Crisis of the City's Making
Anyone get the feeling that City Hall is attempting to paint the First Responders in a bad light during Contract negotiations?
- Chicago taxpayers spent nearly $210 million on police and fire overtime last year — and another $33.7 million on lump-sum payments to departing employees, most of them police officers, records show.
One retiring officer walked out the door with $276,053 for stockpiled compensatory time and another $9,236 for unused vacation days. Records released to the Chicago Sun-Times in response to a Freedom of Information Act request show scores of other six-figure checks and hundreds of payments that topped $20,000.
In private industry, employees are routinely required to use comp time within a defined period of time. They are not allowed to accumulate a career’s worth of comp time and cash it out when they leave.
City tradespeople and members of AFSCME get cash only for overtime. Their most recent contracts do not allow for comp time. Chicago police officers are exceptions to that rule.
Well Boo Hoo Hoo. These are NEGOTIATED benefits. If the City wants to change it, then they have to NEGOTIATE it. We're sorry the other unions weren't as far sighted as the FOP and PBPA were.
And this is money OWED to employees. We worked those hours and we did the City a favor by putting off the money, banking the time against family events, vacation extensions, maybe a sick child or us not hitting the Medical. If we were lucky, we didn't get sick or the kid's birthday lined up with a day off. We didn't use the hours, but we are still owed them at some point. They don't just get washed away like in the bad old days.
Here's a free suggestion for Groot - start allowing Officers to sell back hours, maybe start at fifty hours a year. We'll bet almost 80% of the Department jumps at the chance - we're talking somewhere near half-a-million hours off the books every year. You're reducing the amount of money the City is on the hook for and you're paying it out at the current rate, not the rate ten or twenty years down the road.
But that might involve actual planning by the brass and political administration instead of cancelling days off willy-nilly on holidays and ending up paying MORE overtime.....that we won't be allowed to use.
And this is money OWED to employees. We worked those hours and we did the City a favor by putting off the money, banking the time against family events, vacation extensions, maybe a sick child or us not hitting the Medical. If we were lucky, we didn't get sick or the kid's birthday lined up with a day off. We didn't use the hours, but we are still owed them at some point. They don't just get washed away like in the bad old days.
Here's a free suggestion for Groot - start allowing Officers to sell back hours, maybe start at fifty hours a year. We'll bet almost 80% of the Department jumps at the chance - we're talking somewhere near half-a-million hours off the books every year. You're reducing the amount of money the City is on the hook for and you're paying it out at the current rate, not the rate ten or twenty years down the road.
But that might involve actual planning by the brass and political administration instead of cancelling days off willy-nilly on holidays and ending up paying MORE overtime.....that we won't be allowed to use.
Labels: general
posted by SCC at 12:04 AM
73 Comments:
If “ One retiring officer walked out the door with $276,053”...., it wasn’t last year. Aren’t the large payouts split into 1/3s now...?
SCC, you missed one huge other glaring problem......
DENIED USE OF COMP TIME.....
Which is a culmination of not enough officers (which creates more overtime) and officers being DENIED the use of comp time because....THERE ARE NOT ENOUGH OFFICERS!!!!
"In private industry, employees are routinely required to use comp time within a defined period of time..."
Well, feel free to institute that rule and see what happens. I have a feeling there will either have to be a lot more cops hired or a lot of neighborhoods will be noticing that there is a distinct lack of manpower around.
It's like these people can't maintain more than one thought in their head at any given time.
If we could of sold part of our hours every year like the Sgts, I would of squandered the money. Now 24 years later I've banked 3500, hello down payment to Florida.
Hey, the Mayor in an attempt to reduce the year end numbers authorized unlimited overtime from Christmas to New Years. She can’t have it both ways.
when retire put it in deferred. then no state tax when withdrawing.
Forget the nonsense you’ve been told by everyone up to this time about accrued comp time. Yes you get paid out at the end of your career at your higher rate and with raises. Does that make it a worthy investment? Let me describe WHY the city wants the option of comp time chosen by Officers. If you double the current rate at 25 years on, to accommodate for future raises, you still back track an investment rate of 2% a year. Cashing out and putting the money (after tax) into a low-fee index fund like from Vanguard into the S&P 500, will return 7-9% on average. Compound interest is one of the most powerful wealth generators around. Keep your options in mind. Make 2% from a nearly bankrupt city, or guarantee you get your money now, and make 7-9%. Now examine from the city’s perspective: pay 2% compounded annually to city workers, or, pay the 8% annually to the institutional investors that buy the bonds the city offers. Why is their hoopla in the media? Because the media are journalists and not Finance professionals. Who has actual financial professional working for them? The city of Chicago. Who does not have Financial advisors? Cops. Watch the city fight tooth and nail to not allow cops to cash out comp time. It’s a cost saver for the city. I’m the guy with the finance background. If you don’t like what I’ve explained, pose it to an actual finance guy. That’s not your tax man, that’s not an accountant, that’s not some financial fraud(??) major... someone that actually understand compound interest, forecasting (raises), and tax implications (you’ll be taxed either up front or when you collect a big check at the end). Now we really need to fight for a Roth 401K. They exist. Other cities like NY have 401Ks that can double the contribution limit from 19k to 38k/year. Yes, you can max contributions to both, just google it. Just my tangent.
SCC, you missed one huge other glaring problem......
DENIED USE OF COMP TIME.....
==========
You did read the last line of the post, right?
Anonymous said...
Forget the nonsense you’ve been told by everyone up to this time about accrued comp time. Yes you get paid out at the end of your career at your higher rate and with raises. Does that make it a worthy investment? Let me describe WHY the city wants the option of comp time chosen by Officers. If you double the current rate at 25 years on, to accommodate for future raises, you still back track an investment rate of 2% a year. Cashing out and putting the money (after tax) into a low-fee index fund like from Vanguard into the S&P 500, will return 7-9% on average. Compound interest is one of the most powerful wealth generators around. Keep your
options in mind. Make 2% from a nearly bankrupt city, or guarantee you get your money now, and make 7-9%. Now examine from the city’s perspective: pay 2% compounded annually to city workers, or, pay the 8% annually to the institutional investors that buy the bonds the city offers. Why is their hoopla in the media? Because the media are journalists and not Finance professionals. Who has actual financial professional working for them? The city of Chicago. Who does not have Financial advisors? Cops. Watch the city fight tooth and nail to not allow cops to cash out comp time. It’s a cost saver for the city. I’m the guy with the finance background. If you don’t like what I’ve explained, pose it to an actual finance guy. That’s not your tax man, that’s not an accountant, that’s not some financial fraud(??) major... someone that actually understand compound interest, forecasting (raises), and tax implications (you’ll be taxed either up front or when you collect a big check at the end). Now we really need to fight for a Roth 401K. They exist. Other cities like NY have 401Ks that can double the contribution limit from 19k to 38k/year. Yes, you can max contributions to both, just google it. Just my tangent.
1/22/2020 03:00:00 AM
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Exactly! Time value of money.
Another point to discuss is the fact that if you are terminated from employment, you lose your comp time hours. Look it up. It's in the contract. Horse shit agreement. Tell me which other City of Chicago department this happens or where in private industry? How convenient to omit this fact!
If the city agrees, I'll gladly roll over the max amount every year into my deferred compensation account until my hours are depleted. There problem solved.
When I came on the job we were credited with hour for hour of overtime worked in time only, no time and a half. There was no money option. This time was kept on the books and on 1 Jan. of each year the time was wiped off the books and you started again with ZERO time accumulated. In other words, if you did not use it (if you could get it) you lost it.
Years later with the start of the union, overtime was credited at time and a half, but in time only. Again, no money option. I don't remember exactly how long this lasted, but eventually it morphed into time and a half with the option of taking time or money. Also, at the beginning of a new year the time remaining on the books rolled over into the new year.
I do remember working in Robbery at the time and the most time I lost was about 19 hours. However, I remember some of the Homicide guys losing much more. I can remember one individual losing 2 weeks of time.
In private industry, employees are routinely required to use comp time within a defined period of time. They are not allowed to accumulate a career’s worth of comp time and cash it out when they leave.
Hey Fran, in private industry are the employees routinely shot at, stabbed, spit on, battered and made to work their days off? No didn't think so.....Fuck Off Fran....Write about alderman and politicians who work part time with huge pensions and payouts.
The general public hates the police. They want to control our house very move and pounce on even the slightest mistake we make. They also don’t want us to make what they feel is “too much money.” There are many cops and detectives that work VRI and OT and make close to or above $200k a year. It’s not for me but god bless them. People seem to forget that the city makes all the rules and we just play the game. If they don’t like the appearances then change the rules.
I remember 20 years ago the bosses loved when you took the “comp time” option. It’s like they felt they were saving the city money somehow.
Fine. Start living within your means and stop pandering to the community whenever they misbehave. That's where this I overtime is from.
“Blogger TWENTY and OUT said...
SCC, you missed one huge other glaring problem......
DENIED USE OF COMP TIME.....
Which is a culmination of not enough officers (which creates more overtime) and officers being DENIED the use of comp time because....THERE ARE NOT ENOUGH OFFICERS!!!!
1/22/2020 12:46:00 AM
EXACTLY Big Guy, you got it right and the “investigative “ reporters fall on their duff again not presenting the full story.
when retire put it in deferred. then no state tax when withdrawing.
1/22/2020 02:54:00 AM
Absolutely wrong. There’s a limit to how much you can put into deferred Comp and it’s not tax free.
The city should allow retirees to burn all time before retirement, so if a P.O has 2040 hours on the books they could sit home for a year collect the check with no added tax liabilities and have a year to adjust to retirement.
It’s mind blowing. The media runs with this story to make the police look bad, yet the same media jumps for joy when the city takes away days off, cancels vacations and gives out an obnoxious amount of over time for Memorial Day, the 4th, New Years, various ridiculous marches, parades that are constant here, etc. How many times did we see the headlines “1000 extra police to be on the street!” Then the end of year comes and the media is all “how did this overtime budget get blown??” Really?
Back in "73" we could only keep 57 hrs on the books anything else was thrown away !
I don’t hear the city complaining prior to these guys retirements, when they’ve essentially received thousands and thousands of hours of free labor from the officer. Only when the officer comes to collect for the thousands of hours worked without yet being paid, do they complain. Can’t have it both ways you dolts.
Anonymous Anonymous said...
Forget the nonsense you’ve been told by everyone up to this time about accrued comp time. Yes you get paid out at the end of your career at your higher rate and with raises. Does that make it a worthy investment? Let me describe WHY the city wants the option of comp time chosen by Officers. If you double the current rate at 25 years on, to accommodate for future raises, you still back track an investment rate of 2% a year. Cashing out and putting the money (after tax) into a low-fee index fund like from Vanguard into the S&P 500, will return 7-9% on average. Compound interest is one of the most powerful wealth generators around. Keep your options in mind. Make 2% from a nearly bankrupt city, or guarantee you get your money now, and make 7-9%. Now examine from the city’s perspective: pay 2% compounded annually to city workers, or, pay the 8% annually to the institutional investors that buy the bonds the city offers. Why is their hoopla in the media? Because the media are journalists and not Finance professionals. Who has actual financial professional working for them? The city of Chicago. Who does not have Financial advisors? Cops. Watch the city fight tooth and nail to not allow cops to cash out comp time. It’s a cost saver for the city. I’m the guy with the finance background. If you don’t like what I’ve explained, pose it to an actual finance guy. That’s not your tax man, that’s not an accountant, that’s not some financial fraud(??) major... someone that actually understand compound interest, forecasting (raises), and tax implications (you’ll be taxed either up front or when you collect a big check at the end). Now we really need to fight for a Roth 401K. They exist. Other cities like NY have 401Ks that can double the contribution limit from 19k to 38k/year. Yes, you can max contributions to both, just google it. Just my tangent.
1/22/2020 03:00:00 AM
Agreed for the most part but when youre still getting step raises every year the first five years it makes sense to take comp time or when you know youre getting a promotion
Forget the nonsense you’ve been told by everyone up to this time about accrued comp time. Yes you get paid out at the end of your career at your higher rate and with raises. Does that make it a worthy investment? Let me describe WHY the city wants the option of comp time chosen by Officers. If you double the current rate at 25 years on, to accommodate for future raises, you still back track an investment rate of 2% a year. Cashing out and putting the money (after tax) into a low-fee index fund like from Vanguard into the S&P 500, will return 7-9% on average. Compound interest is one of the most powerful wealth generators around. Keep your options in mind. Make 2% from a nearly bankrupt city, or guarantee you get your money now, and make 7-9%. Now examine from the city’s perspective: pay 2% compounded annually to city workers, or, pay the 8% annually to the institutional investors that buy the bonds the city offers. Why is their hoopla in the media? Because the media are journalists and not Finance professionals. Who has actual financial professional working for them? The city of Chicago. Who does not have Financial advisors? Cops. Watch the city fight tooth and nail to not allow cops to cash out comp time. It’s a cost saver for the city. I’m the guy with the finance background. If you don’t like what I’ve explained, pose it to an actual finance guy. That’s not your tax man, that’s not an accountant, that’s not some financial fraud(??) major... someone that actually understand compound interest, forecasting (raises), and tax implications (you’ll be taxed either up front or when you collect a big check at the end). Now we really need to fight for a Roth 401K. They exist. Other cities like NY have 401Ks that can double the contribution limit from 19k to 38k/year. Yes, you can max contributions to both, just google it. Just my tangent.
Well said
To 1243am, not if you leave at 63, you get the whole amount, might be after 60 but i'm not sure.
The only thing about the twenty and out post at 12:46 is he had enough sense to get out at 20. The rest of post is total BS. Plenty of cops on the job but those sitting in an office or in Caps offices are not policing. Either get them on the street or take away their guns and pay them as office workers. House mice are not the police in any way shape or form.
They can blow it out their ass. How much of that OT is forced on coppers who have days off cancelled? How about the PPO’s who are forced to take comp time, and the city uses them for countless details, stacking their hours to almost 150 usually by first years end, even at straight time? FOP better take the gloves off already with these morons, lay out all their dirty laundry and make Groot regret dragging us through the mud.
im sick about hearing the police and the us armed forces are over paid nothing about the mutts on welfare of the illegals who cost us 250,000,000.00 each year
If the city owes us TIME DUE, then why cant we use it at our discretion? The words "time due" have about as much meaning as "Merit" in this department. Otherwise we should go back to calling it "Compensatory" time. That means the city is on the hook to compensate us for it.
This city de-values words like Honor, Values, Merit, and contract, why not add time due?
If this officer retired with $276,000 he probably paid somewhere around 44% of it in taxes. Now %140,000 is not a bad piece of change however as poster 1/22/2020 0300 AM stated the Officer would be much better off if he/she was allowed to invests some of the overtime monies into a Roth 401K. He is absolutely correct in his/her assessment. This is what the FOP should be negotiating for. There is another way one can ease the tax burden: take a day off a week time-due the year prior to you retiring if possible. I was plaining my retirement several years prior to the actual day. I had almost 1000 hours overtime in the books my last year. I was lucky enough to be in a position that allowed me to do just that. I took time-due once a week for my last year. One gets the same amount of money, pays the same amount of taxes, and has an extra day off a week. I still had around 500 hours and the tax burden was off stetted by my use of time-due. If I could have put the moneys into a Roth 401K I would have loved too.
Let me buy some coworkers hours....i already have turned this job into a partime gig.
There's still a law that caps comp. time @ 480. The CBA doesn't control on this issue. Just like it doesn't control on getting rid of the discipline.
Anonymous Anonymous said...
when retire put it in deferred. then no state tax when withdrawing.
1/22/2020 02:54:00 AM
WRONG. Only your PENSION is not taxed by the state. Retirement accounts are. Don't know where you are getting your info but....
What happened to the policy of allowing a certain percentage of manpower to take additional time off. The management team of the department just dont get it. This job is a pressure cooker and you need to let the officers use this earned time off. Use the hire back program to fill in for these guys. If you dont have manpower this city needs to look into part time hires. This program works in many other areas. Use retired guys to fill in on days off.
What negotiations? At the union meeting yesterday Graham said they have not been meeting and have no meetings scheduled.
If the city was smart when somebody gets promoted offer a buy out of hours on the books at that rate,it is a great savings plan if you earn hours a a lower rate then cash it in when you retire at your current rate.
If we could of sold part of our hours every year like the Sgts, I would of squandered the money. Now 24 years later I've banked 3500, hello down payment to Florida.
1/22/2020 01:14:00 AM
You know I was start goin in about not being the brightest but than I thought how I like to keep that security blanket of hrs banked just in case I need to take. . so 3500 (I'm assuming $3,500) isn't that bad
So what are the snake City lawyers going to do, call a financial emergency and stop the payouts? Don’t be surprised, Rahm stuck it to the retiree healthcare benefits and promised obamacare for all, knowing a majority didn’t and wouldn’t qualify. All the City snakes has to do is find an obscure loophole. Is LightLoafer going to conjure up some fictional gubmint grant like an SSI stipend? Sure you all worked, earned and promised those wages and compensation but the City still holds the paper.
City response will always be: Sue us.
I remember LeRoy Martin once floated the idea of limiting annual banked comp time to 300 (?) hours, so essentially anything over that would be paid out like unused V/B/P Days and absolutely nobody would retire with more than those 300 Comp hours.
The City and HQ always threw a fit during crunch time budget hearings over paying out monthly OT. The WC would offer incentives to check the Time box over Pay box essentially kicking that can down the road. I’m sure it’s still happening.
Lari LightLoafer has the audacity to come in on the morning after her historic inauguration and order use taxpayer TIF Funds to decorate - lower the ceiling and the desk heights (makes her look statuesque) in her office to the tune of $250,000 and now have her minions complain about a few long employed Retirees who chose to save up earned Comp time?
It’s the City that won’t keep up with the hiring and complain when they don’t have manpower for their sponsored community civil disobedience events. So again with the poor mouthing but watch out, it could be a signal the City likely is conspiring to sandbag the Retiree not just the First Responders but the entire city work force.
Some half pint and full nitwit we elected, huh.
I rolled all I could into def comp.. including widows pension money. They taxed the shit out of my 3 payments. 40%? So, they do whack you good.the checks may also throw you into a higher tax bracket... another hit.
I would like to point out that a canceled day of on a scheduled holiday reaps an officer mostly compensatory time without the option to elect cash. This was NEGOTIATED by the city, coppers would rather take the cash up front. You are welcome city.
Also, dear media scum, it is the city that requires or OFFERS overtime, employees don’t. I am more than willing to leave promptly
at the end of my shift no matter what I’m involved with. However, the department requires that I stay late under certain circumstances, again, the city’s decision.
Screw them!!! I earned my comp time being forced to work OT i.e. court, holidays, Bulls Championships, White Sox Championship, Cubs Championship, NATO, and many, many cancelled RDOs on the Holidays. While all the civilians were out having a good time I and my coworkers were at work making sure all the civilians were safe while having a good time. I have missed my kids birthdays,their games, and their activities at school and away from school. I have missed Christmases, New Years Eves, Easter, and the 4th of July and none of it was by choice! So screw the whiners who didn't have the balls to stand up and be the Police. My co workers and myself earned every bit of that comp time. Now, after many years of injures dealing with the bad guys, I can at least take extra days off when my bones and muscles ach from preforming this thankless job.
So, I get denied the use of my comp time. I am told I have to change my furlo dates and then ultimately can't use all of them because it's not until the ass end of the year and then the calendar runs out and the Boss still is whining about use of comp and V days. We are so under manned that the Boss authorizes certain of his staff to work almost continuously without a day off to cover all of the posts and events, etc... and s/he can't get any manpower detailed/assigned to the district...We continuously loose manpower to promotions, retirements and special unit body-taxes. Downtown almost certainly has to approve these decisions - after all the Boss has to face the upper echelon to get permission (CompStat). So, is it wrong, that after 34 years of abuse I retire and cash out all those hundreds of hours I have accumulated? Is it my fault I earned most of those hours at a lower pay rate, but now they have to pay me at my current rate? They are just mad I came out ahead of their bullshit. Bite Me!!!
No better check to get at the end of your career! Deny me taking the time now and pay me later.
Probably at a higher rate also.
I’m sure they’re adding in all of the VRI VRE Air Water Show Bud Billiken etc in on the OT. Those are all scheduled events that should be a separate line item. Court for officers attending off duty also should no be considered OT.
This is similar to when they include the millions of dollars they give to offender’s families after they were killed by the police while committing a criminal act in police brutality costs. BS.
The Sheriff only allows 160 comp time to accumulate
Deputy Chief Malinowski CCSPD enacted this terrible rule
Only He benefited from the CompTime rule. He had unlimited Comp Time with No 160 Max. Rule
comp time is a cheap option for the city.
it is not the greatest investment for the employee but for those who otherwise have a hard time saving, it is probably a good thing.
as such things go it is not a huge deal either way for the city. pay me now or pay me later.
In private industry...
==============
If policing were privatized, there would be fully funded 401k plans that would be no where near as generous as public pension plans are. other benefits would be much less as well. Wages would likely be lower too.
Most private employers no longer allow employees to stash vacation days because it creates a nightmare accounting problem trying to account for the deferred cost. It is a lot simpler to force employees to just take them.
Public employers do not have that problem. For the most part, they can just defer payment into the indefinite future and not worry about accounting for the future cost. Just like they do with pensions and retiree health care.
To piggyback on the comp time usage, specifically how we are are always denied burning days of comp time. I would love that. Yes, please, tell us about the corporate world. What corporate world job can force their employers to work any shift, deny them lunch, personals, the usage of comp time, cancel their days off, involuntarily extend their work day, force them to stand outside in rain, snow, freezing or sweltering temps, force them to work holidays and their kids birthdays. I can keep going. Please, give us some of those corporate luxuries, I’ll gladly take more time off! Fuck this city, media and department.
when retire put it in deferred. then no state tax when withdrawing.
——
Aren’t there still caps on contributions and how do you have it allotted rather than your default account? I see what your saying but don’t see how this is possible. If true, hope I figure out/remember come retirement.
I'd love to high five the lucky one that walked away with $276K. Sorry, but the city has no bitching. The city agreed to the contractual agreement and now want to cry foul.
Rest assured, swiping is here to stay. First off, we have too many jealous people on the blog talking about everyone else who is ducking early. Add to that the yearly complaint front he city about how much overtime we get. Guess what, crackdown on the way via swiping. All good things come to an end. And they are just a few months away from hooking swiping to payroll. May not have been able to to this in the past but they can, and will, this time. Mark my words.
They should do like the military and allow us to retire early from our comp time.
"In private industry, employees are routinely required to use comp time within a defined period of time..."
I find serious fault with this statement. The FLSA does not allow non-government agencies pay employees in comp time. So whoever said this has no credibility.
I think that the city should also negotiate down the rate of 'hours on the books' that supervisors receive (currently 45 minutes per day worked). I think that the city should narrow it down to no more than 30 minutes per day. Most supervisors (I think) wouldn't balk at that, and the city would also save a bundle at payout time, when a supervisor retires.
Just a suggestion.
Wait until they see what I retire with. Now, to just find a high paying fund to roll a few hundred thousand $$$ into.
Joliet PD got beat up for the same thing in the "news."
https://patch.com/illinois/joliet/116-000-buyout-joliets-deputy-police-chief
https://patch.com/illinois/joliet/eye-popping-retirement-buyout-deputy-police-chief-tab-jensen
https://www.yahoo.com/news/joliets-deputy-police-chief-gets-183719041.html
And that comp time value increases just like a savings account. The comp time you accrued 10yrs ago at the then-current rate of pay is, dollar-wise, worth a bit more today. Comp time accrued over a 20yr career can be cashed-out at today's rate of pay.
Woo-Hoo!
Sell back those hours, then take that cash and put it in Def Comp Plan, subject to the maximum annual contribution you're entitled to make.
Or Roth IRA it.
I think that the city should also negotiate down the rate of 'hours on the books' that supervisors receive (currently 45 minutes per day worked). I think that the city should narrow it down to no more than 30 minutes per day. Most supervisors (I think) wouldn't balk at that, and the city would also save a bundle at payout time, when a supervisor retires.
Just a suggestion.
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30 minutes calculated at time and a half is......45 minutes
The original reason we got it was we weren't permitted to turn off our radios at lunch time while the blue shirts were.
This Administration on a daily bases demonstrates how badly city funds are being mismanaged by incompetent personnel and frivolous spending schemes. Always taxing more and more of the tax payers. Can't get enough of our money to spend it away and give more stuff away to the Community. The Head of this Socialist Empire is the Impish Mayor Lightfoot, pearls, pant suits all. Her minions, the Aldercreatures, are marching smartly off to prison. The others are awaiting indictments or fearful of being on the FBI wire taps. These are the money handlers of our tax dollars. All under the fine hand of the Imp, masquerading as a Reformer.
I find it ironic that if the City & County politicians did this nobody would bat an eye at it; but let the cops cash in their hard earned unused vacation time and everyone loses their mind. The double standard continues.
I hate this City.
Roth IRA was the best investment I’ve made next to Deferred Comp.
And if you have your Deferred Comp in the Chicago Blended Fixed option you’re really been missing out on this economy (kudos to Trump).
And to anyone who say's in the private sector...... Please quit your private sector job and apply to be either a Police Officer or Firefighter. Enjoy working nights,weekends and holidays. Enjoy having to worry every day about either death or crippling injury. Enjoy worrying about getting beaten,stabbed,shot,or killed. Hey these are cushy jobs with Cadillac pensions right? Ha Ha Ha Ha wrong! Singed,
Not a cop
Anonymous Old Retired Sgt said...
I think that the city should also negotiate down the rate of 'hours on the books' that supervisors receive (currently 45 minutes per day worked). I think that the city should narrow it down to no more than 30 minutes per day. Most supervisors (I think) wouldn't balk at that, and the city would also save a bundle at payout time, when a supervisor retires.
Just a suggestion.
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30 minutes calculated at time and a half is......45 minutes
The original reason we got it was we weren't permitted to turn off our radios at lunch time while the blue shirts were.
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In 2020 we still never get an uninterrupted lunch. Lucky if I can get 10 minutes of free time to eat. Some how I still am able to get fat.
Anonymous Anonymous said...
when retire put it in deferred. then no state tax when withdrawing.
——
Aren’t there still caps on contributions and how do you have it allotted rather than your default account? I see what your saying but don’t see how this is possible. If true, hope I figure out/remember come retirement.
1/22/2020 12:31:00 PM
Original poster has no idea what he/she is talking about. Disregard that post.
Agreed for the most part but when youre still getting step raises every year the first five years it makes sense to take comp time or when you know youre getting a promotion
1/22/2020 07:50:00 AM
When I paid my house off, I started banking hours rather than taking cash to limit tax liability.
Anonymous Anonymous said...
If we could of sold part of our hours every year like the Sgts, I would of squandered the money. Now 24 years later I've banked 3500, hello down payment to Florida.
1/22/2020 01:14:00 AM
You know I was start goin in about not being the brightest but than I thought how I like to keep that security blanket of hrs banked just in case I need to take. . so 3500 (I'm assuming $3,500) isn't that bad
1/22/2020 10:02:00 AM
Dude, he means 3500 hours which he gets paid out when he retires.
Anonymous Anonymous said...
when retire put it in deferred. then no state tax when withdrawing.
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Aren’t there still caps on contributions and how do you have it allotted rather than your default account? I see what your saying but don’t see how this is possible. If true, hope I figure out/remember come retirement.
1/22/2020 12:31:00 PM
after age go you can double your contributions - I think about $38k per year or so. ANd I have no idea what your asking in terms of a 'default account.' Your deferred comp is one account and when you withdraw you pay federal tax, but Illinois does not tax pensions so you don't pay the 5% state tax. I am assuming deferred comp payments are considered pensions.
Wait until Riccio retires rumor is he has like 10,000 hours on the books. That’s somewhere around $750,000 probably closer to $1m. Don’t forget the mayor wanted to fire the guy because he took off a week to go on a family vacation.
Anonymous Anonymous said...
when retire put it in deferred. then no state tax when withdrawing.
——
Aren’t there still caps on contributions and how do you have it allotted rather than your default account? I see what your saying but don’t see how this is possible. If true, hope I figure out/remember come retirement.
1/22/2020 12:31:00 PM
There are still caps. If you haven’t been making max contributions the “make up provision” will help.
Anonymous Anonymous said...
I rolled all I could into def comp.. including widows pension money. They taxed the shit out of my 3 payments. 40%? So, they do whack you good.the checks may also throw you into a higher tax bracket... another hit.
1/22/2020 10:20:00 AM
Sometimes the 3 payments help. Imagine if you had all that money given to you in a year. Higher taxes and if it’s not eligible for deferred and you have to pay taxes, it can take years to catch up. Imagine for example getting $200,000 not eligible 37% federal, 5% state. 43% tax
You end up with $114,000 to invest. Takes a long time to get back up to 200K depending on the economy
Anonymous Anonymous said...
Wait until Riccio retires rumor is he has like 10,000 hours on the books. That’s somewhere around $750,000 probably closer to $1m. Don’t forget the mayor wanted to fire the guy because he took off a week to go on a family vacation.
1/23/2020 10:48:00 AM
I call bullshit. Captain is last rank to earn overtime. All exempt members must cash in comp-time upon promotions.
Anonymous Anonymous said...
when retire put it in deferred. then no state tax when withdrawing.
——
Aren’t there still caps on contributions and how do you have it allotted rather than your default account? I see what your saying but don’t see how this is possible. If true, hope I figure out/remember come retirement.
1/22/2020 12:31:00 PM
There are still caps. If you haven’t been making max contributions the “make up provision” will help
— -—
Thanks, that’s what I thought. I read a previous suggestion to put cashed CU time into Pre-tax savings. It would be nice to be able to roll that into deferred comp or an IRA instead of paying an insane amount of 40+% in taxes. One last “fuck you” to be hit with by the city before leaving this shithole.
Anonymous Anonymous said...
Anonymous Anonymous said...
when retire put it in deferred. then no state tax when withdrawing.
——
Aren’t there still caps on contributions and how do you have it allotted rather than your default account? I see what your saying but don’t see how this is possible. If true, hope I figure out/remember come retirement.
1/22/2020 12:31:00 PM
Original poster has no idea what he/she is talking about. Disregard that post.
1/23/2020 08:44:00 AM
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I'm not the original poster but the OP does know what he's talking about. You can dump your comp time $ into deferred, and id you are over 50 the make-up provisions allow you to double your contributions, but still, there are limits.
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