.
I hate socialism. Pension plans are socialism. Socialism never works.
I am just fucking disgusted! The funding facts have been known for how many years? Haven’t the brainiacs at fop come up with a solution?
Aren’t they supposed to looking out for it’s members welfare? We won’t even qualify for welfare if this keeps up! I can only guess that they got theirs, so fuck us! How about some lawsuits? Start getting the city to stop other funding, like the huge construction projects, that should be supported by private investments, not our pension money! The TIF funds are just corporate and political cronies welfare fund. This is a serious problem, and we ALL have to do something! Start calling the fop, light a fire under their asses! Make them do something for their members, not just them and theirs. You should all be pissed off, you are victims, not just a bystander, waiting for someone else to do something... what the fuck!
The question to ask, what happens when it goes? Not eligible for social security. Do all the retirees go on welfare and get link cards? Do all under 63 go back to work? Thoughts?
We need some weed taxes.
Watch for the pig democrats to attempt to get the referendum votes to open up the constitution. It will be on on false pretenses, but while were in there, lets just foul over these public servents. After all we need more money for public programs and hand outs to those who refuse to get off the porch and get a job.
Let's be honest, the stock market took a big dive in December 2018. Every pension fund or 401k equity investment fund was down as a result. Since then, in 2019 the market has staged a big comeback and is at all time highs. Therefore, the more important fact is where does the pension fund stand now? If it has come back at the same rate that it dropped in December, then no real loss to anyone other than the fund is still dramatically underfunded. But that underfunding is no worse now most likely than it was a year ago. While outrage at the underfunding is warranted, random short term market ups and downs can't be the basis for such responses.
Many of the officers who lean left or have a “community” mentality should shape up. It is the leftists promoting this and the “community” is full of leeches who take without ever contributing. Are these so-called officers okay with their money at risk?
TIF funds to shore up pensions until "crisis" resolved. Sorry, political contributors. Gravy train will have stop for a few years.
Anonymous said...
gold stars should be paid out at service rank like fire department does. That would save a lot of money and stop undeserved win falls.
7/10/2019 12:14:00 AM
Can agree, the gold star ranks in cpd is totally out of control, they are the most inept laughable bunch in history! Edward has added how many again? Thought maybe the feds would call for an audit,or reformer Lori would finally stop the flying everywhere and sit with her "federal partners," and get it done! Why and who signed off on the daley/vaneko bullshit over 60 million gone poof, who that signed off got paid off?
Lori do your job, you said you were going to clean/drain the swamp (Maybe that is why the alligator is getting ready to devour swamp creatures from city hall county building) and then you allow lincoln yards to rape the taxpayers for 1.6 BILLION+, Why are you not talking about daley and the criminal antics he did to put city finances in this precarious situation along with rahm? On this rant why does daley still have cpd and rahm driving them and their families around on the taxpayers dime? Reformer yes lori you could not reform anything!
They're are plenty of good recipes using cat food as a base for good meals.
A forensic audit is in order.
The sooner, the better.... and let the chips fall where they may.
Two ways to immediately start fixing this mess.
1) Stop these huge pension payouts for all the connected with the exempt pensions. Dose the average citizen realize this process of rewarding the connected allows exempt appointed members of Police Department to collect on average about 130,000 a year in pension. This would bankrupt any organization.
2) Take all the money being rewarded to illegal immigrants for entering the country breaking the LAWS. Then running to Chicago to be protected by our politicians (sanctuary city) and given free housing, heath coverage, food, and a cell phone. All while our first responders are required to pay for everything as the funds are going broke. Use this money to supply the fund!
Look T all the high rises , townhomes on river , conversion of warehouses to lofts ,south loop .
Where is all the tax money going ?
The police pension fund will run dry in a few years as it has been using principle to pay pensions for some time. What happens when the fund is out of money? Does the city have an obligation to fully fund pensions at that point or can they just say each fund stands alone and when it is out of money it is out of money and we can only pay out what we take in from active employees? Seems no one can answer this question.
Do a completely autonomous forensic audit.
Anyone shown to have their hand in the cookie jar gets their hand in a bear trap.
Fuck the thieving, slimy bastards.
We are gonna get a pension shave. They will get rid of the cola or tax our pensions. It’s coming and soon. Kicking the can down the road is here. We will pay the price for the theft and neglect of the fund.sadly, there will be no public outcry when we take the hit.
We have too many BULLSHIT disabilities claimed by coppers and too many gold braid pensions plus people being allowed to buy into the pension plan. Our pension board is a joke.
Things were better when cops were called 'the fuzz'
Instead of the Po-Po.
Not once were the Dragnet Dicks injured on the job
or had spots on their suits. AND they did the job in
cherry granny cars that had no A/C.
Nothing new, been that way since oh...1982?
City was advised then to fund at a minimum ratio of 3:1.
They laughed.
Lack of hiring = lack of contributions.
The Uncle Trump market returns are outpacing the pension contribution investments.
Are there still high risk investors tapping the fund with the blessing of the city appointed Board?
Sterling Bay’s Lincoln Yards/RahmDeal™️ is expecting a hefty return on the $1 billion in TIF’s, too bad PABF couldn’t get some of that action.
And yet the mumbling Daley is not in prison
Mess with my pension and I guarantee you will not like how I act.
Like I have said many times before. We owe 50% of this corrupted bullshit because we don't stick together. Waiting for FOP to do something is totally ridiculous.
1214am......I couldn't agree more. If they can't survive on a Lieutenant's pension then screw them
The Pension Fund has always been a problem but it grew much bigger in 2008 year. The Fund had invested heavily in derivatives and lost hundreds of millions of dollars. The advisors sucked. The board was ( and probably is) totally inept and huge portions of the Fund is probably dished out to " advisors" who are heavy. In 2008 I posted a couple of times that my projection for bankruptcy for the Fund was 2019-2022. I still feel that way.
They have money for illegal alien defense funds.
They also apparently have money for illegal alien health care.
If that doesn’t get you to hate, nothing will.
Never forget what Emanuel did to retiree healthcare.
Hate.
We allowed this to happen with allowing FOP to agree to kick the can further down the road. The citys next payment is 270,000,000.00. SUE
Anyone that doesn’t think it was Daley’s plan all along for the pensions to go belly up is fooling themselves. It is just a democRATic piggy bank. We pay in every two weeks and the city doesn’t, what fools we are.
You youngens need to get new representation, the FOP hasn’t done much to ensure a solid fiscal future for the membership. They have bargained on our behalf for coming up on 40 years. These police officers get in to office and get pay increases from your dues. How the F does a schmo that was earning no higher than D2A deserve a pay bump by 3 or 4 pay grades, they don’t. You do the job to improve the working lives of the membership. These elected members are just enriching themselves while you try to get special employment at standard rate, or hope you have enough time for a time and a half OT spot. Hell! you new kids don’t even get duty availability.
Good luck to all and see you in the future pan handling on the street.
Stay safe out there.
FOP leadership where are you. What is the Plan on fighting for well deserved pensions. Get legal representation and hire a top notch PR firm to get our voices heard. You sure as hell aren't doing anything to benefit the rank and file.
Get your asses in gear.
This is not news,, the city under the past administrations just have not been putting enough money into the funds, the money has to be there in the first place to grow , that's the idea without the actuarial required money put in at the start you end up in a death spiral, there is no way to invest your way out of this, it will take one hell of a tax increase to square things and just how posible politically and financially is that ??? Rahm inherited a big pension obligation what did he do? Rahm engineered HB77 so he wouldn't have come up with the required money, digging the hole deeper and making any solution all that more painful handing Mayor Lightfoot a pension bill 50% higher than Rahm had, If there were misconduct on the part of pension trustees and if they were publicly hung the money still wouldn't be there.
Pay me chicago,even if the city could declare bankruptcy which it can't they [city] are on the hook. No way do they want to file for that, opens up the books for the feds! Even if the constitution is amended everyone hired off the old language of shall not be diminished or impaired is safe,new hires one day will be on 401ks.All the cities assets would have to be sold to pay for everything,plus detroits 1st responders did ok in bankruptcy court!Just be prepared for huge tax raises for the next 100 yrs! Retire and get out of this state!
Relax. We are in good hands with Lappe, Beyna Wright and the Wod. They've totally got this under control. BWAHAHAHA!!
401k is a scam it will never equal a pension! Remember Obama can give away $150 Billion to Iran like it was nothing plus all the bank bailouts and GM too but they can't bailout earned pensions.
The best was the scam were they could buy credits to get a bigger pension! The money they used to buy the credits would pay for itself in a few years with the bigger pension.
Congress Is Coming for Your IRA
https://www.wsj.com/articles/congress-is-coming-for-your-ira-11562713559
PASSED THE HOUSE 417-3
We F***ed Over Your Pension Now We’re Coming After Your Ira’s
Spend it all no more retirements hide it safety deposit boxes!
8. Removal of “Stretch” Inherited IRA Provisions
The SECURE Act would make significant changes to inherited retirement plans like 401(k)s, traditional IRAs, and Roth IRAs. In the past, beneficiaries of these accounts could typically spread the distributions over their own life expectancy.
However, the new bill includes what is viewed as a tax-generating provision that would require most beneficiaries to distribute the account over a 10-year period. This change would accelerate the depletion of inherited accounts for many large IRAs and retirement plans.
Typically, smaller inherited accounts are liquidated fairly quickly by beneficiaries already. However, the end of the so-called “Stretch” IRA or retirement account makes a lot of sense from a public policy perspective, especially after the Supreme Court has ruled that inherited accounts are not “retirement” accounts.
As such, it does not make policy sense to allow for an extended tax benefit through the beneficiary’s retirement. The RESA bill has a significantly different provision, but would also end the stretch provision for larger inherited IRAs over $450,000.
The potential tax burdens of faster distributions of inherited retirement accounts will increase the need for proper estate planning and potentially more strategic Roth conversions during the life of the account owner, adding additional complexity to retirement and estate planning.
With the SECURE Act headed to the Senate, with nearly across the board support by parties in the House, the likelihood of its eventual passage seems extremely high. However, modifications are likely.
While the SECURE Act makes positive changes, takes a step forward, but doesn’t clearly advance the retirement security of those in most need of a boost.
Anonymous Anonymous said...
Meh... retire today and get 10 years of pension before it busts. Personally, annuities are safer municipal pensions give. This bullshit. I have my sons and wife on an annuity each from prudential
The fuck is with this obnoxious “Meh...” shit??
Its coming......
I not by any means a financial genius but several years ago I took my money out of defer compensation and rolled it over to a 401K. By rolling over the monies to a 401K I had many more options to invest the monies. Three years ago my return was 23.1%. Two years ago my return was 19.4% Last year my return was 17%. This year it is running at almost 20% Now this is an illustration of what returns the pensions could have had. Trust me, I am mostly conservative in my investments. If I could get a return of around 20% why the hell can't the pension board get somewhat of the same return?
Anonymous Anonymous said...
End TIFS now. Sue for TIF money. The city can’t cry poor when 40 percent of the tax money goes to TIFS not the general fund. 1.4 billion to Lincoln yards 600 million to Roosevelt and the river and that is just 2. Anyone notice the new bike path by the river and Irving park. That has to be at least 500 million. And on and on. The city needs to pay its obligations before they build bike lanes. The rally cry should be end TIFs now.
Amen brother. The money is going right out the front door and we hold the door open for them. Snap out of it FOP. Snap out of it Plumbers. Snap out of it 150, they are spending your pension money on crap.
Thank god a casino is Otw
There’s no way in hell they can bring the pension fund up to 100% or even 50% from where it is now. They did this on purpose. This is criminal and there needs to be a serious federal investigation. If they intend to crash the fund then stop taking our money out of our checks. I can’t believe more people aren’t outraged about this. This is THE NUMBER ONE ISSUE in our lives! We can’t retire without the fund. Lightfoot should be leading the push for a federal investigation. Unless she’s just like Daley and Rahm.
Chicago (WBBM): Whatta Big Bowel Movement
*****
And if I didn't, check in everyday
CPD would collapse
Guys would go crazy, right in the squads
Slap Lyft & Uber stickers all over
They would just give up, abandon the cars
Push Palettas carts all day
And the ones, with security clearance
Would become Gold-Bar Skycaps at dawn
So let me tell you, I'll be back Thursday
And if I can't, I'll send in Goldie Hawn
Attention anyone considering taking this job...DONT!!! The city will lie to you about your retirement and still take your money every two weeks. You also will not get social security. So you’ll have nothing. Do not believe them. The city politicians operate on deception. It’s Chicago’s history. Read about the pension and think twice.
Anonymous Anonymous said...
I hate socialism. Pension plans are socialism. Socialism never works.
7/10/2019 08:41:00 AM
Hey troll!!! You are idiot!!!!! Keep something in mind. Pension plans are OUR money that we agreed to put away when we started working in lieu of a 401k. The city has a fiscal responsibility to maintain the fund, which is agreed on, to keep it funded so it does not go dry....and at a 90%+ funded rate. Daley and cohorts put in an exact match , not taking into account the that officers are now living longer and drawing on the pension for longer than expected. The mortality rate for police officers is well below that of the citizens we swore to protect. Something we knew coming into the job, but with us being cognizant of this fact, more of us opt to stay in better shape than or predecessors, thus extending our lives.
Its people like you who sicken me because you have no concept of reality.
Just thank an officer for his/her service at your next Soros funded protest!!
You youngens need to get new representation, the FOP hasn’t done much to ensure a solid fiscal future for the membership. They have bargained on our behalf for coming up on 40 years. These police officers get in to office and get pay increases from your dues. How the F does a schmo that was earning no higher than D2A deserve a pay bump by 3 or 4 pay grades, they don’t. You do the job to improve the working lives of the membership. These elected members are just enriching themselves while you try to get special employment at standard rate, or hope you have enough time for a time and a half OT spot. Hell! you new kids don’t even get duty availability.
Good luck to all and see you in the future pan handling on the street.
Stay safe out there.
I thought the city reimbursed the FOP for those or 6 positions
Anonymous Anonymous said...
The Pension Fund has always been a problem but it grew much bigger in 2008 year. The Fund had invested heavily in derivatives and lost hundreds of millions of dollars. The advisors sucked. The board was ( and probably is) totally inept and huge portions of the Fund is probably dished out to " advisors" who are heavy. In 2008 I posted a couple of times that my projection for bankruptcy for the Fund was 2019-2022. I still feel that way.
Got news for you. 2008 was a terrible year for the market. When the market crashes like that it takes everyone with it. Advisers can’t do anything about it. Biggest funds with the best advisers go down like everyone else
I can’t believe more people aren’t talking about this? This is far more important than any contract nonsense. This is our survival. Cops must really trust these snake politicians to do the right thing. They have such a great track record with being honest. Where’s FOP? Sgt’s union? Etc etc. what are they waiting for? Another promise from the city?
Anonymous Anonymous said...
The police pension fund will run dry in a few years as it has been using principle to pay pensions for some time. What happens when the fund is out of money? Does the city have an obligation to fully fund pensions at that point or can they just say each fund stands alone and when it is out of money it is out of money and we can only pay out what we take in from active employees? Seems no one can answer this question.
7/10/2019 09:43:00 AM
The city is obligated and required by the new SB777 that requires the city to have the police and fire pensions 90% by 2055. Originally a senate bill was passed to have the funds funded by 2040. This extended the date but requires the fund to be 90% funded by 2055
Anonymous Anonymous said...
Relax. We are in good hands with Lappe, Beyna Wright and the Wod. They've totally got this under control. BWAHAHAHA!!
7/10/2019 12:41:00 PM
Scew them and anyone involved in watching over the pension. They all should be investigated by the Feds. Hell of a job they’re doing.
Anonymous Anonymous said...
Pay me chicago,even if the city could declare bankruptcy which it can't they [city] are on the hook. No way do they want to file for that, opens up the books for the feds! Even if the constitution is amended everyone hired off the old language of shall not be diminished or impaired is safe,new hires one day will be on 401ks.All the cities assets would have to be sold to pay for everything,plus detroits 1st responders did ok in bankruptcy court!Just be prepared for huge tax raises for the next 100 yrs! Retire and get out of this state!
7/10/2019 12:39:00 PM
The can go into bankruptcy all the city needs is an OK from the state, there is even a bill that has been waiting for action for some time that would allow the city to go ahead W/O that approval
They will cut the 55 healthcare before they cut any retiree pension.
Anonymous said...
Relax. We are in good hands with Lappe, Beyna Wright and the Wod. They've totally got this under control. BWAHAHAHA!!
7/10/2019 12:41:00 PM
And the above listed clowns are elected to do what? What the fuck have they done other than sit back and watch it crumble? What’s their fucking job on the pension board? Shouldn’t they be blowing the whistle on the corruption and waste? The people and companies dipping into it while doing nothing. Maybe the Feds need to look at each of them? What exactly is their job? Aren’t they the watchdogs? What do they do? Because they are failing big time. Very suspicious
Pensions will not be paid. Feds will not investigate; they are onboard. Globalist Plan requires destruction of System. Bankrupt pensions and insolvent City will usher in Socialism, then Communism.
Nobody will go to jail for the theft. Lean times coming.
Lappe? He takes care of his own. He oks duty disability for BS injured hand for a female academy instructor who happened to be his academy partner! Isn't that right Mike?
First off, this hysteria is funny and not rational. All this underfunded pension liabilities are a weapon for the democrats. A bargaining chip against us. They could fund the pension substantially and have the money whether it’s TIF, bonds, casino, weed, or any of the other assets. Point of this is to make the police look greedy to everyone else, paint us as lazy and not worth a pension which is a way better retirement tool than most ppl. Once the citizens are on board they will move for the amendment or make us take dramatic cuts in future contracts. It’s classic democrat bs. They stole the money for private ventures and market crashed thus ruining their free bank account while creating this crisis. Now, couple factors we have going for us: baby boomer generation dying off which takes a lot of cops off the pension books and the economy rolling has spiked our pensions the last year or so if that holds up we may get lucky. On a macro scale, the government always knew baby boomer retirements were going to be trouble just based on the sheer numbers, hence social security, but now towards the end the worst is behind us. Now with the economy and some minor injections (weed, casino) we should have a decent increase in the pension. Stay strong and united only way we win in the end
No doubt plenty of mismanagement and corruption to go around, but one of the biggest problems with the pension-fund model that nobody wants to talk about is simply that people live so much longer after retirement now. Even in states that currently have a good funding level, it's devolved to a giant Ponzi scheme that falls apart as soon as something disrupts the flow of new money.
The private sector saw the debt train coming decades ago and switched over to individual plans like 401(k), but government agencies and union leaders continue to lie to the troops about sweetheart pension deals that never made economic sense. Shameful.
Why do we have to wait to see our pension totally collapse? Can’t we do something proactively to stop it?
If the city purposely destroys the pension and crushes our retirement, crime will be out of this world. There will 100% be no police force and there sure as hell won’t be anyone taking the job after seeing the criminal backstabbing theft the city did to cops retirement. Business and residents will flee Where is the FOP? What do our elected pension board members do?
Anonymous Anonymous said...
Pay me chicago,even if the city could declare bankruptcy which it can't they [city] are on the hook. No way do they want to file for that, opens up the books for the feds! Even if the constitution is amended everyone hired off the old language of shall not be diminished or impaired is safe,new hires one day will be on 401ks.All the cities assets would have to be sold to pay for everything,plus detroits 1st responders did ok in bankruptcy court!Just be prepared for huge tax raises for the next 100 yrs! Retire and get out of this state!
7/10/2019 12:39:00 PM
Wish we all were as confident as you. You do know this is Chicago Illinois right? The most corrupt place in America. These politicians can do whatever they want and they do. The courts and judges are their friends. As unthinkable and wrong as it is they do not care. Funding the pension is politically incorrect to them. They want the money. The entire fund and ever single person that had anything to do with it needs to be investigated. You know something corrupt went on. This is Chicago
Anyone that has money in deferred comp better take it out before the city takes it out for you. Technically it is still the cities money and they have not paid it to you that is how the feds justify not collecting taxes on it. The city used it for their credit rating too. What does that tell you?
Sure wish the FOP would fight for the pension as hard as they did to let cops expose their cool arm tattoos. That was one important battle. Thanks Dean Angelo.
Anonymous Anonymous said...
Thank god a casino is Otw
7/10/2019 03:45:00 PM
Not if the city runs it. Just another place to put clouted people in made up positions bureaucracy will run it, corruption, etc
It will be lucky to make money and that will “go for the children”
Anonymous said...
"Anonymous said...
No Outrage from FOP ZZZZzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
7/10/2019 05:47:00 AM"
Selective Moral Outrage at the FOP is the least of our problems. I would worry about the Pension Board Officers that we are blindly electing each term. And remember that the city gets to pick their own as well.
Most PO's live in a financial house of cards. If the pension disappears (and it looks like it will) they are basically going to live on Social Security. Make a plan to be employed elsewhere or start saving bigtime. Is this what you work for?
The city has always made promises they don't intend to keep. The sooner pensioners wake up, the sooner we can put a bug up their asses. We put in our share, and the city has defaulted for years on their liabilities.
Time to pay up or shut up. The number say this is unfixable. Given the city's kick the can mentality, I have little faith anything will change.
7/10/2019 08:30:00 AM
Clearly you are not the police. Otherwise you would know that the scumbag politicians screwed us on social security too. We don’t get SS.
Didn’t Miriam Santos predict this over 20 years ago.
ALL NUMBERS IN THE PUBLIC DOMAIN
Guys, maybe you need a forensic accountant,
because the numbers clearly state you are being screwed over.
3-9-2009 (Market Bottom): NASDAQ: 1,268.64 (market close)
7-19-2019 (10 yrs; 4 mos.: 124 Months): NASDAQ: 8,202.53
(market close: NASDAQ: 6th Record of 2019)
NASDAQ UP: 6,933.89 points (UP 546.560%)
Average (over 124 months): UP 4.4077%/Month Average
Multiply by 12 months/year = UP 52.892%/Year AVERAGE
*****
The NASDAQ is an index of >3,300 stocks.
It is "tech heavy" as the media is fond of saying, but that's
what's been happening in the past DECADE.
Index investments have a VERY low cost administration.
They are "no brainer" investments: BUY and HOLD.
(This is what you COULD have had. What you got was
what was left after the investment firms and crooks skimmed
their "advisor fees" off the top.)
7/10/2019 01:47:00 PM
Anonymous Anonymous said...
I not by any means a financial genius but several years ago I took my money out of defer compensation and rolled it over to a 401K. By rolling over the monies to a 401K I had many more options to invest the monies. Three years ago my return was 23.1%. Two years ago my return was 19.4% Last year my return was 17%. This year it is running at almost 20% Now this is an illustration of what returns the pensions could have had. Trust me, I am mostly conservative in my investments. If I could get a return of around 20% why the hell can't the pension board get somewhat of the same return?
You sure show are not a financial genius. Those returns you talk about are not real and cannot be expected or realized. Fidelity Magellan a top fund averaged 11.11 a year over the last 5 years. If we could average 20% a year, we wouldn’t need a pension
You fail to realize there are fees and salaries to running a pension fund and you only receive better returns because you keep reinvesting the funds. Try spending 20% a year and you will be making nothing. The fund is paying out what 13,000 monthly annuities plus widows, disability so they can’t invest all the incoming funds
Plus they are regulated in what and how much they can invest in stocks, bonds, fixed, etc and need a large reserve when the market corrected and drops by by double digits. The monthly checks still have to go out. Not defending the funds it’s just not as simple as sitting down and investing by buying a few stocks
Also remember that the 9% you contribute annually is not a lump sum. The last one on Dec 1 earns almost nothing, the Nov 1 very little
You also don’t have the salaries, rents, auditors plus office help not to mention annual reports
You can’t compare the pension fund with your investing of picking a stock or mutual fund and watching it grow
In closing, if your returns are so good why are you on the job. Take a second mortgage, home equity loan at say 5% and invest it and get you 20% return. That’s a 15% % profit and you wouldn’t have to work
Anonymous Anonymous said...
I not by any means a financial genius but several years ago I took my money out of defer compensation and rolled it over to a 401K. By rolling over the monies to a 401K I had many more options to invest the monies. Three years ago my return was 23.1%. Two years ago my return was 19.4% Last year my return was 17%. This year it is running at almost 20% Now this is an illustration of what returns the pensions could have had. Trust me, I am mostly conservative in my investments. If I could get a return of around 20% why the hell can't the pension board get somewhat of the same return?
You are talking short term. Every so many years the market goes thru a cycle. This has been a good three years, but I’ve been on the job 30 years and looked up the average market return over the last 30 years. You might be surprised. So if that’s what the market and Vanguard are doing , you are a genius
Over the last 30 years, the average investor saw a return of 3.66%, whereas the S&P 500 had an average return of 6.73%. What is the average rate of return on retirement investments? According to Vanguard, over the next 10 years, investors can expect a 6.6% return on stocks in their retirement account.Jul 6, 2018
“I hate socialism. Pension plans are socialism. Socialism never works.”
You’re an idiot. Pensions is not the same thing as socialism. Even in a capitalist country like the United States, we still have social programs. That doesn’t make the US socialist. The Scandinavian countries that Bernie loves to say are socialist, are not. Their economy is capitalism which they use to fuel large social programs, but they’re not a socialist country. Money goes to our pensions which is then invested in part in the free market, weird thing for socialism to do.
One question....who/what company manages the investments??
gold stars should be paid out at service rank like fire department does. That would save a lot of money and stop undeserved win falls.
7/10/2019 12:14:00 AM
Can agree, the gold star ranks in cpd is totally out of control, they are the most inept laughable bunch in history! Edward has added how many again? Thought maybe the feds would call for an audit,or reformer Lori would finally stop the flying everywhere and sit with her "federal partners," and get it done! Why and who signed off on the daley/vaneko bullshit over 60 million gone poof, who that signed off got paid off?
Lori do your job, you said you were going to clean/drain the swamp (Maybe that is why the alligator is getting ready to devour swamp creatures from city hall county building) and then you allow lincoln yards to rape the taxpayers for 1.6 BILLION+, Why are you not talking about daley and the criminal antics he did to put city finances in this precarious situation along with rahm? On this rant why does daley still have cpd and rahm driving them and their families around on the taxpayers dime? Reformer yes lori you could not reform anything!
7/10/2019 09:17:00 AM
That is a great idea. It means Phil Cline will have to survive on a lieutenant's pension and $150K plus benefits from the Chicago Police Memorial Fund. That might just cover Phil's monthly grocery bill.
For the person that stated " Got news for you. 2008 was a terrible year in the market""--- Did you ever hear of " hedging" your portfolio?
Hopefully weed will balance the budget
Anonymous Anonymous said...
Sure wish the FOP would fight for the pension as hard as they did to let cops expose their cool arm tattoos. That was one important battle. Thanks Dean Angelo.
7/10/2019 08:15:00 PM
Yes, just like the purchase of new patrol cars that was negotiated last contract. WTF was FOP thinking? If the city won't purchase enough cars to go around, we walk to our calls, so what. The FOP isn't really being an advocate for us, but are in bed with the city. They remind me if RINO republicans, act like they are on your side, but are actually playing for the other team. They sure have great picnics and golf outings though.
These comments make me laugh. If you believe there’s no money I have some swamp land for you and yours
Anonymous said...
Anyone that has money in deferred comp better take it out before the city takes it out for you. Technically it is still the cities money and they have not paid it to you that is how the feds justify not collecting taxes on it. The city used it for their credit rating too. What does that tell you?
7/10/2019 07:59:00 PM
Wrong, Blockhead! It’s not the cities money never was. Nationwide sets up retirement accounts with many organizations. You sign up and the money is electronically transferred from your check into your nationwide account. Stop being paranoid and worry about the pension. That’s real.
Anonymous Anonymous said...
First off, this hysteria is funny and not rational. All this underfunded pension liabilities are a weapon for the democrats. A bargaining chip against us. They could fund the pension substantially and have the money whether it’s TIF, bonds, casino, weed, or any of the other assets. Point of this is to make the police look greedy to everyone else, paint us as lazy and not worth a pension which is a way better retirement tool than most ppl. Once the citizens are on board they will move for the amendment or make us take dramatic cuts in future contracts. It’s classic democrat bs. They stole the money for private ventures and market crashed thus ruining their free bank account while creating this crisis. Now, couple factors we have going for us: baby boomer generation dying off which takes a lot of cops off the pension books and the economy rolling has spiked our pensions the last year or so if that holds up we may get lucky. On a macro scale, the government always knew baby boomer retirements were going to be trouble just based on the sheer numbers, hence social security, but now towards the end the worst is behind us. Now with the economy and some minor injections (weed, casino) we should have a decent increase in the pension. Stay strong and united only way we win in the end
7/10/2019 07:36:00 PM
Are you nuts! Hysteria? So what’s your magic number to make you concerned? 0%? Dude it’s 21% funded and dropping fast. And who exactly is going to force the city to fund the pension? Who? No one. That’s who. This problem concerned me back when it was 75% funded. It should be 100%! People have been talking about a casino for 20 years. Where is it? You want to wait for that and then assume the scumbag politicians will fund the pension with that money? Not a chance. When they get new money they steal it and give it to their friends. Not one dime will go to the fund. They are liars!
I think it’s time to take some money out of the scumbag politicians pension fund. Why is there’s funded but ours isn’t? They should give us enough so both our funds are equal.
Anonymous said...
Anyone that has money in deferred comp better take it out before the city takes it out for you. Technically it is still the cities money and they have not paid it to you that is how the feds justify not collecting taxes on it. The city used it for their credit rating too. What does that tell you?
7/10/2019 07:59:00 PM
They may have used it as a way to show an asset, but they have absolutely no claim to it. Not one dime was put into any fund there by the city. It is ALL employee funded....100%
Seems I recall a similar pension fund manager. Believe there's a movie about his achievements. Let's see the name was, daly ... oh no, Hoffa. Jimmy Hoffa. May the same end come to those others that have followed in his example.
take my pension mr mussolini. you are the all powerful leader. oh wait, your busy hanging around on that meathook. take my pension mr gadaffi, you are all powerful ruler of the desert, the west is terrified of you. oh wait, your busy? what? you have a gold plated 1911 stuck in your rectum ? a crowd of your admirers are beating you to death? take my pension mr hussain, ruler of the kingdom of persia and third largest army in the world. what you say, u.s. marines will be swimming in their own blood if we invade. hows that hangmans noose working out for ya buddy. and on it goes, even the famous 9/11 plotter, hiding in an enemy country behind a couple wives, got got. we have overall been a peaceable country for 200+ years but the in your face abuse by a one party system aided by the permanant bureauocracy, stealing our paychecks, now stealing our homes thru taxes, and stealing our futures by crashing our pensions so walsh and kenny etc always have fresh mega projects to build will lead to civil insurrection. these petty inbred arrogant illinois politicians who think its up to them to decide what we can keep of our own money will destroy this city and country. they have done it for so long with no pudhback that they really think they are untouchable. pretend secret service clouted details indeed. when the shtf nobodys going to protect them. not their detail, not the community and certainly not the public. the aforementioned dictators ruled with an iron fist. they abused their subjects. and when the chance came their subjects revolted and kilted them dead. i bet they think this is fantasy. remember what mike corleone said, if history has taught us any thing, its that anybody can be gotten to. keep fucking with peoples jobs, lives and pensions and see if history doesnt repeat itself. wont be me, ill just be sitting in my rockin chair with my blankie eating popcorn watching the revolution between commercials lol.
Anonymous Anonymous said...
Let's be honest, the stock market took a big dive in December 2018. Every pension fund or 401k equity investment fund was down as a result. Since then, in 2019 the market has staged a big comeback and is at all time highs. Therefore, the more important fact is where does the pension fund stand now? If it has come back at the same rate that it dropped in December, then no real loss to anyone other than the fund is still dramatically underfunded. But that underfunding is no worse now most likely than it was a year ago. While outrage at the underfunding is warranted, random short term market ups and downs can't be the basis for such responses.
7/10/2019 08:52:00 AM
--------
What happens when the Democrats take over Nationally and the stock market crashes again? Then you have an eight year NON Recovery like the Obama years? The Democrats have screwed up Chicago and Illinois. What happens when Bernie and his Socialist buddies gain control nationwide?
They hate Cops. They hate ICE and Border Patrol. Do you think they will care about your pensions? Your (f---ing pigs) healthcare?
Plan your own way. A second career, qualify for Social Security, manage your deferred comp, save and invest. Don't plan on your Chicago home being worth much if the city and state go bankrupt. Plan for YOURSELF.
Anonymous said...
Anyone that has money in deferred comp better take it out before the city takes it out for you. Technically it is still the cities money and they have not paid it to you that is how the feds justify not collecting taxes on it. The city used it for their credit rating too. What does that tell you?
7/10/2019 07:59:00 PM
That is 100% not true. Deferred Comp is controlled by an independent financial firm
To 7:59 pm on 7/10. Wrong. Federal law requires contributions to be held in a 457 Trust for the sole benefit of the participant (the guy putting the $ in) or their designated beneficiary. The city does not own or have access to the money.
Didn't rhamie raise taxes 1 1/2 years ago to fix the pension? How fast everyone forgets.
We need a citywide class action lawsuit! Anyone who is in one of these pension funds needs to get together and file a giant class action lawsuit.
"This is going to end up in the courts, we have no doubt. Go read it all."
By courts do you mean the federal courts thats where a city bankruptcy would be adjudicated ?
When the fund goes broke your pension is paid to you via the cities operating budget...state law and can only be changed by changing state constitution.
"...what is with this obnoxious meh shit..."
That stands for My Entrails Hurt.
"Clearly you are not the police. Otherwise you would know that the scumbag politicians screwed us on social security too. We don’t get SS."
7/10/2019 08:22:00 PM
Yes we do, and because of the windfall eliminations legislation, it is reduced. I had a real job before CPD and put in SS contributions. CPD doesn't take out SS. You need at least 10 quarters to collect a reduced rate. This is in addition to a pension. Many coppers work part time jobs just to put in their SS dues so they can collect. Seems the prudent thing to do should the pension disappear.
Check your facts before commenting.
Anonymous Anonymous said...
If the city purposely destroys the pension and crushes our retirement, crime will be out of this world. There will 100% be no police force and there sure as hell won’t be anyone taking the job after seeing the criminal backstabbing theft the city did to cops retirement. Business and residents will flee Where is the FOP? What do our elected pension board members do?
7/10/2019 07:49:00 PM
Serious question: What pension fund are the alderman paid out of? The judges? Former mayors?
How well funded are they? And if they're very, very well funded in comparison to ours, what have they done differently?
I am a former Chicago citizen who moved to Indiana. In some counties in Indiana, sheriff officers are allowed to take their entire pension money out in a lump sum when they retire, and then invest it as they see fit. Does a Chicago Police Officer have similar options at retirement? Unfortunately, given the piss poor funding level, it would be complete gone after only a few hundred retirements.
A second question. Why has the FOP, Teachers Union, Laborers Union not continued to vigorously pursue Robert Vanecko and Allison Davis to recover the lost $54 million in pension funds from their real estate deals? This is not bleeding a turnip. These guys have money. Davis is running the Allison Davis Group and Robert Vanecko is Managing Principal of Brennan Industrial Developers. Follow the money trail and recover it.
To 0121; the deferred compensation money remains an asset of the government entity until the employee leaves government service. If the city were to use the money it would be considered owed to you such as salary or pension money. When Harold Washington got elected there was rumors about taking deferred comp money during the council wars shenanigans. Several of us dropped out of deferred comp when the representatives admitted that the comp money was legally an asset of the governmental entity.
Everyone needs to calm down and actual read the report.
City contributions
2015-107.6 million
2016-281.6 million
2017-494.5 million
2018-588 million also the pendulum has swung as towards retirees taking out versus active members. In 2017 there were 13,628 drawing on pension versus 12'633 putting in, whereas 2018 the numbers have come more in line with 13,631 taking out and 13,438 putting in. All of these numbers are pushing towards an increased health of the fund, but it is like moving the Titanic in a pond it is gonna take a minute.Look at the numbers the city has put in almost 3x the amount they use to, as they should have been doing. Stop pushing scare tactics.
They will cut the 55 healthcare before they cut any retiree pension
That won't happen, or should I say can't. They couldn't afford the law suit.
To 1:21 so how did the city connected lose 60 millions of your precious pension dollars. There is law and there is the Chicago Way law that Trumps and federal laws. Better get an independent audit before you spout off laws that should but do not pretain. You might be right but your going to have to spend millions on lawyers and appeals to prove it. The Democratic machines rules the city, the state, the courts, the police and anything it wants to. Basically your screwed.
Right deferred comp is controlled by an independent financial firm which is controlled by guess who. Follow the political donations of that firm to prove me wrong. The Chicago Values in action aided by the Chicago Way. When are you going to learn nothing about the city is on the up and up. 90 years of Democratic rule paved the way for what your all living now. The smart ones are leaving in droves. Soon the city will be the privileged Lakefront and the ghetto. No on between. Will be fun to hear the Lakefront Snowflakes clamoring for a wall to be built to protect them. The Snake Blistine, prophecy comes to the Windy City.
I can't see things getting any better with regard to the pension crisis or the state of the city or the country. You can see why some retired folks might be looking for cheaper places to live if they are willing and able to relocate out of the country. Nice and large 1 bedroom furnished apartment near the beach, and all inclusive (internet, cable, utilities, and cleaning twice a week) for less than 500 bucks a month in Vietnam. Similar rates in Thailand. The Philippines even has a VA clinic in Manila. I know someone that had a major operation at a private hospital in the PHP and it cost them about 1500 for everything. I've also heard of people from the UK moving to Hungry and really like it there. Poland is another good place. Lots of building going on in Warsaw these days.
Still on flakebook and using your real information? Better be extra careful as facebook is now OK with death threats being made to people on their list of "dangerous individuals". If you must be on social media use fake infor and a VPN. "A Community Standards update published by Facebook states; “Do not post: Threats that could lead to death (and other forms of high-severity violence) of any target(s) where threat is defined as any of the following:
Statements of intent to commit high-severity violence; or
Calls for high-severity violence (Unless the target is an organization or individual covered in the Dangerous Individuals and Organizations policy)….” So if FB puts you on that list it's OK for people to make death threats against you? Better to dump all social media as it's a cesspool of vile people, lies and misinformation.
These comments make me laugh. If you believe there’s no money I have some swamp land for you and yours
7/10/2019 10:33:00 PM
If you think that the money is ,,,somewhere,,,, you need to show that to the bond analyst who do not have a dog in the fight,, just cold hard number crunching has the city bond rating at junk from my reading and understanding of the federal law RE municipal bankruptcy pension are not the only thing they concern themselves with , all creditors lose something
Social security is not far behind. In another 15-20 years it will be insolvent. More troubling is the goon squad that is running against trump. Every one of them wants to give more away than they do now, oblivious of where it is going to come from.
Not that everyone doesn't know this already, but I'm glad they said it in the article:
"But by far the largest contributor to the plans' worsening funded status is that the city is not contributing even the minimal amount necessary to "tread water." For years and years the city has failed to contribute the "Actuarially Determined Contribution" which is based on a determination of the amount needed to pay off the underfunding over a 30 year period. But the actuarial reports provide a second number: the degree to which contributions failed to meet even the minimum standard of the new plan accruals and accumulated interest for the year."
during the 90's CPD was down to 7 Captains ,
guess what , things ran better for less money
most commanders , deputy chiefs ,superintendent were career service rank of LT .
we do not need exempt ranks , most unqualified , to drain our pension fund .
Mayor Lightfoot ,can end this BS tomorrow
same in all city departments , foreman , commissioner ,assistant commissioners , bloated with do nothing management
Anonymous Anonymous said...
during the 90's CPD was down to 7 Captains ,
guess what , things ran better for less money
most commanders , deputy chiefs ,superintendent were career service rank of LT .
we do not need exempt ranks , most unqualified , to drain our pension fund .
Mayor Lightfoot ,can end this BS tomorrow
same in all city departments , foreman , commissioner ,assistant commissioners , bloated with do nothing management
7/11/2019 03:13:00 PM
Yeah “the reformer” Lightfoot hasn’t done a damm thing with trimming the massive top heavy overlap waste on the CPD. Friends promoting friends for decades under Daley and Rahm. Also a massive drain on the pension. Not just the CPD but this has been going on in every department. Everyone gets a take home car too. What a waste. The waste is as obvious as the sunrise. Maybe she’s never seen one.
Anonymous said...
These comments make me laugh. If you believe there’s no money I have some swamp land for you and yours
7/10/2019 10:33:00 PM
Ok, if there is money(there probably is)what makes you think they will fund the pension with it? They haven’t yet. Who’s going to force them to do it? Their fellow politicians? Fellow politicians who are now Chicago Machine judges? Who? You?
Anonymous Anonymous said...
Everyone needs to calm down and actual read the report.
City contributions
2015-107.6 million
2016-281.6 million
2017-494.5 million
2018-588 million also the pendulum has swung as towards retirees taking out versus active members. In 2017 there were 13,628 drawing on pension versus 12'633 putting in, whereas 2018 the numbers have come more in line with 13,631 taking out and 13,438 putting in. All of these numbers are pushing towards an increased health of the fund, but it is like moving the Titanic in a pond it is gonna take a minute.Look at the numbers the city has put in almost 3x the amount they use to, as they should have been doing. Stop pushing scare tactics.
7/11/2019 10:27:00 AM
Sorry Ghost Rider but the amount active members are contributing to the pension is no where even close to the amount the fund is paying out. One active police officer may pay $700 a month into the fund as compared to one retiree who draws $5000 a month. Then add in the gold braid scam and they are drawing $10,000 a month if not more. The city is way behind and needs a massive deposit and eliminate the gold braid. Pension should be last testable rank which is Lt.
Anonymous said...
Anonymous Anonymous said...
If the city purposely destroys the pension and crushes our retirement, crime will be out of this world. There will 100% be no police force and there sure as hell won’t be anyone taking the job after seeing the criminal backstabbing theft the city did to cops retirement. Business and residents will flee Where is the FOP? What do our elected pension board members do?
7/10/2019 07:49:00 PM
Serious question: What pension fund are the alderman paid out of? The judges? Former mayors?
How well funded are they? And if they're very, very well funded in comparison to ours, what have they done differently?
7/11/2019 09:10:00 AM
They take care of themselves before the taxpayers and city workers. We are all lower than dirt to them.
Anonymous said...
"Clearly you are not the police. Otherwise you would know that the scumbag politicians screwed us on social security too. We don’t get SS."
7/10/2019 08:22:00 PM
Yes we do, and because of the windfall eliminations legislation, it is reduced. I had a real job before CPD and put in SS contributions. CPD doesn't take out SS. You need at least 10 quarters to collect a reduced rate. This is in addition to a pension. Many coppers work part time jobs just to put in their SS dues so they can collect. Seems the prudent thing to do should the pension disappear.
Check your facts before commenting.
7/11/2019 08:57:00 AM
I do know my facts, cheese dick. I’m well aware of the reduced rate of SS. It’s nothing! That’s why we don’t talk about it. It’s minuscule and no one can retire on it. Unless you live on lower wacker drive in a cardboard box. The pension is all we got.
Anonymous said...
"Clearly you are not the police. Otherwise you would know that the scumbag politicians screwed us on social security too. We don’t get SS."
7/10/2019 08:22:00 PM
Yes we do, and because of the windfall eliminations legislation, it is reduced. I had a real job before CPD and put in SS contributions. CPD doesn't take out SS. You need at least 10 quarters to collect a reduced rate. This is in addition to a pension. Many coppers work part time jobs just to put in their SS dues so they can collect. Seems the prudent thing to do should the pension disappear.
Check your facts before commenting.
7/11/2019 08:57:00 AM
=============================================
Also if memory serve, there is nothing to stop an SS deferred exempt employee, from donating to SS out of their own pocket, to "pay off the minimum 20 quarters or to even max out their SS account. Set up sub-chapter S and make SS donations, doesn't matter if that Chapter 8 corp makes any money or if you earn any extra income(though you definitely want to make whatever minimum payments in then if you do. Now age of benefits eligibility and all that , combined with X pension ? need to talk to a good financial adviser about such retirement planning.
Anonymous said...
well isnt that spiffy ! ill be 70 and in a wheelchair when my pension folds in a couple years. well as long as the bean is ok i guess it was all worth
--------------------------------------
Lord knows , what the scam repair bill will be for removing paint and cleaning up the Bean will be ? Got lucky nobody actually shot/hurt the Bean , as fixing a few holes in chrome could run into tens of millions of dollars knowing the Chicago Way
"To 0121; the deferred compensation money remains an asset of the government entity until the employee leaves government service. If the city were to use the money it would be considered owed to you such as salary or pension money."
After the Orange County, California bankruptcy in which employee deferred comp accounts were listed as government assets and employees lost 10%, IRS Code 457(g) was enacted which states the deferred comp money is held in trust for the exclusive benefit of the participants. The government agency can no longer attach the money, nor is the money available to the government's creditors.
It ain't just Chicago and Illinois boys and girls, do some research on line and you will find that from sea to shining sea critically underfunded public pensions are all too common, add to that all the other public debt and a financial catastrophe is a real possibility, once you reach the tipping point of lack of confidence the avalanche starts, can anyone say that confidence in our political leadership is growing? or are people becoming more convinced of self serving political interest is the sole motivator of our political class?
Anonymous said...
Anonymous Anonymous said...
Everyone needs to calm down and actual read the report.
If things are so rosey why has Mayor Lightfoot tried to push off the funding increases on the state, why is the city bond rating junk, I think I'll trust Moody's bond rating
About half of Chicago property tax revenue goes to CPS. 1/3 of prperty tax revenue goes to TIF slush funds.
Doesn't leave much money left to run the City. TIF projects should be on ballot; taxation without representaion.
If you can read those are City payments into pension Ghost Rider.
Well at least this thread about our pension has over 100 comments, a little better than past stories. Seems coppers are getting woke, should make some very nervous.....
She gone!
my very uneducated advise to retirees is to take all that deferred comp $ and go to an edward jones or whoever investor that makes money only if you do.i maxed out on deferred comp very early as many of my co-workers. they provide like what 4 seminars per year, along with locker room bullshit and bob brinker, it's all too late.my agent is in contact with me constantly and i've increased my portfolio double.i'm by no means set if the pension takes a shit, and asshole rahm took my health care away from me, but i feel that i'm in a better place with them than deferred comp.
7/12/2019 01:00:00 PM
Anonymous Anonymous said...
my very uneducated advise to retirees is to take all that deferred comp $ and go to an edward jones or whoever investor that makes money only if you do.i maxed out on deferred comp very early as many of my co-workers. they provide like what 4 seminars per year, along with locker room bullshit and bob brinker, it's all too late.my agent is in contact with me constantly and i've increased my portfolio double.i'm by no means set if the pension takes a shit, and asshole rahm took my health care away from me, but i feel that i'm in a better place with them than deferred comp.
Good advice. Deferred takes the lowest fees. Financial advisors usually point you in directions that they make the most commissions. And you make a good point about the fees. If they are annual percentage, say 1 to 1/2 percent even if you lose money they take that percentage on your total investment.
Investors are giving to much credit to these guys making them all this money. With the market at an all time high all investors are making money. We will see how they do when the correction comes.
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