Audit of the Pension
There is a group attempting to force a forensic audit of the Pension Fund, something that probably should have been done on a regular basis. The Fund isn't healthy at all and god only knows what it looks like after the past two weeks.
We don't Facebook but HERE IS THE LINK to their group if you are connected to social media. The more people involved, the louder our collective voices will be.
We don't Facebook but HERE IS THE LINK to their group if you are connected to social media. The more people involved, the louder our collective voices will be.
Labels: pension
posted by SCC at 12:01 AM
66 Comments:
Why does the Pension Fund pay "administrators and advisors" to invest money that can easily, more efficiently, and for much less cost be invested in Vanguard Index Equity and Bond Funds? I would think Vanguard would charge much less than the millions that are paid to these "advisors."
If it were anybody else running that group I'd be behind it.
They should audit your pension fund. Can you hear the cockroaches already scurrying ?
This is great news!!! The Feds need to get involved big time here and send some people to prison. This is Chicago so you know some corruption went on with the pension. It would be normal unfortunately. This is our lives! We all contributed to our earned pension and we don’t get social security. The pension is our survival. I don’t do Facebook. Is there another way to sign this???
Great idea. The only problem is these people on disability want to exempt themselves from ever going back to work or seeing a Dr. again. If you are working as a lawyer or a real estate agent why cant you work in call back or ERPS?
There seems to be some shenanigans going on with OUR money over at the pension board. A lot of “in house” money being thrown around to each other and friends of the elected representatives. When she tried to FOIA in house expenditures the lawyer for the board (Kugler) replied that the expenditures were “not available”. Someone over there is spending OUR money like it’s their own personal piggy bank and we demand to see the checks written. When it was brought up at a pension board meeting, she was told “if you want a forensic audit done, pay for it yourself” at a cost of around $20,000. Within a week she has already hit the 1/2 way mark and looks like a forensic audit is in the future.
If you are A retiree or an active copper hoping to have a pension someday, go to her Facebook page and see how you can donate a couple bucks for the cause. We complain about how the city always shortcuts their obligation and behind the curtain the people we elected to protect our pension dollars are spending it on each other and friends and family sweetheart contracts.
Thank you for sharing this, scc. We cannot stress enough how important this matter is to all current and retired CPD. The Facebook page monitor has been doing a tremendous job of investigating the pension board. The monitor attends every meeting and asks questions and submits FOIA requests constantly. The board has refused to cooperate with many financial questions and claims documents are mysteriously missing or accidentally destroyed. It's obvious our money is being spent frivolously, thus criminally, to get some others rich.
You can go to the Facebook page and read all the back posts to catch up and update yourself. The board REFUSED to do an audit of any kind when asked, therefore, we must pay for it ourselves. The Facebook page monitor opened an account at the credit union, and we are all sending money to pay for this much needed forensic audit. Please donate, as this affects every one of us.
The need for this is absolute. To have real certified numbers as proof is essential for all future talks.
As with everything there is another side... knowing and seeing the results will most likely bring on a cold anger that will not soon be quelled.
Stay safe, think of your family first.
As usual the free meals will flow while the chirruns are on their 2 week coronacation. As usual the freeloaders will get everything for free, they make sure that is always there. As the pension fund edges ever closer to insolvency it will be interesting to see what the city's plans are. The firemen's fund is in worse shape than ours.
This could open a very intresting can of worms AKA snakes, with all due respect and kudos to the people involved in the forensic audit effort I think this is just the tip of an iceberg, time and again different city administration have changed the pension law allowing the city to not contribute the moneys needed to support our pensions. I asked the FOP what they were doing about it "we have lobbyist working on it" Your pension board has a fiduciary responsibility to the annuitants (you and me) they will tell you that being nonpolitical they can not get involved, but there is a big difference between politics and legislation, a fiduciary can violate their obligation not only by what they have done as well as what they have not, Mayor Emanuel had a hired firm fronting for his action to dodge paying the up, that firm doesn't have any obligation to the pension fund whereas the pension board has advisors who do why did they not have them testify as what Rahms ideas would do to the fund ? violation of fiduciary responsibility ? if so a violation of Federal Law, it always amazes me how little interest people have in what is being done with their money, this is a long time coming
Anonymous Anonymous said...
Great idea. The only problem is these people on disability want to exempt themselves from ever going back to work or seeing a Dr. again. If you are working as a lawyer or a real estate agent why cant you work in call back or ERPS?
its a lot more than that,certainly the board has an good and rightful obligation to weed out those trying to game the system that is not what this is about
You mentioned the name Kugler, is that the same David Kugler from the infamous Kugler, Dileo, and DiArco firm??????
Well I know my retirement plans have changed. Was planning on leaving next year at 60 with 27 years. It looks like I’m staying to 63 with 30. So close, I lost 63,000. Greed gets you every time.
This virus is going to give a city government that hates the police an excuse to file bankruptcy watch
I give our pension 5 yrs max
louder means nothing in Chicago the politicians get away with whatever they want Emmanuel single handedly wiped out ALL retirees healthcare and three years later there is now a news story where were the elected official with their voice on the Mayors move
How about that sleuth Vanecko investing our pension money
You spell your first and last name with a capital letter so why do you have a problem when you spell God?
Find out how much Lappe was paid to follow disabled officers. He hid in my bushes taking pictures of me and my wife.
Whatever you can donate for this cause is appreciated. I had no idea about the expenditures until she started looking into it. There's some bs going on there.
Anonymous Anonymous said...
Thank you for sharing this, scc. We cannot stress enough how important this matter is to all current and retired CPD. The Facebook page monitor has been doing a tremendous job of investigating the pension board. The monitor attends every meeting and asks questions and submits FOIA requests constantly. The board has refused to cooperate with many financial questions and claims documents are mysteriously missing or accidentally destroyed. It's obvious our money is being spent frivolously, thus criminally, to get some others rich.
You can go to the Facebook page and read all the back posts to catch up and update yourself. The board REFUSED to do an audit of any kind when asked, therefore, we must pay for it ourselves. The Facebook page monitor opened an account at the credit union, and we are all sending money to pay for this much needed forensic audit. Please donate, as this affects every one of us.
3/14/2020 03:02:00 AM
The only true way to uncover the corruption is to get the Feds involved. Anything short of that shananigans will still go on. Can we get the US Attorneys office to look into it? Letters to the White House?
The woman spearheading the drive for a forensic audit has a Facebook page dedicated to this. This page is for police officers ONLY. To join you must show a CPD identification (or retiree card). There are many trolls out there who would love to try and derail the movement (the ones getting the sweetheart contracts) so she limits it to police and retirees. If a troll is outed they are kicked out.
She has been getting many requests from civilians to join and donate. As thankful as she is for the support, it’s limited to police and retirees only.
I have been retired for almost 5 years now, and the Pension board assured me then that the Pension was "Solid" for twenty years and beyond. I was dubious then, and more so now.
The penetrating light of day needs to be shown on the pension fund, and the city government, and it's failure to meet it's obligations. This is looking more and more like a pyramid scheme in it's final days. Where is the Outrage? I have Zero confidence in this city to fix anything.
When and Where shall we March?
Anonymous said...
As usual the free meals will flow while the chirruns are on their 2 week coronacation. As usual the freeloaders will get everything for free, they make sure that is always there. As the pension fund edges ever closer to insolvency it will be interesting to see what the city's plans are. The firemen's fund is in worse shape than ours.
3/14/2020 03:43:00 AM
Just shows you how they feel about their first responders that dedicate their lives to the city. This is all we have to survive in our retirement years. We don’t get social security. The city could easily dump money into it and fix it but they choose otherwise. It goes hard in hard with no contract for 3 years again.
I don’t do Facebook and don’t want to create an account to help out with this. Is there another way?
Roe is at it again. For someone who ripped off the pension Fund for 20 years with a B.S. I.O.D. claim, and after receiving over 1 million bucks not to mention the free insurance she got, after moving out of the city and starting a new career in real estate, scammers like her give the Fund a bad name. So this got my attention and I checked on the pension website what is going on. Check for yourself at: www.chipabf.org and on the right hand side of the page click on financial reports. The Fund as I now know, puts everything on line. All the reports are there including all fees paid, etc. So why does Roe have a hard-on for the pension board? This gal needs to get a life. If you want to check for your self, FOIA the board and request how much Roe received from your bi-weekly contributions. My shock you.
If Mayor BugEyes would pony up her end the pension fund would be much healthier.
Yep, it is being funded by private funds mostly retirees. I think FOP and PBPA should be paying for this audit. There is going to be some people sweating at the pension board. Look at the Daley deal.His nephew stole big money.
Just donated want to make sure it is there when I retire,smart move and then maybe after audit feds can finally arrest and prosecute the board members that freely give away our money! Why did fire eliminate the gold braid pension theft,but yet with cpd having a record number of not needed gold badge idiots not do the same? Lets hope exposure to sunshine also catches some of this thievery!
Is it true that the account holder’s name at the credit union is Vanecko.
Back in the mid ‘80’s the pension actuaries tried to be a bit transparent with their annual assessments. Often mentioning how the City needs contributions to be at a 2.5:1 ratio to keep funding levels viable. This showing were and how the money goes became a problem.
Correct me if I’m wrong...plenty of bad commercial real estate investments, the Miriam Santos witch-hunt, Shortshanks and the FOP pension holiday, ShortShanks stacking the board with patronage, the same board approving back door investments with ShortShanks kin.
Briefly, Miriam Santos came in as city treasurer, entrusted board voting ex officio and immediately began reforming old Daley Inc. seedy pension practices and staffing. ShortShanks didn’t like this. Same sort of thing recent mayoral candidate Paul Vallas had in mind - but we didn’t vote for him in last year...instead we got one the angrier of two cranky biased imbeciles.
Keep in mind there are 4 pension funds: Police-Fire-Labor-Municipal under total City control, inherently political and easily exploitable.
Teachers pensions are an entire different animal, just as vulnerable but somehow get different State/City rules.
Never doubt that it’s always been the contention for the City to use PABP for its shady investments (Vanecko) funding source.
City controls our Fund yet in just the past 3 years of a booming economy, you would think it was 2001 all over again.
Our Fund had dismal showing in the market last year and no, was not due to a prior years correction.
It’s bad and corrupt management even worse than before.
City representatives are not by no means capable of being a fiduciary, but somehow the banks and hedge fund managers are making out mighty darn good with the revenues they control and commissions they’re paid.
Funny ain’t it...TIF accounts (and managers) are making better returns and surpluses than Our Pension.
The City and State wants to break the pensions, particularly our Fund and it will never use a casino, weeds, TIF (like they did for CTU/CPS) and annual uncontested tax increases to bring up Our funding levels. The City is not putting up the money and should not being in total control of having their managers run the fund. Private 401k is one way to go - managed by accountability by financial experts and NOT politicians.
Audit is one thing, getting JB Pugsley to change operating mechanisms is another. He’s all for guaranteed failure by consolidation for all pensions...EXCEPT teachers.
The one behind this is has been on disability for most of her career. Enough said.
This audit is way overdo. This audit effects everyone who either is retired or working today. I have been following RoGio for sometime and what she has been doing is short of amazing. What worries me is what she is asking for is NOT OUT OF LINE. I don't understand why she is getting such resistance? What is very aggravating is the fact that the members of the board who we elect are resisting her? What is the board hiding? For anyone who is not familiar what she is trying to accomplish and the resistance she has met should link to the website. Go Ro
here's the news
contributions must increase into pension fund
minimum age must be raised
penalty for retiring with less than 29 years must start asap
gold braid must end for ranks of Captain and above
raise mandatory retirement age to 66 , many will stay
Can we be sure that the outcome will not be used to argue for a reduction of pension payments? Just trying to be certain that it's not some kind of trick? Does anybody know who's behind this Facebook group? I am intrigued by the idea but need to be certain
Of their true intentions?
TIAA CREF is a far better retirement plan then others
Active and Retired, Please go to the page and donate $50.00, we really need to have this Audit. Thank you in advance.
Anonymous said...
This is great news!!! The Feds need to get involved big time here and send some people to prison. This is Chicago so you know some corruption went on with the pension. It would be normal unfortunately. This is our lives! We all contributed to our earned pension and we don’t get social security. The pension is our survival. I don’t do Facebook. Is there another way to sign this???
3/14/2020 01:39:00 AM
Anonymous Anonymous said...
Great idea. The only problem is these people on disability want to exempt themselves from ever going back to work or seeing a Dr. again. If you are working as a lawyer or a real estate agent why cant you work in call back or ERPS?
3/14/2020 02:31:00 AM
I remember two people on disability both making the front page of the Sun-Times. First was a guy I believe became a lawyer and made enough to go on a very expensive safari. The second was a female who was followed to every promotional, retirement, and benefit party and shown on the front page dancing in stiletto heels. Both were on disability because of leg injuries. Both got taken off of disability and got put on regular pension where they had to pay taxes and medical on their 75% pension.
As police officers we can multi task. Do audit of the pension fund and at the same time re-evaluate everyone on disability. Every year and outside auditor should issue a report on expenses, investments, and overall health of the fund. At the same time each and every person on disability should be re-evaluated. If your not going to work and collect our check why is it so hard to see a doctor once a year?
Carnac the Magnificent can see deep into the pension fund mysteries.
"And now, the great seer, soothsayer, and sage, Carnac the Magnificent!"
"I hold in my hand the envelopes. As a child of four can plainly see, these envelopes have been hermetically sealed. They've been kept in a mayonnaise jar on Funk and Wagnalls' porch since noon today. No one knows the contents of these envelopes – but you, in your mystical and borderline divine way, will ascertain the answers having never before heard the questions."
"Your future looks very lean. You will greet old age with a bowl of ramen noodles in your cupboard; powdered cream in your Folgers."
Pension is funded in the teens, under 20% or 1-in-5.
Anonymous said...
Great idea. The only problem is these people on disability want to exempt themselves from ever going back to work or seeing a Dr. again. If you are working as a lawyer or a real estate agent why cant you work in call back or ERPS?
3/14/2020 02:31:00 AM
Have to agree with this.
Ralph Papa Thorson Says:
Forensic Audit, Now..... GO Ro !!!
Pension Fund = Why the resistance if there's nothing to hide ? I smell White- Collar criminality decades long.
Anonymous Anonymous said...
If it were anybody else running that group I'd be behind it.
3/14/2020 12:43:00 AM
Like good illusionists they want you to watch their left hand and ignore their right one.
How interesting that with the Virus shutting down all the shows, sports etc that revenue from the hotel tax will be short to pay the Soldiers Field /Bears /Soccer /Outdoor music venue Bonds. How nice that Daley could find a way to finance something for a public sucking sports franchise with the one of the smallest seating capacities in the NFL but couldn't do a damn thing to shore up the pension, BUT the SOB found a way for his dirty F'N relative to dip in and help himself to a little cream. The 1/2 finger a least talked of a bond issuance but it went nowhere and now this newt can't talk about it at all.
I don’t do Facebook. Is there a way to contribute another way? Go Fund me?
Anonymous said...
Great idea. The only problem is these people on disability want to exempt themselves from ever going back to work or seeing a Dr. again. If you are working as a lawyer or a real estate agent why cant you work in call back or ERPS?
...exactly - I can think of a few bullshit disabilities...and they made sure they moved very far away from the city,
Anonymous said...
You spell your first and last name with a capital letter so why do you have a problem when you spell God?
=========
Because we worship Nabu and Seshat (look them up) and they don't like it when we capitalize "gods" as that is reserved for their proper names.
Not everyone is as self righteous as you Asshat <--capitalized
Nickel and dime irregularities are the smoke screen that obscures the real problems with the pension. Questionable disability claims are not sinking the Fund. However, failure of the City to pay its share and low returns on politically directed investments occurring since the Fund's inception have doomed it. Political hacks beholden to the Fifth Floor and elected police pension board "clowns" have created the environment for this disaster. Who is responsible? YOU ARE! You know what's going on but aren't smart or interested enough to seek a change. It's going to get worse.
Grifters trying to check Grifters, no thanks
After the last 10 days you probably don't want to look at the pension fund investments.
I totally support this and am a BIGGGGGG supporter. We have a right to know that the pension fund is doing right by us. Transparency is great and I will do everything to support this audit and help to raise money so that can get it done!
Fisher Investments?
You guys didn't cancel after his remarks?
I guess at some point you have to open the pandora's box.
Anonymous Anonymous said...
Great idea. The only problem is these people on disability want to exempt themselves from ever going back to work or seeing a Dr. again. If you are working as a lawyer or a real estate agent why cant you work in call back or ERPS?
3/14/2020 02:31:00 AM
????
Are you saying these to people on disability are working as a lawyer and a real estate agent? Or are you just talking in general?
To the guy who said he lost $63,000....how did you lose...did you sell..that is your strategy...buy high and sell low...why would you have to wait till 63 to retire instead of 60...the market will go back up...unless you need your deferred right away in retirement..buy stock..dollar cost averaging for your deferred shares
Who would be doing the audit?
How is the person conducting it going to be chosen.
Who will be paying for it?
How much will it cost?
I know forensic accountants charge from $250 up to $500 an hour.
This will be an extensive job.
What exactly are we looking for that will justify this expense.
The devil is in the details.
The monitor of the FB page is retired CPD. Yes I know she was on disability, and I do not know what for, nor do I care. Don't get me wrong, I know there are a lot of disability scammers, and I hope the pension board goes after them. However, this forensic audit has absolutely nothing to do with disability. It's about the reckless spending of OUR monies.
With that being said, I see people asking how to donate but they do not have FB. There are several options, but you really need to find someone who is on that FB page and get that information from them. I don't want to post those options on SCC.
Or you can just take a ride to CPD credit union and make a donation in person to the account created for CPD Pension Forensic Audit. If you do that, please save your deposit slip forever. Because if something falls through, the FB page monitor will return your donation money back to you.
Anonymous Anonymous said...
Who would be doing the audit?
For 20k not anyone with a resume.
How is the person conducting it going to be chosen.
They know a guy who knows a guy
Who will be paying for it?
Us
How much will it cost?
To do it correctly a lot more than 20k
I know forensic accountants charge from $250 up to $500 an hour.
(1) accountant and several staff.
This will be an extensive job.
Dam right
What exactly are we looking for that will justify this expense.
The cost of Dr. visits and follow up functional capacity testing. On one hand they want to show how much is being spent trying top put officers back to work w/o showing the putting back 4/5 people offset the Dr.’s expense. Also I was told at a political fund raiser last night they asked FOP to pass a bill exempting them from having to do Dr. visits or testing after 50. FOP said no. If a bill passed anyone on disability could move out of state and coast on 75% pension tax free with no medical costs till the were forced to retired on go on regular pension at 63 w/o ever having to re-certify.
The devil is in the details.
Dam right
3/14/2020 11:12:00 PM
Guy, stop posting your nonsense about this. We get it, you don't like her. But she's doing what needs to be done even if you don't agree with it or like her.
Anonymous Anonymous said...
Grifters trying to check Grifters, no thanks
3/14/2020 08:01:00 PM
Bingo!
audit city hall
Anonymous Anonymous said...
Anonymous Anonymous said...
Grifters trying to check Grifters, no thanks
3/14/2020 08:01:00 PM
Bingo!
I don't care if she rides a broom, beats her dog cheats on her taxes and votes a straight democratic ticket a forensic audit is a window into part of the pension operation, a pension that could go belly up with little help from an increasing week stock market due to years of under funding
I'm in municipal employees pension we're not in good shape either got pamphlet in mail. Our fund is at 24% our fund had gains of over 17% last year. So at least our fund is trying. Your fund is way more fucked but that's like being the tallest midget. I read though that the alderthiefs get their pension from municipal employees pension so imo that's security as they're not going to not get their pensions. Hope the stock market comes back my deferred comp taking a beating if keeps plunging may have to work longer than I originally planned. Be safe
I think the first step should be to change the legislation that allows the city to pay disabled officers from our pension fund. That money belongs to the officers and is being used by the city as an unlimited workman's comp insurer. Let the go out and get their own Workman's comp carrier and leave our pension money alone. For those who say that disabled officers also pay into the pension I say great and if you want to collect from the pension fund then retire.
Anonymous Anonymous said...
I think the first step should be to change the legislation that allows the city to pay disabled officers from our pension fund. That money belongs to the officers and is being used by the city as an unlimited workman's comp insurer. Let the go out and get their own Workman's comp carrier and leave our pension money alone. For those who say that disabled officers also pay into the pension I say great and if you want to collect from the pension fund then retire.
Just hope you don’t get shot or disabled and aren’t old enough to retire
Anonymous Anonymous said...
I'm in municipal employees pension we're not in good shape either got pamphlet in mail. Our fund is at 24% our fund had gains of over 17% last year. So at least our fund is trying. Your fund is way more fucked but that's like being the tallest midget. I read though that the alderthiefs get their pension from municipal employees pension so imo that's security as they're not going to not get their pensions. Hope the stock market comes back my deferred comp taking a beating if keeps plunging may have to work longer than I originally planned. Be safe
Market was at 20,071 on February 3, 2017. To recover where it was a month ago it would take 3 years if it recovered at the same rate the extraordinary bull run did
Operative word extraordinary. So probably 6-10. I'm a small potato farmer I had 175k in lost 50k since February 18th 2020. If chicken little shit continues we'll all be working lot longer than planned. Don't let Boss Hog our govenor use this pandemic as a way to open constitution and fuck all city and state employees pension. Prayers for everyone's safety and health 1st and foremost
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