Does This Mean Anything?
- When Gov. J.B. Pritzker announced his support for a plan for the state to combine roughly 650 suburban and Downstate police and fire pension funds last month, the Illinois Fraternal Order of Police criticized the state for having the “worst in the nation” track record of managing public pensions.
On Friday, the police union — which represents more than 34,000 active duty and retired police officers — changed its tune, signaling that lawmakers can get the ball rolling on the plan next week during the final days of the fall veto session.
House Deputy Majority Leader Greg Harris, D-Chicago, on Friday said he anticipates movement on the pension consolidation measure, pointing out that there have been good discussions with police groups who had initially opposed the proposal. One of their main concerns was about the composition of the governing boards.
The plan would combine the pension funds to try to increase efficiency and lower costs — while also increasing pension benefits.
The Illinois Fraternal Order of Police on Friday said the group now agrees in principle on proposed amendments that they requested to address some of their concerns.
Is FOP 7 along for the ride or what? The State Lodge has some authority over local lodges, yes?
Labels: pension
posted by SCC at 12:04 AM
109 Comments:
We were told at the Unit Rep meeting, Chicago is not being considered for this plan to combine.
Oh boy, now the police in the entire state can get screwed all at once. You know it's true.
This would be like the merger of Sears and K-Mart. Broken companies (pension funds) with inadequate finances trying to survive. It is not the answer.
Follow the money to those who are 'agreeing in principle' to this.
Have another cup of coffee, and recall that this is ILLINOIS, Cook County, and Chicago. The most vile, corrupt, and conniving bunch of political thieves on the planet. Don't trust 'em any farther than you can throw them, and JB's pretty hefty.
Who got promised what?
Who benefits? You can bet it's not the Pensioners because they've been fucked for decades by the crooked Politicians that haven't funded the pensions.
This can only spell a complete disaster for those funds that were managed correctly. Will Daleys nephew or kid make money and rape these funds now ?
Do we pay into downstate pensions for law enforcement as part of our state taxes? If so, would it be possible to stop contributing to that portion of our obligation and add it to our municipal fund? In doing so, this may stave off the inevitable for us.
Chicago taxpayers are currently paying more retired police officers than they are active ones.
illinois pensions have the worst funding ratio in the Country. (Thanks, Edgar)
Illinois has 667 government-worker pension funds that are supposed to provide retirement security for more than 1 million government workers and retirees. Pension funds in each of these groups – the state, Chicago and other municipalities – are in crisis.
Property taxes are already near the highest in the Country. There is no industry coming to Illinois. Weed sales will only generate $200 million/ year- that is what Colorado saw in $1B in sales.
Economists from the Federal Reserve Bank of Chicago released a report May 7 suggesting a 1 percent statewide residential property tax, on top of the property tax bills Illinoisans already pay. The revenue from this new property tax would go entirely toward paying down the state's pension debt.May 16, 2018
Bottom line, don't depend on getting that pension they promised. JB is working on ammending the State Constituion.
https://www.illinoispolicy.org/reports/pensions-101-understanding-illinois-massive-government-worker-pension-crisis/
Put all the money in one place.
It's a whole lot easier to steal money when it's consolidated. Siphoning off amounts that would be noticed in a smaller fund goes largely unnoticed.
Remember the military cargo plane loaded with pallets of hundred dollar bills delivered to Afghanistan just before 9 11?...I didn't think so.
Commit a crime so big that most people can't wrap their head around it.
What could possibly go wrong.
"increasing pension benefits"
Bull shit! They are all about diminishing benefits!
A scam in the making!
The politicians want to consolidate the funds to centralize and fatten the take, then drain it near dry.
In no time, we'll be back to a nearly defunct pension fund, but with even more retirees wondering how long before the fund is totally depleted.
These politicians are scoundrels, I tell you! Scoundrels all!
I wouldn't trust anything involving Progressive Democrats and police officers. Progressive Democrats hate police. Always have and always will.
Great now the upper class suburbs can pay the pensions of East St. Louis and Harvey!
Something stinks about this. They'd better make damn sure all our legal protections will still apply IN FULL when this is over.
The excuse that "it's for the pensions" coming from the state smells like bullshit, and what's more likely is this new language will somehow put the pensions into a separate category that can more easily be destroyed, deliberately underfunded or simply dissolved when the mood strikes the state to suck up all that glorious pension money just getting wasted on employees rather than votes.
The government does NOTHING for it's employees and seeks to take ALL for itself. At ALL times.
State Lodge has pull, sure, but NO WAY my healthy suburban pension should be taken over by any other group in this thieving state. The Pols will get their hands on it no matter what is said.
So now you put your trust in state politicians that have proven themselves no more trust worthy than Chicago aldermen. Good luck with that.
Did not LL flot the idea of merging the Chicago police/fire pensions in a state fund ? did not the Gov reject that idea? Chicago's hole is too deep and wide.
In no time, we'll be back to a nearly defunct pension fund, but with even more retirees wondering how long before the fund is totally depleted.
at what percentage are the police/fire pension funded last I heard it was less that 25%, any private pension would be deemed insolvent by then, federal law assumes that a municipality can always raise taxes so they get a pass on that and of course the Pols abuse that loophole for their own political advantage, pension holladay ala Shortshanks, HB 77 via Ramster adding 50% to the bill, kick the can and the day of reckoning down the road for some other smuck to deal with and the pensioners holding an empty bag of promises
this is the thieving democrats attempt to steel from the rest of the state. the down staters have pad for all of the pensions in full. Chicago has not and
the pension bomb is about to go off in Chicago. the Shitchgo democrats want to stay in power
so they can steel more from all of Illinois. things are getting ready to fall apart and the Illinois 'tax payer will be stuck with a monster of a bill for the thievery. TIME TO GET OUT.
Can well funded plans opt out of this swindle?
Why don't you make the motion to have all aldermen combine with FOP and fire pension funds.
Watch how fast it gets funded.
This has absolutely nothing to do with lodge 7.
SEE how easy laws change when stealing money is involved.
We should get some carrots out of this
GET rid of residency
stronger protection on complaints/BEEFS
some pension protection reforms
BUT knowing the FOP all will get is losing seats on the board that control the pension and gold braid stealing money out of the pension at an inflated rate.
OFF TOPIC watch for the senior citizen SUPE who is toooo old to be on this job legally try and steal pension by buying credits with the money the city gave him for housing when he quits in 3 years.
If this goes through, CPD pension board can forget about their comped trips, steak dinners, and other bribes, errr perks.
the plan will not include Chicago Police pensions. The benefits for CPD are not as good as suburban and downstate pensions.
The day is fast approaching where these rat politicians won’t be able to safely walk down the street.
bet the pensions that politicians dip into remain untouched.
Bottom line, don't depend on getting that pension they promised. JB is working on ammending the State Constituion.
https://www.illinoispolicy.org/reports/pensions-101-understanding-illinois-massive-government-worker-pension-crisis/
11/11/2019 01:22:00 AM
They have until March of 2020 to get a bill through Springfield that would put the state constitution pension change on the Fall ballot. The pols, with the exception of Lightfoot, have been silent on this question. But, the media and good government organizations and financial groups are strongly in favor of the amendment. They want to tax pensions also which would happen if the graduated income tax is passed. Lightfoot came out and said taxing pensions is a way to pay for pension debt. Face it. People are jealous of public pensions and they would vote for the amendment.
Pockets greased.
Do you trust a Chicago democrat with your money? ♠️
The Illinois Municipal League has wanted to get hold of the monies in the solvent suburban pension funds for years. If this proposal is true kiss our pensions goodby.
And when the thieving bastards (IL Politicians) started taking "Pension Holidays", where they didn't contribute their share, even though we contributed ours every two weeks, the die was cast. This is more of the same by the subsequent generation of thieving bastards (still IL Politicians)
“The plan would combine the pension funds to try to increase efficiency and lower costs — while also increasing pension benefits.”
Math is hard. It’s even harder for stupid politicians.
Champaign police pension is at 70 percent. Danville is 28 percent. Remind me again why I care about danville? Other than the cops?
The most misleading thing any retirees or contributor can be told is “you make more money in two or so years of withdrawals than you put in over the lifespan of your career.” Finance guy speaking here, the power of compound interest increases the value of your contributions from day one. Your value compounds. That’s how money works. Illinois policy and/or BGA absolutely love to reference the total contribution vs money withdrawn. That’s so misleading considering a $9,000 contribution today is worth $48,000 25 years from now assuming a modest 7% interest rate (S&P500 low end average annual increase). Just because more people are retired vs contributing means nothing. The right context is to hold accountable the pension managers as they should be investing properly to secure the worth of those contributions. This isn’t social security/pyramid bullshit. Investing early in deferred comp turns into explosive gains toward retirement. We need to be able to control who manages our pension pool.
NOT a union.
Have leaders have set themselves up soft landings post FOP?
Anonymous Anonymous said...
This can only spell a complete disaster for those funds that were managed correctly. Will Daleys nephew or kid make money and rape these funds now ?
11/11/2019 12:33:00 AM
Look toward Madigan.
If you haven’t been paying attention since BJ the Hut took over the mansion, Madigan has been awfully quiet in the media.
He has his lemmings being the public face for everything now.
When Madigan is quiet is the time to really worry.
Rounding up the different herds of sheep for the mass slaughter.
That's like having a wolf guard your hen house. Illinois government would rob you blind.
You think you got the politicians in your pocket when they really got you in theirs.
How's that selling your soul (votes) to the democrat party working out for you?
There is a Facebook group that has been looking into our pensions. Gotten so far as to have the A.G. start looking at them. Best of luck.
CPD PENSION BOARD ACCOUNTABILITY PAGE
Take a look on Capital Fax Blog; there were a number of changes made since the original bill was proposed which answered FOP/PBPA's challenges. https://capitolfax.com/2019/11/08/police-unions-agree-to-back-revised-pension-consolidation-bill/
Who s running this? Guy named Ben Dover
Each municipality has different criteria for pensions, such as funding and eligibility requirements. Sounds like a ploy to put pension monies in one big bank account to steal from.
This can only spell a complete disaster for those funds that were managed correctly.
11/11/2019 12:33:00 AM
———————————-
Absolutely 100% correct. If you’ve got a pension with even 1/2 decent management / oversight ... prepare to get screwed!
Look at it another way - If you / your fund / your management have done the right thing, you will be forced to subsidize ALL of those who’ve done the wrong things.
Get ready to pay thieves, idiots, and pols out of your retirement assets.
Be very very careful with the pension money. They are not going to manufacture money out of thin air. We have safeguards and guarantees now. No way on God's earth I would agree to give that up. They are laying the groundwork to screw us, believe that.
Ronald Reagan's favorite joke was "What are the 9 scariest words in the English Language?"
Answer: "I'm from the Government, and I'm here to help"
Pritzker is a Wolf in Sheep's clothing and a MIke Madigan operative. The sooner Illinois gets another governor elected, the better off it will be.
I wouldn’t trust anything a lying corrupt Chicago politician has to say or do anything with money.
No way should my healthy and well managed Northwest suburban police pension fund be exposed to the likes of both politicians and bankrupt towns throughout the rest of the state.
"It's for the pensions!" Yeah, like "It's for the children!"
"Fool me once, shame...." "Fool me twice, shame..."
This is Illinois. Why would anyone ever trust an Illinois entity of any kind to regulate or administer anything as critical as a pension fund???
Or maybe a better question, "When has Illinois ever regulated or administered anything that hasn't later turned into a debacle of crime, cronyism, nepotism, corruption and inefficiency?
"Those who ignore the past are doomed....."
The market is bull as can be, and they cant make it work now, whats it going look like when the market tanks in 2025, when Trump finishs his second term? Never trust a democrat with your money. NYPD manages their own pension system and they have a surplus, take the pensions out of their hands and maybe there will be a different result.
Its coming!!
Anonymous said...
State Lodge has pull, sure, but NO WAY my healthy suburban pension should be taken over by any other group in this thieving state. The Pols will get their hands on it no matter what is said.
11/11/2019 04:17:00 AM
GIBS ME DAT!!
Too good to be true. NO Thanks.
Anonymous said...
This would be like the merger of Sears and K-Mart. Broken companies (pension funds) with inadequate finances trying to survive. It is not the answer.
11/11/2019 12:28:00 AM
Notice the pattern,where is Sears based?? Who owns Kmart??? Tick tock tick toc tick toc...
Anonymous Anonymous said...
We were told at the Unit Rep meeting, Chicago is not being considered for this plan to combine.
11/11/2019 12:18:00 AM
Read an article that stated Chicago police officers pension fund is not included
Anonymous said...
Follow the money to those who are 'agreeing in principle' to this.
Have another cup of coffee, and recall that this is ILLINOIS, Cook County, and Chicago. The most vile, corrupt, and conniving bunch of political thieves on the planet. Don't trust 'em any farther than you can throw them, and JB's pretty hefty.
Who got promised what?
Who benefits? You can bet it's not the Pensioners because they've been fucked for decades by the crooked Politicians that haven't funded the pensions.
11/11/2019 12:32:00 AM
A person in da know!!
Anonymous said...
State Lodge has pull, sure, but NO WAY my healthy suburban pension should be taken over by any other group in this thieving state. The Pols will get their hands on it no matter what is said.
11/11/2019 04:17:00 AM
Don't be like the average copper and put your eggs in one basket. I took my money and OT and invested it wisely. I would like pension, but I'm not counting on what was promised....
Anonymous said...
"increasing pension benefits"
Bull shit! They are all about diminishing benefits!
11/11/2019 01:48:00 AM
Another in da know, some get it, most do not.....
Prizker's task force recommended this consolidation because larger investments can yield bigger returns.
His task Force also recommends fixing TIER 2 pensions because at this point they may yield lower benefits than Social Security, which is illegal if we cannot collect Social Security due to the SAFE HARBOR ACT.
Tier 2 pension has a cap which is currently at 115,000. So If I were to retire today (need to be minimum 55 years old) as a Sgt. I would receive 75% of approximately 115,000 (best 7 out of 8 years). ISSUE lies in the cap growth. IT GROWS AT HALF THE RATE OF INFLATION! So every year inflation and wages out-grow the cap by double. If inflation grows to 120,000, salary cap grows to 117,500 dollars. In 25 years I estimate that cap will be at the rate of a beginning patrolman and will only continue to worsen. Other shitty provisions: our COLA does not begin until 60, and it only grows at a SIMPLE interest of half of inflation. CPD/CFD TIER 2 pension is the same as suburban. I believe ISP they cannot collect until 60.
The task force recommended keeping the TIER 2 pension cap but having it grow with inflation. This would guarantee a P.O.'s base pension benefit, a SGT's benefit, however if you go to LT you would not be able to benefit. It's not great mainly because of COLA, and moving up the ranks would have less purpose, but significantly better than what it was.
I hope Lodge 7 is watching: Tier 2 make up approximately 40% of active members today and will grow significantly as many are retiring. This will be a driving force of future elections.
So lets see, the city's pension plan is going down the toilet, law makers want to combine the good the bad and the ugly and that will work. Seriously flawed thinking, let start with a forensic audit for the city's pension....Keep the machine rolling.
667 different pension funds??? WTH? No wonder this state is broke. Uncle Sam has one pension system, for all federal employees. How can anyone justify this boondoggle?
"Is FOP 7 along for the ride or what?"
FLOP Lozenge 7 has been riding side saddle for quite some time.
CNN did a documentary on the consolidated Kentucky pension system and how they lost money and went from being solvent to broke because of mismanagement. The investment firms made money because of the fees they charged and how they kept referring the fund's assets to other investments that charged more fees. The people on the board did not have a clue how to manage the money. Running a fund is not like balancing you checkbook.
Do not let the state run our pension !!!! They want to steal the money when no one is watching and say it went broke.
If JB Pignuts has his hoof in it, it can’t be long term good and the legislature being Dem there’s doom, gloom and dissolution ahead.
First responders only, won’t ever happen to school pensions. Teachers unions already stated they’re against any consolidations.
Think about this for a moment...
What happens(ed) to many small companies (assets) when they are bought up by conglomerates?
Stuff like even Bruce Rauner (venture capitalists) dabbled in big league. In short, they buy the up, run them dry, sell them off. Commissions and fees paid up front to only the never-lose financial backers.
Consolidating these small pension funds (some well funded, some not so) into one yuge fat fund sure looks good and solid for a few years. They get to boast billions in capital ready to dole out to deserving retirees. Then comes the time when the towns and municipalities have add their contributions...they don’t. Back to square one - not enough money to maintain that fund rate.
This is all there doing, inflating the downstate pension fund viability, hardly a reform and more of a nasty scheme. In my non-MBA (like Rahm) opinion it’s a high risk venture that relies on sanctuary shit-State IL. Only one making out is going to be the State who will likely recommend their actuarial to run the consolidated fund.
Wonder who proposed this.
We all know Larri LightLoafer Team is already on board go get this charade set up here to avoid paying the City’s share and not take away from sanctuary freebies.
They can’t even consolidate insurance for retirees - this can only mean the start of something bad.
And one more thing about Our pension, read that newsletter.
Seems Our returns were very dismal even in this Trump Economy. Only slightly above the 2.75% Nationwide Deferred Comp guaranteed rate.
What commissions are being paid to Our super sharp big city pension investors that can’t manage Our Fund to make double digit returns?
A few years ago an attempt to change the pension was challenged in court by governing bodies.It was decided in favor if the pensioners because of the wording.(shall not be diminished) By combining the whole state, does this allow for change voiding the decision favoring pensioners?
asking for a friend.
Suburban departments are in very bad shape, Villages can't keep up with ballooning payments.
This must mean that the thick envelopes have been delivered, opened, and the amounts verified.
Still remember all the goofs who changed their minds on Chuy Garcia and voted for Rahm on his casino promise. Wait for it...
Do we need to remove the toilets from the FOP hall ?
Off Topic
PO's in 020 & 024:
What's up with all the New York State license plates in the area?
Seriously. I must see 10 on a given day.
I think a cop or fireman's worst fear when it comes to their pensions is if (when?) the whole system implodes and results in massive cuts to both retirement pay and benefits, perhaps as bad as what happened to GM and UAL employees during their bankruptcies.
667 different pension funds??? WTH? No wonder this state is broke. Uncle Sam has one pension system, for all federal employees. How can anyone justify this boondoggle?
11/11/2019 11:35:00 AM
Yes, put it all into one fund. Then it is easier to steal. And, thank you for being a mindless sheeple.
Warmly,
Your Illinois democRATS
After consolidation, maybe the State can hire a politically-connected incompetent to manage the funds like Daley’s nephew Vanecko. He walked away with about $9 million in fees and only managed to lose around $60 million for one of the City’s pension funds. On the surface this looks maybe smart, but in Illinois you know there is a Rat-Plan behind it all.
Finance guy speaking here, the power of compound interest increases the value of your contributions from day one. Your value compounds. That’s how money works. Illinois policy and/or BGA absolutely love to reference the total contribution vs money withdrawn. That’s so misleading considering a $9,000 contribution today is worth $48,000 25 years from now assuming a modest 7% interest rate
1/11/2019 08:07:00 AM
minus the compounded yearly inflation rates = worth (value).
And, when retired, you will gobble $48K in the blink of an eye. In 25 years $48K might buy a new car. Oh wait, that is what some of them cost today.
the whole state is not included in this proposal. Only so called "downstate" pension plans. Otherwise Chicago politicians would have a harder time stealing from the Chicago workers pension plans.
A big part of the problem with police and fire pension plans in Illinois and other states is tat they are often controlled by trustees who are completely clueless about running a pension plan. I think the hope is to get rid of the clueless and bring in some better managers which would help the problem out a lot, but by no means solve it.
Why would ask the FOP about pension business when they cannot manage what the organization should be doing.
Why don't you contact the pension office and speak to one of the elected officers.
@ 11/11/2019 02:02:00 PM
funny you mention that...
I bring that up every presidential election cycle. Dirty deep state dollars pay for a whole lot of boots on the ground to play fast and loose with "voter registration drives..."
New York and Illinois have two things going for them: Lax registration/no oversight controlled by Dems in dem run cities and (2) LOTS of voters to spare with no risk of flipping a state.
Armies of little liberal minions "register" voters, but those votes end up in ballot boxes in battleground states/districts by way of another Dem boondoggle: early voting (scam).
The 'Chicago way' went nationwide in time for the 2008 election. Remember that Howard Dean was put in charge of the DNC specifically to turn their voter turnout initiatives into a system that was designed and intended to copy the Chicago precinct model. Their words.
I think a cop or fireman's worst fear when it comes to their pensions is if (when?) the whole system implodes and results in massive cuts to both retirement pay and benefits, perhaps as bad as what happened to GM and UAL employees during their bankruptcies.
Those were private companies, for that to happen the city would have to open the tif books, and “ it ain’t gonna happen “
Dream on citizen and pay your taxes on time...
I could be wrong on this but I was under the impression that the State Constitution says something like our pensions are guaranteed by the State. The only way to change anything is with the Constitution being changed and in order to do that the public needs to vote on opening that up. So if they tell the public that they are going to fix the pensions for so many municipalities
and the state, even if Chgo police pensions are not involved, they will be involved in that the changes will affect us. Change a word here or there and our pensions are not guaranteed anymore. So if I am correct about this, this will definitely not work in our favor. Downstate will do anything they have to in order to change the Constitution to get them off the hook for our pensions.
It is time for a New Police Union. A real ome thats not in bed with the crook Illinois Politicians. Neither are to be trusted one bit.
It is time to raise pensioneers COLA to 5%. If teachers can get so much in raises, so can the men and women who risked their lives for decades. Now WE want, Politicians, NOW, or we are voting YOU Out. And there are tens of thousands of us. Beware. You are all on notice. And the Rostenkowski Windfall Provision better be straightened out in our favor too. Or Else.
Trump 2020
Anonymous Anonymous said...
I think a cop or fireman's worst fear when it comes to their pensions is if (when?) the whole system implodes and results in massive cuts to both retirement pay and benefits, perhaps as bad as what happened to GM and UAL employees during their bankruptcies.
Detroit police officers didn’t get hurt when Detroit went bankrupt
And one more thing about Our pension, read that newsletter.
Seems Our returns were very dismal even in this Trump Economy. Only slightly above the 2.75% Nationwide Deferred Comp guaranteed rate.
What commissions are being paid to Our super sharp big city pension investors that can’t manage Our Fund to make double digit returns?
That had to do with the market correction in December 2018. Within a few months the drop was made up and the returns have been good this year. From a CNN report in October 2019
New York (CNN Business)Stocks rallied sharply Friday, and the S&P 500 and the Nasdaq Composite both closed at a fresh all-time high.
Both indexes had already opened at all-time intraday highs, after a better-than-expected jobs report boosted investor sentiment early Friday.
The S&P (SPX) closed up nearly 1% at 3,067 points, logging its third record close of the week. The Nasdaq (COMP) finished 1.1% higher at 8,386 points and surpassed its July high.
CPD has a tier 2. For at least the last 3 or 4 years the new recruits pension will be the average of the last eight years instead of the average four years.
From the Illinois FOP Labor Council
Consolidation Our Way!
Your voices have been heard regarding the proposed consolidation of downstate municipal police pension funds. The fight is far from over, but it appears that when FOP members speak out, lawmakers listen.
Thanks to your legislator outreach, letters to the editor and other ways of making your views known, state lawmakers are considering amendments to the legislation to consolidate pension funds that will address several of our major concerns. We have agreed in principle with these proposed amendments and will ensure they make it into the final language of the bill.
The revised legislation would give active and retired municipal police officers a majority of the board that controls the consolidated investments. It would create an investment board of police officers and mayors that is elected by active and retired officers - it would not be controlled by the state and therefore its funds could not be swept. Five board members would be elected by police officers and four members elected by the mayors. Local funds would also be kept in place to administer benefit determinations, pay benefits, and conduct disability proceedings.
The revised bill would also remove outdated and damaging restrictions on pension investments so that police officers could have their money invested for the best rate of investment returns and at a lower risk.
Perhaps most importantly, there are meaningful and badly needed corrections to the unfair and flawed Tier II benefits. We achieved an amendment that would bring Conservation, University, Capitol and Commerce Commission Police, as well as arson investigators, back into the alternative formula for Tier II. Additionally it would increase the total maximum salary for Tier II officers to match Social Security, improve survivor benefits for Tier II officers who die before earning 10 years, and improve the final average salary calculations for Tier II officers.
And for a significant, long-term change, we achieved legislation that would remove the ability for municipalities to use bogus actuarial assumptions to underfund their pensions.
As you can see, we have had numerous successful meetings and conversations that have produced some results, but we are far from done. We intend to continue to work with the Governor's office and the General Assembly to make sure the final legislation works in accordance with our principles. We appreciate all the membership has done in working together to accomplish our mutual goals.
“If you haven’t been paying attention since BJ the Hut took over the mansion, Madigan has been awfully quiet in the media.
He has his lemmings being the public face for everything now.
When Madigan is quiet is the time to really worry.”
Say what? Guy’s been in office 50 years and he’s only talked to the media a handful
Of times. . That’s why the Feebs are going after his buffers. Cause he doesn’t talk. To the press, into a cell phone or on email. He’s diabolically brilliant.
The market won’t continue its bull run. We were about to see a recession and BOOM, someone threatened the Fed via-Tweet and all of a sudden, borrowing heads back to zero and we started printing money again.
If you think this thing goes until 2025, I’d hate to see your face when the curtain comes crashing down in the next 12 months. It’s happening, and I hope you’re not too close to retirement.
Every pension fund in the city will go belly up.
Is it the Trump Economy or the Obama economy or the Obama Trump economy? Like it or not, the market has risen continuously through 8 years of Obama and almost 3 years of Trump. What happens when the music stops and who will you blame? 11 year Bull Markets don’t last forever.
Pension or 401k doesn't matter. Nobody will reap the money in the stock market, unless they cash-out now. They will pull the plug after Trump gets re-elected, only thing keeping it afloat now is the unprecedanted interest rate games the Fed is playing, postponing the inevitable.
I hate to say the game is rigged, but it is. All the eggs are in one basket. Just look at the graph of the market for the past 150 years and you will see it. There is no reason for those levels, no " industrial age" going on now. Market has no legs, as we say. Prepare for lean times ahead.
The U.S. stock market is currently $34 trillion, compared to the rest of the world's $44 trillion capitalization. The U.S. is 43% of world market value, but it houses only 17% of the world's stocks. The U.S. is 5000 companies as compared to 25,000 non-US stocks. U.S. companies are much bigger.Apr 2, 2018
Illinois is only exceeded by PA in the # of pension funds. Another thieving state where everyone wants a piece of the pie. It makes no sense for every small town in Illinois to have several pension funds for each category of employee. Check out other large states and you’ll see there in one pension fund that covers police statewide. Some even combine police and fire. The only reason for each municipality to have its own pension funds is to reward political cronies who sit on the boards or are granted investments. Vanecko anyone?
Well funded pensions by those thieves in Springfield is as believable as The Chicago Teachers Union saying that the recent strike "was about the children"! All B.S. .
Anonymous said...
CPD has a tier 2. For at least the last 3 or 4 years the new recruits pension will be the average of the last eight years instead of the average four years.
11/11/2019 08:14:00 PM
When did we vote for Tier 2?
Detroit police officers didn’t get hurt when Detroit went bankrupt
11/11/2019 08:01:00 PM
********************
Do you think for even 1 second that the bond holders from that fiasco haven't learned a lesson on how not to get screwed dealing with city pensions? If I'm not mistaken, the bondholders got raped and the pensioners got away with a 10% cut. Our turn will be WE GET RAPED and the bond holders lose a little money. You're dealing with people that learn not to lose too much money, they're professional; investors. Who are they dealing with? A bunch of middle class St. Xavier cops and democrat politicians that because they won an election, they are an expert in any field they decide they are. Gee, I wonder who will come out on top , the brigade of lawyers, the gaggle of accountants and the multi millionaire investors?
You scream because def comp lost a little cash. Can you imagine how they'll yell at their professional money managers if they lose money for them? Not to mention the hot their professional reputations will take if they screw up.
The state constitution does not guarantee your pension, it prevents the the reduction of benefits by the municipalities ,, if the municipality goes bankrupt the state constitution doesn't apply to any "adjustments" because then you in the federal court system governed by federal law, if the parties cannot agree on a settlement the federal judge makes the decision as to who gets what and federal law will not gut the city to give you your pension
Detroit pensioners took a 10% hit but they have a balloon payment coming up last I heard is that the municipality gave the acuarys bad numbers to make it look smaller and the real $ will be much bigger ,we will see
to get double digit returns from a pension fund you have to take way more risk than can be justified,it would be in fact a violation of the "fiduciary" responsibility of the managers. The Rahm engineered BB77 projects a 8% return, pie in the sky BS and still increases the total cost by 50%
Capital Fax is the mouthpiece of the Illinois Democratic Party and a few select cowardly RINOS. All stories are handed to him and he blocks people, things and comments that run contrary to HIS narrative. Basically the Pritzker, Madigan and Cullerton blog.
Anonymous Anonymous said...
Anonymous said...
CPD has a tier 2. For at least the last 3 or 4 years the new recruits pension will be the average of the last eight years instead of the average four years.
11/11/2019 08:14:00 PM
When did we vote for Tier 2?
11/12/2019 12:48:00 AM
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You did when you voted in the people as State Reps. It was passed into law that anyone starting in any police and fire after Jan 1, 2011 is Tier 2.
And "Downstate Pension Fund" is only it's name. Almost every town and suburb in the state is in it, except for Chicago.
It's amazing how little a lot on here know about the thing that they will be depending on to survive after this job.
And BTW, saw a documentary on Detroit's bankruptcy. Had a retired copper, in front of his suburban house, telling how after the restructuring, his pension was going down to $1000 a month. Said he may have to squat in one of the abandoned houses on his old beat.
Anonymous said...
I could be wrong on this but I was under the impression that the State Constitution says something like our pensions are guaranteed by the State. The only way to change anything is with the Constitution being changed and in order to do that the public needs to vote on opening that up. So if they tell the public that they are going to fix the pensions for so many municipalities
and the state, even if Chgo police pensions are not involved, they will be involved in that the changes will affect us. Change a word here or there and our pensions are not guaranteed anymore. So if I am correct about this, this will definitely not work in our favor. Downstate will do anything they have to in order to change the Constitution to get them off the hook for our pensions.
11/11/2019 07:21:00 PM
When did Illinois politicians obey the law or the Constitution??? They do whatever they want here...…..
After a thorough audit, Redirect the T.I.F. Funds to pensions!
You scream because def comp lost a little cash. Can you imagine how they'll yell at their professional money managers if they lose money for them? Not to mention the hot their professional reputations will take if they screw up.
Good article in the Tribune business section today. Warren Buffet, who run Berkshire Hathaway fund for the last decade can’t match the gains of the S & P 500. And he’s one of the top fund managers, world renowned
Anonymous said...
Anonymous said...
CPD has a tier 2. For at least the last 3 or 4 years the new recruits pension will be the average of the last eight years instead of the average four years.
11/11/2019 08:14:00 PM
When did we vote for Tier 2?
What makes you think you get to vote for it?
Anonymous said...
CPD has a tier 2. For at least the last 3 or 4 years the new recruits pension will be the average of the last eight years instead of the average four years.
11/11/2019 08:14:00 PM
When did we vote for Tier 2?
They slipped it right passed you. Been in effect since January 1, 2011. I couldn’t copy table but here it is. Also take note changed the COLA for officers born after 1955 to 1966 from 3% to either 3% or 1/2 the Comsumer Price Index WHICHEVER IS LESS
The major Chicago Police and Fire pension benefit provisions are shown in the table below. Two significant changes are the increase in the retirement age from 50 to 55 in order to receive full benefits (although required years of service are reduced from 20 to 10), and the reduction of final average salary from the highest 4 year average to the highest 8 year average, capped at $106,800 (indexed to inflation). The automatic annual cost of living adjustment (COLA) on a retiree’s annuity will change from 1.5% simple interest for employees born after January 1, 1955 to the lesser of 3% or one half of the increase in Consumer Price Index.
Anyone who’s in tier 2 has a lawsuit in my opinion,remember the state constitution “Benefits cannot be diminished or impaired” make it a class action lawsuit!
i can't wait to collect my pension and retire in hawaii!!
Anonymous Anonymous said...
Anyone who’s in tier 2 has a lawsuit in my opinion,remember the state constitution “Benefits cannot be diminished or impaired” make it a class action lawsuit!
11/12/2019 06:33:00 PM
Better go to law school before you have an opinion. If there was a chance for that lawsuit lawyers would be all over it.
Another point to ponder. Their pension has not been diminished or impaired. It was that way when they came on. That’s why they changed it in 2011 for all FUTURE employees. You can’t diminished something you never had
Lost in Space/Danger Will Robinson Says:
Do NOT let the Commiecrats get their hands on ANY Pension Funds. They will Loot it, steal it, re-distribute it, and without fail line their pockets with as much as they can possibly get their hands on. They do it Every Single Time ...Do Not be stupid again, Chumbalones. You will get raped by them.
Retired guy here, just stopped my monthly "donation" from my check to FOP. Should have dumoed it years ago. They are totally useless as a union.
Good or bad ideal?????
Anonymous said...
Retired guy here, just stopped my monthly "donation" from my check to FOP. Should have dumoed it years ago. They are totally useless as a union.
11/13/2019 06:22:00 PM
Monthly check? Thought retired guys pay like $30 a year for retired membership
"...why should I care about Danville?..."
Because both Dick and Jerry Van Dyke were born there.
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