Chapter Nine?
This is getting a lot of play in our comment sections and rumored to have been discussed at City Hall in the form of threats by Groot to the unions:
- Chicago’s pension problems are nothing new. Analysts and observers have known for years that the Windy City’s annual pension contributions were unsustainable. In 2016, the contribution for 2022 was projected to reach nearly $2 billion, 4.3 times what it was for 2014. Despite this gargantuan contribution, the pension plans’ funded ratio was projected to plummet—from a poor 31% in 2015 to an alarmingly low 26% in 2021. I urged Chicago at the time to increase its annual contributions by enough to prevent the funded ratio from dropping below 31%. Doing so would still have left Chicago’s pensions in worse shape than those of any major city in the U.S., but at least the hole wouldn’t get deeper. Chicago’s leaders did not embrace my recommendation.
In the ensuing four years, the situation has gone from very bad to worse. The graph below compares the funded ratios and annual pension contributions as they existed or were projected four years ago to what they are now. The funded ratio swiftly broke through the previously projected low of 26%. By the end of 2018, the funded ratio was 23%. It is now projected to remain under 26% until the end of 2024. And it isn’t expected to get back to 31% until 2031.
Go read it all. It is highly disturbing, and Fatass's incompetence - abetted by Groot's fairy tale plans - aren't going to lead us any place good.
Labels: money questions, pension
posted by SCC at 12:06 AM
195 Comments:
Recent data on the fiscal health of the States has
Illinois dead last at #50. But you already knew that.
Working weekends, holidays, cancelled RDO's, denied time due, demanding activity, and now no pension. Medical sounds about right right now.
Lightfoot really wants Biden to win so he can help bail her out. Because there isn’t any love for Chicago from Trump. But none of this matters. The ship is sinking, folks. Find a fucking life raft.
And what did that babbling idiot Daley do with the billions he got from the sale of the Skyway and all the parking meters in the city? Then he gets hired by the law firm that cut the piss poor deal for the city? No one says nothing?
fuck that!. this city wastes money like crazy on everything except their obligations. then they expect us to "work something out" so to save them from their own doing. they have plenty of assets and hidden cash. sell Midway.
so between giving up- say 10 percent of your retirement. and paying medical out of pocket. you will never actually be able to a afford to retire. unless you can live off of 30K a year.
No way out from Chicago bankruptcy.. F U Groot too stupid & no business experience
How many joyce voters,grabbing their ankles now, with 12s?. Bill Daley had the financial experience....Chicago wouldn't be fucked up as it is now, with FU groot
No money out of her pocket. And she'll get a fat pension for
her lousy efforts. And a police protection detail.
Not bad for a spoiled, incompetent bitch from Massilon.
DEPRESSING
How about if chitcago is bailed out then the feds take over and give that ugly ass troll and the adlercrooks pink slips.
Oh, it's coming. And they are going to do it in a way where they don't have to give up ORD.
Anyone that keeps listening to any bought out Union hacks urging you to vote "d" can put their promises in one hand and shit in the other and see which one fills up first when the City goes belly up.
Why would anyone want to come on this job.
One wonders how much Chicago debt Aurelius Capital Management holds and how much it stands to make by forcing Chicago into bankruptcy and being the first in line? Fuck these cock sucker hedge funds who buy paper and get a hefty vigorish doing so and then force the guarantor into bankruptcy court to get as much initial capital back.
They're planning on a Biden bailout. Sorry folks, Trump will be reelected and no bailout will be forthcoming. I'm only laughing to the point of it's a riot to watch these idiots sweat, the problem is, they're gonna wreck my already tenuous retirement plans.
Read the about the author...
In some cases, the court can decide that a chapter 9 filing is improper. This usually occurs when a creditor objects and argues that the municipality has not followed the procedures laid down in state law, the court finds that the municipality was not insolvent, or when the court determines that more appropriate options are available to the municipality...
You mean the casino won't fix it all?
Hahahahahahahaha!
rb
Haha what are we working for!?
Off Topic: I really don't want to downplay of this post, So I'll try to be brief. I just wanted to warn other officers who may have been injured or require surgery. My injury was off duty but I used an Orthopedic group that regularly handles IODs of officers. MidAmerica Orthopedics in Palos Hills. Surgery was done which caused more damage and left me with less function of my hand. The Doctor has avoided me and never had a follow up after surgery. I took myself off medical till I can find someone to fix the damage. Please, any officers who require surgery, get 2nd opinions and be sure you are in good hands, I wasn't.
Move all pension plans to AAPL and TESLA Stock, and gold.
PROBLEM SOLVED!
If you are a foolish person that believes the "tax payer" is going to starve to fund your "guaranteed" pension, you really need to look up the meaning of the term "cognitive dissonance".
Be advised: The author has some skin in the game...
"Mr. Brodsky is chief investment officer of Aurelius Capital Management, LP, whose funds are positioned to profit in the event of a Chicago bankruptcy."
The only solution is to open the pensions to all residents everyone contributes 20%
What can't be paid won't be paid.
That being said, if I was a politician partially responsible for this mess.... I would take all of my family and flee the country with my ill gotten gains.
Open up the city you fucking imbecile.
The failure of elected city leaders to ensure that our pensions are funded should be a criminal offense.
Even if the state Constitution is changed to allow changes in pension benefits will that be enough to solve the states and city's money problems? The Illinois supreme court held that the pension obligation was an enforceable contract, if so and you are retired can the state or the city then retroactively change a contract? Could it be the ONLY way out is bankruptcy? Perhaps more knowledgeable legal minds can give insight?
Ohio school district bans ‘thin blue line’ flags after football player carried one to honor coach
https://www.foxnews.com/us/ohio-chardon-school-district-bans-thin-blue-line-flags
An Ohio school district is banning “thin blue line” flags after a high school football player carried one onto the field to honor local first responders, including a coach who is also a police officer.
“This display will not be a part of future pre-game activities at Chardon athletic contests,” Chardon Local Schools Superintendent Michael P. Hanlon Jr. wrote in a statement Monday. “In addition, measures will be put in place by our athletic director to review any planned pre-game displays for possible connections to any form of discrimination or particular political views.”
After the game last Friday, members of the community stirred up a debate over whether the display was an innocent move in support of local first responders or of it had racial connotations, prompting some residents to reach out to district administrators directly, according to Hanlon.
He said that running out onto the field with the flag “could be interpreted as a racially motivated action” and he also noted that district policy “does not permit engagement in political activity.”
Hanlon also acknowledged the schools’ close ties with first responders after a shooting at Chardon High School eight years ago left three students dead and injured two, including one who became paralyzed.
An Ohio school district is banning “thin blue line” flags after a high school football player carried one onto the field to honor local first responders, including a coach who is also a police officer.
An Ohio school district is banning “thin blue line” flags after a high school football player carried one onto the field to honor local first responders, including a coach who is also a police officer. (iStock)
“It does not appear that this action was motivated by racism, rather a show of support for one of our coaches who serves as a police officer, as well as for the first responders in our community who have developed a special relationship with our school and students in the wake of our school tragedy of February 27, 2012,” Hanlon wrote.
Frank Hall, a former assistant football coach and teacher at the school, received national praise after he charged at the gunman and later prayed with the victims. Days after the shooting, he pushed back at the attention and said the real heroes were the emergency responders who rushed to the scene.
“I only wish I could have done more,” he said in 2012. “I'm not a hero. Just a football coach and a study hall teacher.”
The shooter, T.J. Lane, was 17 years old at the time. He was sentenced to life in prison.
Hall is credited with chasing him away and potentially saving more students from the gunfire.
In response to the district’s move to ban the flag, Geauga County Commissioner Ralph Spidalieri demanded Hanlon’s resignation, according to Cleveland-based 19 News.
“Your letter sickens me and so many others that have reached out to me and expressed the same disgust with your inability to stand up and recognize their patriotism,” Spidalieri wrote in reference to the players who ran out alongside the flag.
As a teacher for CPS in the mid-80’s, as the Reagan Recovery was well underway I was elected pension representative for my school and took the time to read the annual report of the plan. As the markets were soaring, any gains in excess of a single digit return (I think it was 8%) by contract had to be used to lower the Board of Ed’s annual contribution, not supplement the body of cash supporting the members. I quit the game in ‘88. The insecurity of the fund and many other reasons known to Cops made teaching a lost cause.
Didn’t FOP extend the city’s mandated balloon payment, which was over 200 million or something like that To our pension fund ? I didn’t understand why they let them do that. Hopefully someone can explain the reason behind that Good luck trying to get that payment now.
JCat claims this issue is his number one priority. If he has Trumps ear he should let him know how politicians have neglected the earned and contributed pension fund. Any possible bailout money from the Feds should first go to the fund and make it 100% again. Police officers do not get social security so this is all we have. We were told if you risk your lives and dedicate your working careers to Chicago and contribute to the fund you will have a retirement. So we agreed and took the job. It was a contractual agreement upon getting hired. It’s far too late now to change financial plans. We’re old. Also, with the Unjust war on police going on, who’s going to sign up for this job? And especially if younger people know the city will lie to them about their retirement. It’s sad
Fatass's vote on the graduated tax rate is the back door to opening the Constitution Convention. Once that is opened they can change the pension rules. Be very careful on how you vote.
While I’m not a lawyer, there are several important legal points here: 1) The State constitution requires that pensions be paid to those who have earned them. This is unlikely to change. 2) States cannot declare bankruptcy. 3) Cities can declare bankruptcy, but if Chicago did I believe that pensions would have “first dibs” on the money because of the state constitution.
I believe that the “exit strategy” of the corrupt and incompetent mayors for years has been a Federal bailout. Alternately, a bankruptcy leaving the state holding the bag.
As a back-up plan: Max out your deferred comp. If you have more than 10 years left on this job, throw it all in a couple of funds and don’t look at it until you are ready to retire. That’s what will get you through your retirement years. The City of Chicago pensions scare me.
Crimesha COULD throw some looters in jail. It might keep busineSses from fleeing.
And all those exempts that think they are going to get a fat pension for life.
The pension board is spending outrageous amounts of money to operate.the rent is crazy and monthly expenses. The retirees are paying for a forensic audit but the pension board is doing it's best to prevent it. Second city you need to push this for the members.
As soon as they claim bankruptcy and it’s official police will not be getting a pension, or we get pennies on the dollar, there’s no reason to stay the police. Then I can finally leave in good conscience with 16 years on and not force my family, or myself, to put up with this for 4 more years. I’m young enough, thanks to the city I grabbed a couple degrees, I’ll take my 16+ years of CPD and military experience, and I’ll start filling out applications and get out! If the city claims bankruptcy it makes my decisions that much easier. And it would be a blessing if it happened now as opposed to when I have 19 years. They can keep this once great job in a once beautiful city that they turned to shit.
https://www.chicagotribune.com/politics/elections/ct-coronavirus-illinois-election-judges-recruitment-20200901-qhvcgr2imbhmddh4tgtfjmyleq-story.html
If anyone on this blog is interested, refer to the link above if you want to help out with assuring a fair election. 20 dollars an hour, 270 dollars on election day, and due to mail in voting, you can start in October. Lots of COVID money be used for this action and I'm sure alot of it will be squandered, but we could use as many honest people as we can get.
You all have known about for the last ten years. sTFU and dodo St Int about your individual predicament. Get out if less than 15. Take a lateral transfer to some place affordable to live. Stop using family as the excuse. This is not new information folks, you made a deal with the Devil and now you see the downside. Remember all promises are made to be broken. City and state are s are broke and cannot liv up to th deals made. Gonna be a lot more than a 10% hit more like 25-35%. Especially if Groot downsizes CPD.
Many, Many, Fingers To Point Blame At !!!
That Said: I do agree with the post that reflected: Bill Daley had financial experience.
In my opinion, he was talked into running for mayor by the "Money People".
I don't know if he could have saved the city financially, but I think he would have been a better choice, than what we have. When I watched Bill Daley on TV, after he lost, he actually appeared to be relieved. A task, he would not have to burden himself with.
Just my opinion.
PS: DID YOU VOTE ?
You all have known about for the last ten years. sTFU and dodo St Int about your individual predicament. Get out if less than 15. Take a lateral transfer to some place affordable to live. Stop using family as the excuse. This is not new information folks, you made a deal with the Devil and now you see the downside. Remember all promises are made to be broken. City and state are s are broke and cannot liv up to th deals made. Gonna be a lot more than a 10% hit more like 25-35%. Especially if Groot downsizes CPD.
Teachers contribute a mere fraction of what we do time to go after them and have them contribute much more.
Doesn't help when she forgives everybody for red light camera tickets and parking tickets. You're not generating any revenue.
I highly doubt the city will declare bankruptcy because they would have to reveal ALL their assets and there is no way they want the public to know how much is being held in their TIF account.
Found this little item. Of course, we all know the Dims will change state law in a heartbeat to accommodate getting out from under billions in pension funding.
"Section 109(c) of the U.S. Bankruptcy Code provides that a municipality may be a debtor in a Chapter 9 bankruptcy case only if the municipality is specifically authorized to be a debtor by State law, or by a governmental officer or organization empowered by State law to authorize the municipality to be a debtor.[20] In 23 states, Chapter 9 authorization laws are either unclear or otherwise prohibited for municipalities. Three states (Colorado, Illinois and Oregon) grant a very limited authorization to file for bankruptcy. Illinois, for example, only grants Chapter 9 authorization to the Illinois Power Agency."
(Emphasis added)
Getting rid of the pension gives us all that reason to walk away from this job and this state. Get rid of my pension today I'll be gone tomorrow!!!!
Anonymous said...
Recent data on the fiscal health of the States has
Illinois dead last at #50. But you already knew that.
9/02/2020 12:09:00 AM
Chicago pension funds, worst funded in the nation with no hope of ever getting bailed out through taxes. But, the teachers pay next to nothing for their pensions. If Chicago goes bankrupt, and I can'gt see how they cannot within a few years with Lightfoot at the helm, not only are all contracts on the table, all pensions, but also the contract that gave the streets over to some billionaire in the Middle East. The mayor, and now thanks to the media, the public have no love for the police and way too many won't be bothered for the retired cops and firefighters to be tossed into the streets. I never thought that this day would come. If the mayor lets the pension collapse, I would strike and there is no question about that.
Chicago is in big trouble with Lightfoot as mayor. She’s destroying Chicago in lightening speed. Who will ever sign up to be a Chicago Police Officer again? Especially knowing the city will stab you in the back on your earned retirement. The aldermen better wake up and remove her before it’s too late. They need a business intelligent person in charge. Someone who keeps residents and businesses from fleeing and draws them to Chicago. Someone who knows a strong motivated well trained police department is absolutely paramount to Chicago’s survival. The crime numbers prove how important it is. People better wake up and demand the city council take action. Open up all the businesses now! Conventions, sports, entertainment etc. NOW! It’s a must! Lightfoot is not a Queen
Even if Biden or other democrats in the future win, Groot would never use bailout funds for the pensions.
Is the pension fund for politicians in peril? Didn’t think so.
Evero e of these rotten mother fuckers need to be in prison until they die.
Most of all Daley!
Maybe the fucking teachers can contribute more than 2% like the rest of us and lend a hand...or is contributing to the pension too much to ask a bunch of commie fucks?? Assholes
It is a quagmire.
"Because there isn’t any love for Chicago from Trump."
There isn't any love for Chicago from those of us in fiscally responsible places who will be compelled to fund the cleanup. That includes your pensions.
Not police
Not responsible for Chicago's troubles
get rid of these gold braid pensions, they are just politically connect and putting the fund bankrupt
You can thank fucking Daley for all this letting his relatives take our pension money than selling off city assets for his pipe dream to bring the Olympics to Chicago. But Daley was only one of many who fuck this city up, the thieves who are called aldermen have had their hands in the cash register stealing as much cash as they could. These elected officials always seem to blame the city workers for the pension problem but never themselves but they always find money to support some bullshit program that never ever shows any results, just pouring good money after bad the more the black community screams for programs money just appears from heaven, money that should have gone into the pension funds
Blake family stays clear of trump train, they know there wrong and the father's needs to shut-up, u talk about a racist!
"...wants Biden to win so he can help bail her out. Because there isn’t any love for Chicago from Trump..."
Because Obama did so much for Chicago...he was from here and did NOTHING for the city
Max out deferred as young as you can. Open up Roth IRA on top of it now!
CPD rank and file, get out now!! Go to the burbs, better yet, go to a red state.
There will be no bailout of Chicago or Illinois. Small business is leaving the city and the chinese virus lock downs have destroyed the entertainment and restaurant industries. It won't be long before Boeing and other big players leave and then what?
Seriously, go while you still can.
Kicking the can since the days when FOP had annually bargained Contracts. A City controlled Pension board handing out investment deals to their preferred friends in volatile markets and commission schemes, and let’s not forget how the City-County is allowed by State Law to tack on Late Fee and Compounded Interest (1.5%) when you don’t pay your obligations on time (Debt vs Obligation). Banks will not allow Larri to skip out on debt, they have obligations to fulfil too.
The argument can go on about Chap 9. But simply it covers re-organization of services and debt to creditors, nothing to do with pension obligations which are State Law. Only the most connected do business with the city as only they can afford late repayment with no bid future contracts. Larri is doling out rebuild communities grants like no tomorrow trying to gain Machine favor. These community grants provide instant payment for services (salaries) that neither provide a product, benefit or gainful result.
Here this: JB Pigfluenza (family history of real estate, casino, banking and union schemes including fraud) recently consolidated LEO pension funds downstate into one big pickle barrel of cash for insider investing) but no politicians ever talk about teacher pension reforms.
Chapter 9 doomsday plan was probably written by ShortShanks, refined by Rahm, and now means saber rattling Larri can once again threaten to execute the plan because she’s that arrogant, that unhinged, and mostly unliked by downtown bankers and power players.
They will call her bluffs. JB is eyeing the casino campus of Navy Pier and MacCormacks’s since he has a hotel already on site.
Overthrowing Larri is on everyone’s mind not just ours.
Either Larri complies or its Coup d’groot.
One wonders how much Chicago debt Aurelius Capital Management holds and how much it stands to make by forcing Chicago into bankruptcy and being the first in line? Fuck these cock sucker hedge funds who buy paper and get a hefty vigorish doing so and then force the guarantor into bankruptcy court to get as much initial capital back.
-------
In any bankruptcy, the bondholders usually end up getting a major haircut. If Aurelius owns Chicago bonds, they are in for a world of hurt when Chicago either goes bankrupt or just runs out of money, although Aurelius has a good track record of getting good settlements from sovereign debtors. But given that at present there is not a significant discount on Chicago debt, I don't see where they would be involved in buying all that much Chicago debt. There just is not any money in it for them even if they get paid back at 100%.
Right now the only thing holding the city and the state up is borrowed money, either in the form of actual debt instruments or just not paying their bills. At some point no one is going to want to buy the debt or give them interest free short term loans.
Pensions will be deemed unsustainable, and forced to be handled by the Pension Benefit Guaranty Corporation' (www.pbgc.gov). This Federal agency will coordinate payment, with pennies on the forecasted dollar being paid. Untenable promises will be dissolved, in favor of the overall systems survival. Blame the local politicians, unions and actuaries. They overpromised on a mathematically impossible future promise.
Why does CPS only contribute 1/2 what the police do? Why is CPS able to use our children as pawns and then get everything and anything they want when it comes time for a new contract but the police have to settle for scraps in comparison? What about the TIF Money to get the funds back up? This mayor as others in the past also need to stop with their reckless spending on pet projects that aren't a necessity.
I agree with the previous post stating that the City has money for everything but their responsibilities. Bike lanes, Navy Pier Flyover, DePaul Arena, etc. The city constantly refuses to fund its pension obligations but has unlimited funds for unnecessary and hardly used things.
!. I would not count on any bailout from slow joe, caremel-lite, calender girl pelosi. grootcefer could care less.
2. The tax payer has no more to give.
Wait until people find out that Social Security and Medicare aren't far behind.
Max out your deffered comp NOW!!! because you are going to need it. Quit buying new cars and stupid shit, and start prepairing for worst case scenario.
This happened to Detroit. A city can declare bankruptcy.
They are going to give you what you have earned,going forward after bankruptcy 401k. Yes there will be lawsuits,just saying retire now if u can!
I am a restructuring lawyer (please don't hold that against me). Chicago cannot file for chapter 9 because the State's constitution does not allow it. States cannot file for chapter 9. But, more realistically, many in my world watched with great interest the bipartisan bill Congress passed in 2016 (called PROMESA if you want to read about it) to allow Puerto Rico (as bankrupt, if not more, as Illinois) to restructure its debt load outside of a proceeding under the Bankruptcy Code and the court challenges to that law by some creditors (in June, the Supreme Court allowed the law to stand). The thought is, if Puerto Rico can do it, why can't some states get similar relief from Congress ... especially Illinois.
You can go back to 9 fingers, he was to afraid to float a bond issue for $10 billion to curtail the slide or even raise property taxes by an average $100 per property tax bill solely for pensions. It's been reported there are 600,000 taxes bills sent out in Chicago, the $100 won't plug all the holes but if he had used it it could have brought in $300 million. But then again we have the Turkey's that cut Taxes with the secondary employment while their part time job as lord of legislators or alder pricks opens the door for friendly ASSesing to help the cash strapped millionaires and real estate moguls. So now we will he the whining about the poor people here and there the rentals, the homeless and everyone else that has 3 60 inch TV's and a $1000 cell phone and needs to take a vacation. Read the Civic Federation Report on Property Taxes for some professional insight. And look at what dear Richie did, 55, 20 and out with insurance paid opened the door for many who were 2nd income earners in the household to leave, those who held desk spots and never wanted to stay till they were 60 for the free insurance much less 30 years that was standard practice for the majority of us who worked the side jobs to create the tuition money and social security for medicare instead of hopping on a lawsuit for healthcare that you knew you wouldn't get.
Is there no way to take the city to court to compel their payments to the fund?
That’s a biased report . That author wants the City to file bankruptcy so he can profit from his investments..
OT...It sounds like there will not be a power test this year for the money incentive probably due to Covid. Anyone confirm?
Liberals hate math. "Feeling" and magical thinking have no role in math.
Teach your kids to always so the math.
Would you have to pay property taxes if the city went bankrupt, would you still pay someone who owes you money.
Why do you think these assholes are demonizing cops? it's because if they can sway public opinion against you, nobody will care or have your backs when they decide to renege on your pensions. Shameful, but probably their motive.
Pensions? Don't talk about pensions. You kidding me? Pensions? I just hope we can get another paycheck.
"One wonders how much Chicago debt Aurelius Capital Management holds and how much it stands to make by forcing Chicago into bankruptcy and being the first in line? Fuck these cock sucker hedge funds who buy paper and get a hefty vigorish doing so and then force the guarantor into bankruptcy court to get as much initial capital back."
Who is more to blame, the people who are owed debt or the idiots that keep putting themselves in the red every year because they don't want to make actual decisions?
Here are the facts: Chicago, Cook County and Illinois are all going to go bankrupt. It is inevitable and its happening soon. There will be no federal bailout because too many other states and municipalities will collapse simultaneously. The public sector unions and their pensions are ALL going to take a haircut. CPD and CFD need to get in front of this and ensure that the greedy Democrat enabling loafers of the city - SEIU, CTU, AFSCME - all take much deeper cuts than the police and firefighters.
There is a reason that CPD and CFD pensions are the most underfunded of the city pensions: the cops and firefighters didn't toady up to the slimy corrupt politicians. CPD and CFD shouldn't suffer for the Democrats 90 year organized criminal racquet. So get organized. Vote for and support Republicans in the City and County (statewide IL still has a lot of RINOS) and throw SEIU, CTU, AFSCME under the bus. There will ultimately be a Federal Bankruptcy Board (like Puerto Rico) and CPD CFD need to ensure that NO Illinois Democrats serve on this board. Otherwise this Democrat criminal syndication will simply repeat.
They knew how it ended all along, they had the data in 2016 that the ponzi was up. This is no better than Madoff. Want to know how solid your pension is, go ask a Madoff investor.
Anyone know a good reason to hit the medical? Cause it’s time.
They intentionally do not keep up with retirements and the pensions are lacking funding. That started after Daley's son scammed our pensions. The reason we are the only blue state in the midwest is cause of Chicago. The most corrupt city in the U.S. N.Y. is starting to catch up. This isn't a sprint, It's a marathon. The race is not over. Hopefully Trump does not forget and abandon the police once he gets sick of these dirty blue states. I do not blame him since these sanctuary cities were designed to create more democratic votes. The democratic party went to shit after JFK was assasinated.
KAG 2020 Trump
2/2020 12:18:00 AM
Anonymous Anonymous said...
so between giving up- say 10 percent of your retirement. and paying medical out of pocket. you will never actually be able to a afford to retire. unless you can live off of 30K a year.
Dear Clown,
Your friend Bald Bill Daley was the one who talked about renegotiating pensions. I’d love to see his ass right now with everything going on.
Question is, would he be hiding under a desk, or would he have fainted?
GFY!
How come nothing has come out about Mr. Blake getting arrested in Skokie for trying to stab a police officer a few years back?
Take ALL the TIF monies and put it the pension funds instead of commercial pet projects of the mayor and her butt buddies.
God please help,us all! Thank You
hire 1,000 - 2,000 more police officers , end overtime
have civilians as caps officer , tactical secretary
The pension has not been funded for over 20 years. The élites have been siphoning off your money for decades and sponging off of you. and nothing will happen to them......
Down and Gimme 20 Says:
Cut Gold Braid Pensions NOW. Civil Service Rank Pension is good enough for these greedy political hack bastards. They will still get far more than the guys and gals who did the real Policework
Anonymous said...
Lightfoot really wants Biden to win so he can help bail her out. Because there isn’t any love for Chicago from Trump. But none of this matters. The ship is sinking, folks. Find a fucking life raft.
9/02/2020 12:12:00 AM
Except Trump IS going to win in November and this will screw the Dems plans once again. How much longer can Chicago keep treading water????
It's for the kids sooo....just shut up and vote democrat.
Too Many assets that the City owns that they would have to sell prior to bankruptcy. O'hare, Midway, parks every property. They would also have to open the books to audits and that aint happenin..
Tif tif tif tif tif tif tif tif how many fucking times can it be said???
Anonymous said...
No way out from Chicago bankruptcy.. F U Groot too stupid & no business experience
How many joyce voters,grabbing their ankles now, with 12s?. Bill Daley had the financial experience....Chicago wouldn't be fucked up as it is now, with FU groot
9/02/2020 12:29:00 AM
_____________
That's a novel idea. Elect the relative of the giant piece of shit who put us in this mess in the first place. How the Daleys haven't been hanged and quartered yet I haven't the slighted clue.
They're planning on a Biden bailout. Sorry folks, Trump will be reelected and no bailout will be forthcoming. I'm only laughing to the point of it's a riot to watch these idiots sweat, the problem is, they're gonna wreck my already tenuous retirement plans.
9/02/2020 01:05:00 AM
Regardless of who wins, depending on how the congressional elections turn out will make all the difference. You're right, they're hoping for a Biden Bailout, but should the Republicans fail to keep control of the senate, and if the house keeps it's democrat majority, President Trump will be forced to bail broke-ass cities like Chicago out.
It will be wrapped in a package called, "COVID Relief."
Their plan is to put the U.S. in such big debt, pushing us closer to a socialist/communist government.
If you are a foolish person that believes the "tax payer" is going to starve to fund your "guaranteed" pension, you really need to look up the meaning of the term "cognitive dissonance".
9/02/2020 02:43:00 AM
These are the same people that keep voting democrats in. Their behavior will remain unchanged.
As pandemic blitzes city finances, an unexpected cash windfall for Chicago government
The city’s 140 tax-increment financing districts held $1.79 billion at 2019’s end, far above what officials had projected. Will Mayor Lori Lightfoot tap some of that to help balance a budget hit by lower tax revenues?
https://chicago.suntimes.com/2020/8/7/21357322/chicago-tifs-tax-increment-financing-districts-pandemic-surpluses-lightfoot-city-hall
Don't this is after they took
“pension holiday” the state gave the city back in 1995. And take a holiday, Chicago did. They skipped payments to the pension system every year from 1995 to 2005, turning a fully funded system into a system with a $3 billion shortfall.
Why are these individuals in jail?
Try not paying into Social Security for your employees as a small business for one quarter. Let see what happens?
Anonymous said...
One wonders how much Chicago debt Aurelius Capital Management holds and how much it stands to make by forcing Chicago into bankruptcy and being the first in line? Fuck these cock sucker hedge funds who buy paper and get a hefty vigorish doing so and then force the guarantor into bankruptcy court to get as much initial capital back
_____________________________________________
Hedge Funds are out to make money like everyone else. They buy the paper that is available to buy....that the returns are at vigorish levels is because the complete mismanagement of the city makes the bonds junk status. And what....they are forcing the city into BK? Please!! The city has been BK without the filing for years. At least with the filing there is a Fed judge in charge. Only positive thing coming out of the coming collapse is that it will fuck CTU and all of it's members....
Read the link for free here
https://community.morningstar.com/t5/Closed-End-Funds/Chapter-9-Is-the-Best-Bad-Option-for-Chicago-s-Pensions/m-p/718708
0208
AMZ would be a better vehicle than Tesla (pun intended)
Anonymous Anonymous said...
In some cases, the court can decide that a chapter 9 filing is improper. This usually occurs when a creditor objects and argues that the municipality has not followed the procedures laid down in state law, the court finds that the municipality was not insolvent, or when the court determines that more appropriate options are available to the municipality...
9/02/2020 01:29:00 AM
Mostly, with exceptions such as it doesn't matter whether creditors object. So long as others agree the holdouts will get "crammed down" meaning they take it up the ass whether they like it or not just because other creditors agree. The problem here is that the city nor manager has the authority to fuck over one creditor to make other creditors whole. ALL creditors must be treated equitably minus certain guaranteed obligations.
The starting point is a judge has to review city income vs mandatory operating and legacy obligations. While a judge doesn't have the authority to dictate how a debtor handles its obligations, the city has no authority to demand employees and pensioners take a haircut while others get a more favorable deal. ALL creditors of the same class must be treated equally, which means the city can't fuck us over and give the store away to their friends. Detroit was a classic example. They were about to be forced to sell some assets to cover expenses but at the last minute some "good samaritans" decided to step in and prevent the art sale, which gave the pensioners and other creditors a minimal haircut.
And Detroit had little in the way of valuable assets. Chicago in contrast has a great many valuable assets and a lot of revenue that up until now has been funneled to cronies and kept away from it's intended targets.
Going forward the city cannot hide assets, dictate how much money gets squirreled away for crony payoffs like fake "social services" put on by civilians to steal from the taxpayers and redistribute it to the lowlifes who just piss it all away and keep voting DemoRAT. No, the city is required to list all income and assets as well as all its legal statutory obligations and if there's money left over the city gets told to fuck off and pay its debts.
Chicago has too many assets, collects too much revenue and can't hide any of it which is why they've avoided asking for bankruptcy after every new shitheel elected mayor comes on board. They know they can't get past a judge and if they tried their books would be laid bare for all to see. And they don't want that because the game will be over. It's far easier to cry bankruptcy in the hopes some fool employee union can be paid off to get all their members to sign off on their own fucking over before a judge finds out the city ain't broke.
Just like in Detroit, tell them to fuck off, force them into court and have the books laid open and lets see how much they collect, how much they owe, and let's have fun when the free ride for the voting base has to dry up because the city is found solvent in the end. Detroit pensioners took a very minimal haircut because they were found to be fucking liars trying to pay off their cronys and fuck the employees. It didn't work, they were found far less "bankrupt" then they tried to get away with.
Nothing more embarrassing than filing bankruptcy and being found to be a fucking liar and forced to stop the corruption for a while. Where will they buy votes from then?
Illinois and Chicago are the most corrupt state and city in the United States.
Anonymous Anonymous said...
Read the about the author...
9/02/2020 01:09:00 AM
Please summarize, there’s a pay wall.
Bankruptcy trumps contracts.
When u look at these politicians here... the term money managers doesn’t come to mind. They all piss thru money and never think about tomorrow.
Anonymous with the bad orthopedic surgeon. I am so sorry that happened to you. If you need a good ortho I can highly recommend Dr. G. Klaud Miller. I don't make a dime from recommending him or anything I just like him a LOT as a doctor. He is incredible and honest. He will give you a straight opinion. Does not want to cut to make money like a lot of orthos. In fact, for a person I know who had the wrong kind of insurance, he operated on a badly fractured limb, multiple fractures, complicated and REFUSED a fee. Refused to take a penny.
Guys stop it, just stop it. There will be a tax increase or whatever. The CITY WILL NEVER OPEN ITS BOOKS. In bankruptcy examiners and actuaries review the books. If the feds or their people looked at the books, Lightfoot will be going to jail.
In bankruptcy all constitutional laws that pertain to pensions are useless. A Federal bankruptcy judge appoints someone to basically run the city. In Michigan, there was a law that guaranteed the pensions, but when it got to Federal Court- the court decided to allow bankruptcy. If I remember the numbers, the pensioners received about 80% or so from their pensions but lost their health care provisions.
The Pols that run Chicago would probably do just about anything to avoid bankruptcy. The books for city would have to be opened and who knows what someone could find. In Detroit, the bondholders were the ones who took the brunt of the losses. The author of this article is probably short the chicago bonds.
Anonymous said...
Getting rid of the pension gives us all that reason to walk away from this job and this state. Get rid of my pension today I'll be gone tomorrow!!!!
9/02/2020 08:32:00 AM
That’s not the point. Walking off the job does nothing for our financial survival. I’m 53 years old it’s too late to tell me there’s no pension. We can’t go back in time. If we could no one would be on this job knowing what we know now. We paid into the fund and they promised us a pension if we dedicated our careers to the citizens of Chicago.
is the alderman's pensions safe?
Anonymous Anonymous said...
How come nothing has come out about Mr. Blake getting arrested in Skokie for trying to stab a police officer a few years back?
9/02/2020 12:38:00 PM
Because the media and the democrats are one. They want to divide people not bring them together and telling the truth is not what the media is about.
Is there any reason that the Chicago Police and Fire are just about the only pension funds that do not pay compounded cost of living every year? I believe most city employees get this benefit and I know many state employees get this. Of course, it is too late now for we will never see this with the state of our pensions
Anonymous said...
Pensions will be deemed unsustainable, and forced to be handled by the Pension Benefit Guaranty Corporation' (www.pbgc.gov). This Federal agency will coordinate payment, with pennies on the forecasted dollar being paid. Untenable promises will be dissolved, in favor of the overall systems survival. Blame the local politicians, unions and actuaries. They overpromised on a mathematically impossible future promise.
9/02/2020 09:56:00 AM
sorry, this fund does not cover government pensions. They were intentionally left out of any federal program to include ERISA as governments can raise taxes to fund pensions.
I recall when the City of New York was in financial trouble, late 70's I think?. Many members of the NYPD went West and were hired as sheriffs in Arizona and Nevada. I met a few around 1987 at Northwestern U .
"Anonymous said...
You all have known about for the last ten years. sTFU and dodo St Int about your individual predicament. Get out if less than 15. Take a lateral transfer to some place affordable to live. Stop using family as the excuse. This is not new information folks, you made a deal with the Devil and now you see the downside. Remember all promises are made to be broken. City and state are s are broke and cannot liv up to th deals made. Gonna be a lot more than a 10% hit more like 25-35%. Especially if Groot downsizes CPD.
9/02/2020 07:50:00 AM"
There isn't a security detail large enough that will protect anyone who has a hand in bankrupting and diminishing pensions.
Off Topic: I really don't want to downplay of this post, So I'll try to be brief. I just wanted to warn other officers who may have been injured or require surgery. My injury was off duty but I used an Orthopedic group that regularly handles IODs of officers. MidAmerica Orthopedics in Palos Hills. Surgery was done which caused more damage and left me with less function of my hand. The Doctor has avoided me and never had a follow up after surgery. I took myself off medical till I can find someone to fix the damage. Please, any officers who require surgery, get 2nd opinions and be sure you are in good hands, I wasn't.
9/02/2020 02:07:00 AM
—————
I highly recommend NorthShore Orthopaedics, best ortho docs around. They would be able to help you out for sure.
To the person mentioning Aurelius Capital , if they were to profit it would be by shorting the bonds. They would not make much being first in line for 30% on the dollar. Look at what the bondholders of Detroit got and maybe even Stockton Ca. also.
Joyce of Bill Daly are part of machine , better off with Paul Vallas more pro police actually a proven Leader with success in corporate world. But no had to go with low chance marist Joyce guy wtf.. we got what we deserved the fix was in with14 people in the mix.
Pensions will be deemed unsustainable, and forced to be handled by the Pension Benefit Guaranty Corporation' (www.pbgc.gov).
=======
PBGC only covers private pensions.
"Pensions will be deemed unsustainable, and forced to be handled by the Pension Benefit Guaranty Corporation' (www.pbgc.gov). This Federal agency will coordinate payment, with pennies on the forecasted dollar being paid. Untenable promises will be dissolved, in favor of the overall systems survival. Blame the local politicians, unions and actuaries. They overpromised on a mathematically impossible future promise."
The PBGC doesn't guaranty state and local government pensions.
Anonymous said...
Anyone know a good reason to hit the medical? Cause it’s time.
------
The image of Groot itself.
Expect .50 cents on the dollar for our pension. You will see a lot of suicides. If we are lucky maybe there will be a few rogues that go on killing sprees first.
Anonymous Anonymous said...
Didn’t FOP extend the city’s mandated balloon payment, which was over 200 million or something like that To our pension fund ? I didn’t understand why they let them do that. Hopefully someone can explain the reason behind that Good luck trying to get that payment now.
9/02/2020 06:43:00 AM
That did not happen. But every retiree needs to go to the September General Meeting on Wednesday 16 Sept 20 at 1900 hrs. Our elected Pension Board members will; be there to answer questions during Good of the Order.
cognitive dissonance is like the term white privilege both are made up terms for things that don't exist
I seen this coming in 1994. I'm glad I maxed my deferred out my whole career and didn't bail from it when it took a shit after 911. I told everyone I knew to max it out and don't depend on a pension. I retired and moved to a southern state and I'm paying $900 a year in property taxes on a new 2300 SQ foot home on 3/4 acres and NO STATE TAXES. Get out ASAP. I never regretted retiring and never looked back
The City of Chicago needs a Financial Consent Decree.
We are getting so fucked on this next contract... this is the sob story for the arbitrator. If you are waiting on retirement to see what's going to be in the next contract, then you're a moron.... run! Runaway now!
This is what could happen.
https://www.reuters.com/article/us-detroit-bankruptcy-pensions-idUSKCN12322F
https://www.youtube.com/watch?v=8-DSjSEl_CM
Anonymous said...
Getting rid of the pension gives us all that reason to walk away from this job and this state. Get rid of my pension today I'll be gone tomorrow!!!!
9/02/2020 08:32:00 AM
If you’re fortunate enough to walk away. I’m not married, no kids- largely due to this thankless job & men not wanting to marry police women (plenty of you guys on the job guilty of that). I support my mom & have a disabled brother. I spent 26 years on this job, I gave up a few years I could have been pushing myself harder on this job- those years were spent trying to have a family of my own to no avail. I’m not connected & have no clouted gig after this job lined up. The thought of a reduced pension or paying thru the nose for health insurance absolutely terrifies me. I listen to all you married people on this job: you take far more vacations, have 2nd homes, and nicer cars than I ever have. I’m only on my 3rd car since I started this job & its 10 years old. I do my best to save & invest every chance I can. I did all the things I was told were the right things. I didn’t want to live hand to mouth when I retired. I hoped it was the time in my life I could actually have some freedom. This is fucking depressing as Hell.
Lop off about 1/2 the exempts we now have and get rid of the gold braid pension. Does Phil Cline or Eddie Johnson deserve what they are getting? What’s Phil getting from the Memorial Fund in addition to his pension? What gig does Johnson have lined up? Not just the exempts- what is our former Union president doing? Some Metropolitan task force? How much is that gig? I feel like we constantly get fucked over by our “leadership” all in the name of them sweetening the pot only for themselves.
Let’s call Peter Francis Geraci for his bankruptcy info tapes.
Lateral out? Choose carefully. Henderson Ky, pop 29,000, advertising for new or lateral LEO s. And here's how much they think you're worth... starting pay $17.50 to 21.50 hr, (plus 4K state of KY annual duty pay.) Pathetic.
its not an over promise or unsustainable . its that the politicians raided the pensions and never put the required $$ money in. there are many many many municipalities that are more generous and properly funded .
ON COVID SHUTDOWN.. wasn't the whole point of the shut down to slow the curve so hospitals don't get overwhelmed . Now the hospitals are fine. there are plenty of ventilators and yet we are still shut down. WHY?
Anonymous Anonymous said...
Pensions will be deemed unsustainable, and forced to be handled by the Pension Benefit Guaranty Corporation' (www.pbgc.gov). This Federal agency will coordinate payment, with pennies on the forecasted dollar being paid. Untenable promises will be dissolved, in favor of the overall systems survival. Blame the local politicians, unions and actuaries. They overpromised on a mathematically impossible future promise.
9/02/2020 09:56:00 AM
www.pbgc.gov only covers private employers.
Anonymous Anonymous said...
How come nothing has come out about Mr. Blake getting arrested in Skokie for trying to stab a police officer a few years back?
9/02/2020 12:38:00 PM
WTF why isn't Blake in jail for that, attempted murder of a police officer? More details please.
Anonymous said...
Pensions will be deemed unsustainable, and forced to be handled by the Pension Benefit Guaranty Corporation' (www.pbgc.gov). This Federal agency will coordinate payment, with pennies on the forecasted dollar being paid. Untenable promises will be dissolved, in favor of the overall systems survival. Blame the local politicians, unions and actuaries. They overpromised on a mathematically impossible future promise.
9/02/2020 09:56:00 AM
PBGC does not cover government pensions.
As soon as they claim bankruptcy and it’s official police will not be getting a pension, or we get pennies on the dollar, there’s no reason to stay the police. Then I can finally leave in good conscience with 16 years on and not force my family, or myself, to put up with this for 4 more years. I’m young enough, thanks to the city I grabbed a couple degrees, I’ll take my 16+ years of CPD and military experience, and I’ll start filling out applications and get out! If the city claims bankruptcy it makes my decisions that much easier. And it would be a blessing if it happened now as opposed to when I have 19 years. They can keep this once great job in a once beautiful city that they turned to shit.
Guy on the watch just left CPD for another profession. Also military. Federal Gov loves to hire vets. Good luck to you. The job ain't worth it anymore.
My private sector defined benefit pension disappeared in 1984-5. Nobody said boo. Wake me when it’s over.
Not if but when.
Those 1st watch Mag Mile PPO's are taking it in without lubrication. They're getting out at 9am tomorrow morning and back to work by 6pm the same day. 13000 officers and not a single leader who can come up with a decent strategy. Here's a freebie, how about 12 hour days with no days off cancelled. Nothing extraordinary here, just, a little goddam common sense.
>Anonymous said...
Oh, it's coming. And they are going to do it in a way where they don't have to give up ORD.
Anyone that keeps listening to any bought out Union hacks urging you to vote "d" can put their promises in one hand and shit in the other and see which one fills up first when the City goes belly up.
9/02/2020 12:51:00 AM<
Reminds me of when I was a kid in a "changing" neighborhood. Learned alot about human nature. Adults formed a block club and everyone said they were going to stay to keep their property values up. Head of the block club was politically connected "D". What a surprise when they were one of the first to flee, moving out in the middle of the night. Then it was mass panic sell off for whatever you could get. Don't look to your "leaders." Take care of yourself and your family.
We should hold politicians and their campaign war chests financially responsible for the financial problems they created. Destroy Madigan’s politically raised financial empire first, then attack the rest in grand order to reclaim the monies we, the taxpayers, deserve to employ.
Did any of you Einstein’s read the very last paragraph, which says who the author is??? This is what it says: “Mr. Brodsky is chief investment officer of Aurelius Capital Management, LP, whose funds are positioned to PROFIT in the event of a Chicago bankruptcy.”
Anonymous said...
How come nothing has come out about Mr. Blake getting arrested in Skokie for trying to stab a police officer a few years back?
9/02/2020 12:38:00 PM
Elaborate, please?
All these funky units and we're short cars in the tax paying neighborhoods. Logical.
Don't we have some formerly sworn members on the Pension Board? Has anyone heard from them? Aside from the yearly newsletter? Are those paid positions?
You know that after reading this post and associated responses, it's clear to all that the city and private entities who hold the "bank note" when bankruptcy occurs, the losers would be the rank and file and their pensions. Think about that. Yes, there is financial loss but the additional stress on the officer, their families, future plans for financial security, neighborhoods, careers, education and the American Dream is turning into a nightmare scenario. We don't deserve it, no one does.
Taking our Civil Oath of Office to serve and protect the residents of this city is not a "one way" street. Never forget that. The civic and social institutions need to fully support their police. As Americans, the Business/Commercial entities, the Community, religious institutions, the politicians, even the Aldercreatures must realize that they are playing a dangerous political game in their lack of support for the police. Electing public officials that administer to a piss poor criminal justice system and do not support its police are in terrible trouble. So is its citizens and public safety.
Under Groot's rule, she has lost control of the city on several occasions by letting the city be sacked, looted and burned. The horrendous murder body count (517) and over 3000 shootings in 8 months is the city's new normal - on her watch. Chicago is Crazy Town.
We have been abused, maligned and targeted for hatred. Recent FBI criminal analytical information indicates local criminal gangs are banding together to kill police officers. All bets are off. The oath to serve and protect is based on mutual respect/support for the constitution, rule of law, employer support (the city), the Community/residents support, and an orderly but swift and sure criminal justice process is essential to an orderly society.
It is clear to all that their is no meaningful respect/support from our Marxist ruler at City Hall for the police, their 3 year old contract and pensions. The gangs are in charge of Chicago. We are being targeted as evidenced by the public threats and significant increases of shooting, wounding and killings of the police, according to Supt. Brown.
As stated above, with no substantial support our lives and services rendered to the community are devalued. This will not be condoned or allowed. Our lives will not be devalued. Those criminals doing the targeting of police are walking dangerously close towards the edge of the abyss. Should the gangs actually step into the abyss, their fall will be swift and unforgiving.
Anyone know a good reason to hit the medical? Cause it’s time.
9/02/2020 12:02:00 PM
PTSD. No, really.
Who is more to blame, the people who are owed debt or the idiots that keep putting themselves in the red every year because they don't want to make actual decisions?
9/02/2020 11:28:00 AM
Clearly the politicians. It's not that they don't want to make the decisions though, it's that they're willing to kick the can down the road figuring (correctly so far) that they'll be long gone by the time the pigeons come home to roost.
It's also the fault of powerful unions like the CTU. "As long as I got mine, who cares!?"
Most of all it's the fault of the voters for letting this go on and on, year after year. I get it; this shit is BORING, but it's your job to keep an eye on these thieves and not just let them use YOUR MONEY without restriction.
rb
To the poster above who says reason cpd and cfd are most underfunded is because they didn't toady up to democrats politicians is false. Reason your two pension are most underfunded is because you have so many 100k++ pensions. The municipal employees pension is at least trying they had a double digit return last year. Also aldermen get their pension from the municipal employees pension and they're always going to get theirs so city employees in municipal employees pension should feel 100x better than cpd.
Time may be coming for some old retired guys to oil up their guns and put together a crew and hit a few banks and savings and loans. Do we have a choice? Seems like crime pays, and no one is getting locked up. They can always reopen the projects up for retired police to live in. After all they believe we were the oppressors that allowed white privilege and supremacy to thrive. They hate us.
The firefighters pension is in worse shape than ours. All these other cities have pension funds which are healthy, but not here. It is due to a phenomenon known as burke/madigan/daley syndrome. Those little leprechauns hate to share their gold with anyone.
The city is not unable to pay its bills. The city chooses not to pay its bills.
Raise taxes.
Sell real estate.
Tap the TIF money. A law created TIF's. Another law can allow access to the money.
Illinois spends $7BILLION/Yr. on Medicaid
#DEFUNDMEDICAID
All these funky units and we're short cars in the tax paying neighborhoods. Logical.
Pay me FTO money to teach or reteach those career unit officers patrol's job. Too old to be walking them through the dummy boxes of a traffic crash(it's not on paper anymore) and I don't care if it doesn't validate. I'll sit on my phone and wait, not a dick just not an FTO. Call for a sergeant to teach you. Just like they'd call for the beat officer to handle a traffic crash they on-viewed, and for sure haven't been involved in this chase.
https://inthesetimes.com/article/a-scam-in-two-cities
Read why Chicago won't declare bankruptcy.
There is one other big reason why Chicago will not go bankrupt: It can’t. Under Illinois state law, municipalities are not allowed to file bankruptcy. Chapter 9 delineates the process for municipal bankruptcy, but it is up to each individual state whether to let cities use that process. Michigan does. Illinois, like 25 other states, does not.
Anonymous Anonymous said...
Did any of you Einstein’s read the very last paragraph, which says who the author is??? This is what it says: “Mr. Brodsky is chief investment officer of Aurelius Capital Management, LP, whose funds are positioned to PROFIT in the event of a Chicago bankruptcy.”
9/02/2020 11:18:00 PM
Yep, I saw that first actually. So he is pitching for himself how smart this would be for the city. Another scum of the earth thief.
Someone good with picture editing or whatever it's called should take a pick of the governor and dress him in a Roman toga and give him a proper name like Corpulus Maximus or something. I'm not good with that sort of thing or I'd do it and spread it around.
Anonymous said...
Anonymous said...
Pensions will be deemed unsustainable, and forced to be handled by the Pension Benefit Guaranty Corporation' (www.pbgc.gov). This Federal agency will coordinate payment, with pennies on the forecasted dollar being paid. Untenable promises will be dissolved, in favor of the overall systems survival. Blame the local politicians, unions and actuaries. They overpromised on a mathematically impossible future promise.
9/02/2020 09:56:00 AM
PBGC does not cover government pensions.
9/02/2020 08:34:00 PM
Well then, you have no further protections.
Best of luck squeezing blood from a stone then, as tax revenue dries up and new taxes are deemed destructive to an obliterated private sector.
"Anonymous said...
Who is more to blame, the people who are owed debt or the idiots that keep putting themselves in the red every year because they don't want to make actual decisions?
9/02/2020 11:28:00 AM
Clearly the politicians. It's not that they don't want to make the decisions though, it's that they're willing to kick the can down the road figuring (correctly so far) that they'll be long gone by the time the pigeons come home to roost.
It's also the fault of powerful unions like the CTU. "As long as I got mine, who cares!?"
Most of all it's the fault of the voters for letting this go on and on, year after year. I get it; this shit is BORING, but it's your job to keep an eye on these thieves and not just let them use YOUR MONEY without restriction.
rb
9/03/2020 01:05:00 AM"
Listen clown, Miriam Santos TRIED to keep criminal Daley and his family from using pension fund money. You see where that got her? A Federal indictment and a stint in Club Fed for doing what every corrupt politician in Chicago does. So don't sit there and type that it's our job to keep an eye on these thieves. When the corrupt politicians like Daley have the selective ability to sic the hacks at the FBLIE and DOJ on the Treasurer of the city for trying to keep pension funds from being raided, what the hell do you think regular citizens can do?
Anonymous said...
Why does CPS only contribute 1/2 what the police do? Why is CPS able to use our children as pawns and then get everything and anything they want when it comes time for a new contract but the police have to settle for scraps in comparison? What about the TIF Money to get the funds back up? This mayor as others in the past also need to stop with their reckless spending on pet projects that aren't a necessity.
9/02/2020 09:58:00 AM
CPS contributes 1/2 of what CPD contributes?!? No they don't they contribute 2% CPD contributes 9%, did I miss something? I wish they contributed at least 1/2! Can someone please chime in....
You know that after reading this post and associated responses, it's clear to all that the city and private entities who hold the "bank note" when bankruptcy occurs, the losers would be the rank and file and their pensions. Think about that. Yes, there is financial loss but the additional stress on the officer, their families, future plans for financial security, neighborhoods, careers, education and the American Dream is turning into a nightmare scenario. We don't deserve it, no one does.
===============
This is not a new problem. Everyone who was not completely stupid knew this day was coming for at least 20 years. if you took a job with a government entity knowing full well that there was no money to fund your pension checks, who is at fault for that? Do you not have to take at least some responsibility for your own actions?
I don't recall any of the city employee unions demanding the city fund the pension plans.
if nothing else you have had several decades to make your own arrangements for retirement that don't involve a government pension plan. Did you do that?
"Anonymous said...
ON COVID SHUTDOWN.. wasn't the whole point of the shut down to slow the curve so hospitals don't get overwhelmed . Now the hospitals are fine. there are plenty of ventilators and yet we are still shut down. WHY?
9/02/2020 08:15:00 PM"
Please tell me you aren't this gullible? Do you really believe what you are being told by the government and their lying public relations firm, the Main Stream Media writ large? Listen, I implore you to find objective and verifiable outside news sources. They exist, search them out.
But since you appear to be uninformed, heres the deal. COVID-19 is a political and biological weapon and the subsequent propaganda and fear mongering are tools to shut down the economy through shutting down of business, in an effort to defeat the President of the United States in November. China is not making 500 BILLION per annum that they used to under previous administrations. Do you think they want another 4 years of President Trump?
China has financially corrupted American politicians and the education system. You have to be more blind than Ray Charles to NOT see that. China, along with the United States Chamber of Commerce and that scumbag Tom Donohue, work together to enrich themselves at American taxpayer expense as well as loss of manufacturing jobs. The US Chamber of Commerce, which is not a government entity, is THE LARGEST LOBBYING group in the United States, bribing politicians to the tune of over 100 million dollars per year, to vote for policies that are anti-American business and worker.
So that is just scratching the surface of what Covid-19 was/is intended to do. There is another reason, and that is to run the clock out of the President seeking justice for the illegal surveillance of him by the last Comrade in Chief, scumbag obama and his FBLIE and DOJ. There existed a conspiracy to overthrow the government, in which Sedition and Treason is punishable by the death penalty.
Wake the fuck up and get self educated and informed. If you don't know any of these things, ask yourself WHY don't you?
Expect .50 cents on the dollar for our pension. You will see a lot of suicides. If we are lucky maybe there will be a few rogues that go on killing sprees first.
==========
More likely it will be like Detroit.
Maybe 5% cuts and an end to the 3% yearly increase.
That's really all it would take along with some structural changes for new employees.
just ending the 3% yearly increase would go a long way toward fixing the pension funds.
"Anonymous said...
The City of Chicago needs a Financial Consent Decree.
9/02/2020 06:48:00 PM"
100% correct.
Does anyone think that given President Trumps respect and admiration for the whole of Law Enforcement and Fire Fighters that once and upon commencement of his second term (and he will win in a landslide Electoral College victory and win the popular vote, that I can tell you), he won't actively work on their behalf to federally re-fund the mismanaged and misappropriated pension funds from the lying crook politicians and their middlemen, the fund advisors?
Do you think he doesn't know why the funds have been mismanaged and why the actuarial funding levels haven't been followed? News flash, it isn't because of anything the members of the Department of Police of the Fire Fighters have done. President Trump will not allow the pension funds of 1st responders to be stolen by corrupt politicians, lying and scheming investment advisors, and anti-pension elite who don't want tax revenues funding pensions.
And to all you people who want to see the 1st responders pensions bankrupted, think very carefully. You're only safe because 1st responders have remained peaceful. Imagine a world, your world, where they aren't?
"Anonymous said...
Anonymous Anonymous said...
Read the about the author...
9/02/2020 01:09:00 AM
Please summarize, there’s a pay wall.
9/02/2020 03:42:00 PM"
Don't be lazy, do your due diligence for yourself and become informed.
Search engine Duck Duck Go is your friend. Do not use Google, it's a highly censored platform part and parcel of the intelligence industry.
Anonymous Anonymous said...
its not an over promise or unsustainable . its that the politicians raided the pensions and never put the required $$ money in. there are many many many municipalities that are more generous and properly funded .
9/02/2020 08:12:00 PM
Yes you are right on that point. And, there are really great pensions out there such as Railroad retirement. My friend retired from Burlington. His pension was 80% when he reached age 60. His wife also got a pension when she reached age 60 which amounted to 50% of what her husband received and she never worked for the RR. N ow they make more retired then when working. The democrats in Illinois are responsible for this
right things. I didn’t want to live hand to mouth when I retired. I hoped it was the time in my life I could actually have some freedom. This is fucking depressing as Hell.
9/02/2020 07:32:00 PM
I cannot speak for all police women, but I was married to one and dated a few. I would not do it ever again
To the person mentioning Aurelius Capital , if they were to profit it would be by shorting the bonds. They would not make much being first in line for 30% on the dollar. Look at what the bondholders of Detroit got and maybe even Stockton Ca. also.
9/02/2020 05:10:00 PM
who gets what and who has a place in the bankruptcy payment line-up is all up to the federal judge. It is a crap shoot. I do know Wall Street was not happy that the judge in Detroit put the pensioners in the front of the line. 30% cut for every pensioner except police and fire who did not see a cut, but lost their cost of living and health care. Do not count on that if Chicago goes under
" Anonymous said...
Anonymous Anonymous said...
In some cases, the court can decide that a chapter 9 filing is improper. This usually occurs when a creditor objects and argues that the municipality has not followed the procedures laid down in state law, the court finds that the municipality was not insolvent, or when the court determines that more appropriate options are available to the municipality...
9/02/2020 01:29:00 AM
Mostly, with exceptions such as it doesn't matter whether creditors object. So long as others agree the holdouts will get "crammed down" meaning they take it up the ass whether they like it or not just because other creditors agree. The problem here is that the city nor manager has the authority to fuck over one creditor to make other creditors whole. ALL creditors must be treated equitably minus certain guaranteed obligations.
The starting point is a judge has to review city income vs mandatory operating and legacy obligations. While a judge doesn't have the authority to dictate how a debtor handles its obligations, the city has no authority to demand employees and pensioners take a haircut while others get a more favorable deal. ALL creditors of the same class must be treated equally, which means the city can't fuck us over and give the store away to their friends. Detroit was a classic example. They were about to be forced to sell some assets to cover expenses but at the last minute some "good samaritans" decided to step in and prevent the art sale, which gave the pensioners and other creditors a minimal haircut.
And Detroit had little in the way of valuable assets. Chicago in contrast has a great many valuable assets and a lot of revenue that up until now has been funneled to cronies and kept away from it's intended targets.
Going forward the city cannot hide assets, dictate how much money gets squirreled away for crony payoffs like fake "social services" put on by civilians to steal from the taxpayers and redistribute it to the lowlifes who just piss it all away and keep voting DemoRAT. No, the city is required to list all income and assets as well as all its legal statutory obligations and if there's money left over the city gets told to fuck off and pay its debts.
Chicago has too many assets, collects too much revenue and can't hide any of it which is why they've avoided asking for bankruptcy after every new shitheel elected mayor comes on board. They know they can't get past a judge and if they tried their books would be laid bare for all to see. And they don't want that because the game will be over. It's far easier to cry bankruptcy in the hopes some fool employee union can be paid off to get all their members to sign off on their own fucking over before a judge finds out the city ain't broke.
Just like in Detroit, tell them to fuck off, force them into court and have the books laid open and lets see how much they collect, how much they owe, and let's have fun when the free ride for the voting base has to dry up because the city is found solvent in the end. Detroit pensioners took a very minimal haircut because they were found to be fucking liars trying to pay off their cronys and fuck the employees. It didn't work, they were found far less "bankrupt" then they tried to get away with.
Nothing more embarrassing than filing bankruptcy and being found to be a fucking liar and forced to stop the corruption for a while. Where will they buy votes from then?
9/02/2020 03:24:00 PM"
This post should be pinned to by SCC to every topic in the future related to pensions.
“ Lightfoot really wants Biden to win so he can help bail her out.” @9/02/2020 12:12:00 AM
– Nah, won’t happen. the lyin’hawaiian obama never bailed out cheef’o staff Rahm, couldn’t even get him to run for re-elected. Dems hope to keep the DOJ out of City and County ledgers - thats all. Why do you think ShortShanks 3.0 popped out of nowhere to run for mayor? They’re are afraid of Trump DOJ AND the GOP taking both House and Senate. Larri managed to evade any DOJ scrutiny so far, Daley and Rahm left her with the books and she’s now responsible for the consequences, mostly political.
And speaking of Trump GOP Majority coming for the next 4 years and pensions, the last GOP majority failed to get The Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) Repealed. The repeal would help PO’s and teachers that have worked outside of the government, that paid into SS.
We need a House Majority to end Presidental witch-hunts. Remind your suburban neighbors friends relatives to Vote Out their Democrat U.S. House of Representatives candidate this November.
Everyone gets a blue shirt pension,if you get promoted you get the extra pay but once you retire everyone gets same pension! It's the only way to save the funds!
Doesn't matter. The vast majority of CPD officers aren't going anywhere. If we would have striked it would have happened already. We bet on a pyramid scheme (monthly 75% pension payout) and an over-hyped deferred comp plan that brings in a pathetic 1-6% gain on your hard-earned money. Our bosses may be totally incompetent but they all have a side-job lined up for retirement. That's how socialist regimes work. Wait till next year when the housing market here collapses. Now get back to your beat or tac car...the community members need their second smart-phone and their rent and water bill paid.
mayor lightfoot needs to hire 2,000 mo0r police officers and cut the overtime
young officers do more work , will generate cash
Back problems for the medical everyone has something wrong with their back.
To 9:09 pm why wait leave now lateral to another state and get your life back. The next couple of years under Groot could will be much worse than anything you have seen so far. You snooze you lose.
Here we go again RDO's canceled and 12 hours. This is all CPD knows. CPD has NO leadership and has NO real plans for domestic terrorists or civil unrest. CPD is run by a bunch of fuck'n idiot's. UNBELIEVABLE
Here we go again RDO's canceled and 12 hours. This is all CPD seems to know. CPD has NO LEADERSHIP and has NO true plans for domestic terrorists or civil unrest. CPD is run by a bunch of fuck'n idiot's. UNBELIEVABLE
Detroit PD didn’t lose pension, they get a reduced COLA. Look it up
This is what we need. St. Louis legislators voted to end residency for all of its first responders state wide. Chicago unions are you listening.
https://www.semissourian.com/story/2832279.html
YOU GOTZ to sell all kinds of nice things before you touch pension in ILLINOIS.
selling of asset
museums
The BEAN
Navy PIER
Mccormick Place
Air PORTS
take a deep breath and find some time to actually register to vote...
The pension funds have been on life support for years. Nothing is forever if changes are not made. Finger pointing can happen all day yet the funds will still not be fixed. Coppers have been contributing 9% for years and the city 18%. Perhaps it's time to increase those contributions. Perhaps it was time 15 years ago. Perhaps the Sgt.'s union wasn't so crazy when the idea was proposed 8 years ago. Maybe it's time to take action and make changes to the funds. Wishing and hoping are not strategies and will not change things no matter how hard you wish or hope. I've been on this job many years and have seen many a foolish copper. Too many guys bitch and moan and no one has the fortitude to come forward and try to make a change. That being said, these funds will not change. I'm fortunate enough to have invested well. The pension fund will not adversely affect me. With some work change can come.
Ill take a blue shirts pension. Pay me back the extra money I put in after I made Det then Sgt. Fuck the shit is in the toilet anyway just buy me out. Im sure we can come to an agreement. A buck twenty should be good. Give me a million 200 G and you will never see me again.
Anonymous said...
The pension funds have been on life support for years. Nothing is forever if changes are not made. Finger pointing can happen all day yet the funds will still not be fixed. Coppers have been contributing 9% for years and the city 18%. Perhaps it's time to increase those contributions. Perhaps it was time 15 years ago. Perhaps the Sgt.'s union wasn't so crazy when the idea was proposed 8 years ago. Maybe it's time to take action and make changes to the funds. Wishing and hoping are not strategies and will not change things no matter how hard you wish or hope. I've been on this job many years and have seen many a foolish copper. Too many guys bitch and moan and no one has the fortitude to come forward and try to make a change. That being said, these funds will not change. I'm fortunate enough to have invested well. The pension fund will not adversely affect me. With some work change can come.
9/03/2020 08:09:00 PM
Well that’s great that you’re not concerned about the fund collapsing because you “invested well.” So have I and many others. Many have not. But none of that’s relevant. Even if I won the lottery I would not give up the fight for what was promised to us if we dedicated our careers to the citizens of Chicago. Not one of us would be on this job if we were told the city would fuck us over at the end of our careers. We contributed to the fund and earned it. We don’t get social security so the pension is all we have. It’s a shame that we should ever have to worry about this. I agree that maybe we should consider paying a higher % but only after the fund is brought back to 100%. I don’t trust Chicago politicians.
The next dumb riot/protest to come through Chicago will need a little Blues Brothers social justice "I hate Illinois Nazi's" and run them all into the river.
9/02/2020 08:12:00 PM
Yes you are right on that point. And, there are really great pensions out there such as Railroad retirement. My friend retired from Burlington. His pension was 80% when he reached age 60. His wife also got a pension when she reached age 60 which amounted to 50% of what her husband received and she never worked for the RR. N ow they make more retired then when working. The democrats in Illinois are responsible for this
Mostly true but they'll fuck you in the ass any chance they get. My father in law retired Chicago police my mother in law retired from railroad. They were under this assumption their whole lives. Father in law retired 10 years before my mother in law. When she retired and went to her pension board her husband was denied the 50% spouse's pension due to having a Chicago police pension. The working guy really is a fucking fool.
Anonymous Anonymous said...
The pension funds have been on life support for years. Nothing is forever if changes are not made. Finger pointing can happen all day yet the funds will still not be fixed. Coppers have been contributing 9% for years and the city 18%. Perhaps it's time to increase those contributions. Perhaps it was time 15 years ago. Perhaps the Sgt.'s union wasn't so crazy when the idea was proposed 8 years ago. Maybe it's time to take action and make changes to the funds. Wishing and hoping are not strategies and will not change things no matter how hard you wish or hope. I've been on this job many years and have seen many a foolish copper. Too many guys bitch and moan and no one has the fortitude to come forward and try to make a change. That being said, these funds will not change. I'm fortunate enough to have invested well. The pension fund will not adversely affect me. With some work change can come.
9/03/2020 08:09:00 PM
The 2010 law addressed the pension. the City is just pissed because in it, the state is forcing their contributions way up. Rahm put it off for awhile but it's back up. The pension is just fine.
Nothing more embarrassing than filing bankruptcy and being found to be a fucking liar and forced to stop the corruption for a while. Where will they buy votes from then?
9/02/2020 03:24:00 PM"
What would be more embarrassing is being tarred and feathered and run out of town on a rail, or better yet convicted of their corruption and sent to prison. Come on President Trump, drain the Chicago swamp.
f you’re fortunate enough to walk away. I’m not married, no kids- largely due to this thankless job & men not wanting to marry police women (plenty of you guys on the job guilty of that). I support my mom & have a disabled brother. I spent 26 years on this job, I gave up a few years I could have been pushing myself harder on this job- those years were spent trying to have a
Something tells me there is more going on with you then you think, but police women and men can be a little harsh
"...I can't speak for all police women. I was married to one and dated a few. Never again..."
Might I offer an alternative?
Now, kees me you fool!!!!
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