Money Pit
The Forbes site headlines this "No Hope in Sight..." and they ain't wrong:
Back on July 18, the Equable Institute released the 2023 version of its annual State of Pensions report, which means that, yes, it’s time for another check-in on these infamously-poorly-funded pension plans. Among the wealth of tables is a list of the best and worst-funded of the 58 local pension plans studied, and, yes, you guessed it, the bottom five spots are Chicago plans, with the bottom three at levels far below all others:
- Municipal employees, 21% funded,
- Chicago police, 21.8% funded, and
- Chicago fire, 18.8% funded.
- Combined with the Chicago Laborers’ pension fund, with a 41% funded status, the pensions for which the city bears a direct responsibility have a total pension debt on a market value of assets basis of $35 billion. (This data is from the actual reports*, released in May, which doesn’t match the Equable report precisely.) Spot fifth-worst is taken up by the Chicago Teachers, at 42.4% funded, and the first non-Chicago system in their list, Dallas Police & Fire at 45.2%, is twice as well funded, percentage-point-wise, as the Terrible Trio.
We also got this from an e-mailer (click for larger version):
If anyone can explain this all in simple terms, a few thousand potential soon-to-be-retiring cops would probably be appreciative.
Labels: pension
posted by SCC at 12:07 AM
81 Comments:
probably means that a few years into retirement your pension will get clipped, can't get blood from a stone. so much for all the sacrifices you made over the last 30 years.
OT… what happened to FOP‘s TGIF weekly message?
LT's collect $10k a month. Po's and Sergeants $5-7k a month. Gold braid/exempts collect $15k a month. END IT ALL! LET'S GOOOOOO!
*Completely off topic*
Hi ISP! I know you guys read this too. At approximately 2345 on 02AUG23 I was on my way home on I57 South. I hit the ramp to 111th, and reaching the top, to continue s/b towards the 2nd light.
Well, the thick foliage created an ideal blind spot as I entered the intersection, having the green light.
All of the sudden, two ISP cars spin the corner. Lights, thank goodness, but no siren. I'm fortunate I was in the middle lane and slammed on the brakes to avoid tagging the both of you, I know you guys have to drive far for backup, but you can't help if you are in an accident yourselves.
Be better and l
Sorry to say the fund is in bad shape.
Monthly cash disbursements are more high and it looks like investments are being sold to make up for the shortage. Gold Star Pensions need to stop now! We have more gold stars now that we have ever had. Why are there commanders in the Chief of Patrols office and the Superintendent's office. That is only 2 of many more made up spots.
Nothing to see here, but on another note I heard that stations are getting all new charging stations for electric vehicles. None of ours have been used since day one! Great use of taxpayer dollars!
Actuaries projected this tailspin many, many years ago.
‘Gold Braid Pensions’ need to be eliminated. Lieutenant should be where pension is capped for the Bossholes.
Exorbitant fund(s) management fees is also killing the pension. Annual forensic audits need to be mandated by/of the trustees and alternative management options explored.
And those of you who are still gonna be around awhile and actually stay on that thankless, dead end job need to operate under the assumption that your pension may be greatly diminished - if not eliminated - by the time you’re eligible to collect. This Ponzi scheme can only last so long before it implodes. If you’re sticking around, you’d be well served to invest as much as you can swing in Deferred Comp, IRAs and elsewhere, calculating your retirement income MINUS what the pension would’ve been.
Simple terms:
Pretend it's your wallet...
You have $142... spend $82, and find $4 on the street. So now you have $64 in your wallet.
Cousin Joey promised you $799 for the motorcycle this year, gave you $354, and still owes $444.
So now you have $418 in your wallet.
The chances of getting the other $444 out of the deadbeat are slim, because he keeps making "minimum payments" or taking a holiday because you won at the track, or got a winning scratch off ticket (aka Interest on the investments) so he figures you don't need the money right now.
Next year, the expenses go up because of inflation, etc. more people retiring, and so on. More people have to come into the system and start paying in to support the payments for the retirees, disabled, etc.
If you don't get more people in the system, and the City's not kicking in what they're supposed to, and the investments aren't rockin' and rollin, then you're FUCKED. Cash will continue to decrease, and something will have to give. Payouts cut, etc...
Pensions are a mathematical guessing game based upon expected lifetimes when you come into the system. But that never actually tracks because people might die early for a variety of reasons, live longer than expected for more reasons, etc. So the actuaries try to use tables based on historical data and some stochastic calculus to give it their best shot as to how much has to be put in over the years to fund a pension of $x when the guy retires.
That relies on CONTRIBUTIONS made throughout the timeframe for the employee. If someone doesn't kick in what's owed, then you have to make up that difference later - either through return on investments (hey that Tesla stock the Pension Fund bought did great!), or by increased makeup contributions from the City or employee... The problem is they never put in what you lost due to opportunity - if they'd put in the full amount, you could have had a higher return on your investment because you could take advantage of that skyrocketing stock... Once you miss it, who's gonna make you whole for your losses?
Conversely, if the market goes down and you lose some money in the fund, at least there's more money there to help ride it out, and take advantage of things when the market comes back. So while there's the occasional skyrocket, or bottom fell out events, overall the whole thing keeps going up and up over the years...
But that's not going to happen if the deadbeats don't put in the money when they're supposed to because they "took a pension holiday" to fund some other pet project.
The long and the short of this is: Invest your own money. Forget smoking, drinking, premium cable TV, and all that garbage that you don't need right now. Put all that cash into a 401(k) or an IRA - fund and manage your own retirement. Then when it happens, the pension is a bonus instead of something you need to live on.
Go to the 53 minute mark on this CRAZY BITCHES show on 82 AM Radio below.
They say that bringing up homicides in Chicago is "RACIST".
Chicago is a great safe place to live.
These communist bastards are out of there minds and there is a good chance they will steal the election again in 2024.
https://soundcloud.com/wcpt820/joan-esposito-live-local-progressive-08012023
(Listen at the 53 minute mark)
Everyone's a sellout
In laymen's terms, all this depends uoon your point of view.
To those who have an expectation of continuing to live, at a level of comfort they prefer, said expectation is an illusion.
To those expected to pay for the previous expectations of those above, their point of view, relevant to those retiring, is simple: retire and die sooner then later.
The young always replace the old, and, as the historical practice of dragging the old out onto the frozen tundra, into the forest/jungle or onto the desert sands, has been deemed too harsh for those civilized to consider, expect these politicals' promises of ample pension payments to dwindle to barely a monthly dribble.
Simpl terms… We’re fucked!
in plan english we're F--ked
let hope the casino helps. if the crooked politicians let the money go to the pensions and not somewhere else
The easiest thing to fix this situation is to declare the pension funds as Ukraine and Biden will send the money no questions asked
Looks like ill be working at wal mart as a greeter.
Don't worry there will be more illegals coming to chicago and will fix the pension problem.
Illegals will bankrupt this country along with the pension...this is what the democRAT want
Kamala will make sure that the money is there.
How many of you understand that the economic destruction of the downtown area via loss of revenue from rent, sales and property taxes, and property value is a planned outcome of the policy implemented by the ruling class? They've been crafting and scheming this for decades.
The oligarchy (CEO ruling class) and the politicians which that oligarchy funds and selects for office have no desire to continue to pay 10's of billions of dollars into your pension fund.(Yes I said selects, we don't "elect" anyone anymore. Elections are predetermined with selections from both sides of the aisle to merely give you the illusion of choice). They'd rather keep the money for themselves via money laundering operations through schemes like Ukraine, border invasions, human and drug trafficking, etcetera. You get the picture?
They want YOU on a government allowance that is barely sustainable. You will own nothing and be happy, isn't that the wet dream of Klaus Schwab and the the World Economic Forum? Yes it is.
I'm curious how many readers know that the Democrat and Republican parties are ACTUAL corporations? They are a business and their only agenda is to make money for themselves and their circle of friends and family and funders within and connected to those clubs? Paying into your pension doesn't make the clubs money. In fact, it's a liability on their balance sheets.
The pension fund is in a death spiral. It's lost over 50% of it's value since 1995-2000 when it was funded in the mid 70% area. Do you think the stock market is going to continue to move higher (near all time highs currently) while inflation and debt pile up and drive the cost of living higher? What happens to the value of equity markets as higher interest continue for longer? Even the fake employment numbers are telling you the worst is yet to come. Why is that? Because equity and housing markets don't generally collapse until unemployment spikes, and right now the phony jobs numbers are in the mid 3% because many are taking on 2nd jobs just to stay afloat. Meanwhile the "economy" is teetering on the brink of collapse not only in the United States but in Europe and Asia also.
The Titanic is listing while the band plays on and the chairs on the deck are rearranged. Prepare accordingly.
Anonymous said...
Sorry to say the fund is in bad shape.
Monthly cash disbursements are more high and it looks like investments are being sold to make up for the shortage. Gold Star Pensions need to stop now! We have more gold stars now that we have ever had. Why are there commanders in the Chief of Patrols office and the Superintendent's office. That is only 2 of many more made up spots.
8/03/2023 01:01:00
Not just that we also have how many security specialist who get Sgt’s pay and Sergeant Pension on Brandon‘s detail? Larry had what over 100? How many does Brandon have? Plus at least two commanders who will get that exempt rank pension along with the rest should only be what is tested for fire department eliminated the gold braid bullshit years ago even though their pension is way underfunded the same as ours Brandon is talking about a 3.5% city income tax, which would raise about $2 billion so they say so his people say. Just make sure the pension is funded so many coppers over the years worked hard. A lot of them have damaged their body to the point where retirement is not what it should be God bless the police.
Gold star pensions are a problem but not the real problem. Check out the site Open the Books. You will see the 3-4-5hundred k club and most all are university professors , teachers, doctors and fucking coaches like Lovie (the shitty coach Smith from Uof I. The media has demonized us and has the public believing the pension crisis is because of da poleece making the big cash. Typical lefty shitbag teachers, professors and other assorted asshole education thieves are the real problem. I never heard any FOP president say anything about that fact. Maybe they didnt know, maybe they dont care, either way, nothing was said and the bullshit narrative is still out there.
.
8/03/2023 12:24:00 AM
The fop is totally useless except for golf outings. TGIF message, wgaf, how about the city is being overrun by ghetto rat assholes, COPA is bullshit, I could go on and on about the message the flop should be sending out besides a TGIF. SMDH
"Anonymous said...
The easiest thing to fix this situation is to declare the pension funds as Ukraine and Biden will send the money no questions asked
8/03/2023 05:28:00 AM"
Hilarious, sad, and true all at the same time. Well done!
"Anonymous said...
in plan english we're F--ked
let hope the casino helps. if the crooked politicians let the money go to the pensions and not somewhere else
8/03/2023 04:55:00 AM"
It's only been what, 12 years and counting since that sellout Angelo gave up 0% retiree medical premiums for a casino that still hasn't generated dollar numero uno! Don't hold your breath.
Simple. It’s a Ponzi scheme that is finally running out of money. Smart people have been shouting about this for decades and the politicians that voters keep electing have refused to heed the warnings. None of this is new or complicated.
Eventually the city will have to raise more money and will impose new taxes. This sounds bad, but it isn’t the problem many people think it is since voters in Chicago love to pay higher taxes. I know this because they keep voting for leftists who raise taxes.
Then sue the fucking city and make them put in their share!!! WTF FOP?
"These communist bastards are out of there minds and there is a good chance they will steal the election again in 2024".
They got away with it once so why not again. Just like the yutes of the city stealing all they can steal because there are really no penalties when they do get caught. Just don't demonize!! It's a Mad, Mad, Mad, Mad World.
Your pension is guaranteed by a ruling handed down by the Illinois Supreme Court.
been saying for years the gold braid pensions need to be eliminated!! It is legalized stealing to reward to political, friends, family connections!!!!!!!!!!!
Anonymous said...
in plan english we're F--ked
let hope the casino helps. if the crooked politicians let the money go to the pensions and not somewhere else
Just like the Lottery fixed the schools. Not gonna happen
Have I got this right not only are they not supplying their 50% they are taking 80% of our contributions? To spend elsewhere.
My 2 cents?
You are about to get it, good and hard!
That pension everyone worked for, risked their lives for, sweated for, kissed incompetent boss asses for?
It is in trouble. Yours, the CFDs, the LAPDs, and hundreds of others.
What will the self absorbed children of today say when we ask them to cover our pensions?
Die Boomer! Die!
With a deferred compensation plan, you are effectively a creditor of the company, lending the company the salary you have deferred. If the company declares bankruptcy in the future, you can lose some or all of this money.
8/03/2023 01:42:00 AM & 8/03/2023 01:57:00 AM
Excellent info and advice from you both.
Here’s a little tidbit of knowledge that everyone contributing to Deferred Compensation needs to know:
Under an enforceable agreement, the City has ‘X’ amount of days (somewhere in the 14-21 range - I can’t recall exactly at the moment) to sit on your Def Comp contributions before wire transferring those funds to Nationwide Retirement Solutions (NRS).
Assuming a hypothetical 7,000 people contributing $500 a pay cycle = $3,500,000.00 which the city uses as they see fit, likely accruing simple interest. 3.5 million a pay cycle x 26 pay cycles annually = $91,000,000. That’s a pretty nice chunk of change… benefitting who exactly?
Don’t believe me? Pull up your account on line (this information conveniently doesn’t appear on your quarterly statements) and search your contribution history. You’ll see that money withdrawn from your checks on the 1st & 16th (7th & 22nd now) was actually forwarded to NRS several days later. So not only is the city getting over on you by making money off of your money, you have the potential to be missing out on investment gains by delayed fund purchases. .
This thievery was brought up during a prior FOP administration (Shields? Angelo?) but was quickly extinguished. This is a FACT that FOP needs to look into.
The crows have to eventually roost. I would expect a progressive city hall to base tour pension in part on your disciplinary record. Ten CRs, 20 percent cut, etc
The first COPA complaint was received today from Sundays wilding. Came in with an attorney who will be filling many more.
probably means that a few years into retirement your pension will get clipped, can't get blood from a stone. so much for all the sacrifices you made over the last 30 years.
Don't know about clipped more likely axed(not the community "asked"). Elderly neighbor lieutenant brags to anyone who would listen about collecting over 2 million dollars from the pension since his retirement in 2005. At this rate the pension just cannot not last. Thanks for showing up on your weekends, holidays, kids' birthdays and working midnights first 5 years. It's all much appreciated.
These numbers are child’s play when compared to that of members’ dues money I spend on lunches for all the committee I sit on and various other “expenses” ;-)
The first false arrest complaint was received by COPA. False arrest for curfew. Let the games begin.
The problem is the politicians aren’t scared of the people anymore. They need to reminded
Don’t worry
Pigster signed the law letting illegals be the police.
Surely they’ll pay into the pension , doing the job nobody else wants
Pensions? Don't talk about pensions. You kidding me? Pensions? I just hope we can get another paycheck.
Don't worry. The pensions cannot fail. The pensions will be paid even if the bozos in charge got the tax the bloody piss out of all remaining taxpayers.
What the tards do not understand is defund the police means defund your pension...........
you have X number of members who are retired
Y needs to be hired to help pay for X
If a number Y-_ is hired then the pension is shorted.
It’s my money and I want it now. Buy me out, we could come up with a fair number. Say 1.8 each.
PBGC will take over and you will get 10 cents on the dollar. Maybe. Somebody needs to look into how money is getting "floated" between national unions. Money laundering, payoffs, illegal loans? A forensic accountant could probably find a lot.
They need to sell some assets. Like the bean. Also intercept all funds coming in from the state
Rahm Emanuel famously stated: "let the Chicago pensions go broke", while giving the Chicago teachers union, all they wanted during his terms as mayor of Chicago!
Yeah! Keep voting DemocRAT!
Anyone that stays retired and living in Illinois is a damn fool!
Worst tax rates in the country on your house to start with!
Everything ie expensive as hell in Cook County and Chicago!
If you can't do the math, then you get what you deserve and voted for!
Its coming!!
but there's always money for welfare bust-out's and illegals
Worked over 20+ years for a CPD Pension …..
I had all my Social Security credits even prior to CPD of which they will penalize that amount because of corrupt politicians…
I work now to keep busy and paying my social security ( no choice ) and will be eligible for a small pension provided from the current civilian job…. After all these years of working and paying taxes/pension deductions just wait to see what happens if you dirty rat fuck political vermin touch any of it! Don’t forget how Little Dick Daley stole from the cookie jar and mums the word now and Rham ( it up your ass ) along with Groot ( Harvard ) ( Big Dick ) lightlicker just kicked the payment to the pension down the road… Dana Karvey ( Could it Be Satan ! ) just wait!!!!!
Mary Jo ( I love you Joey )
Long Island Lolita ( Bang Bang )
When you go to retire everyone should get a PO pension,if promoted you get the extra cash to do with as you want. This could possibly save the pension if you can’t live on a PO pension after 29 yrs you did something wrong! They won’t take from their voters they will take from us,doesn’t the state constitution open up again soon (2027?) the state constitution will b changed!
How bad is Illinois’ pension problem?
https://www.illinoispolicy.org/policy-shop/the-policy-shop-last-place/
Oh you are going to enjoy this video. So heartwarming!!
Retailers Strike Back! 7-Eleven Workers Beat Brazen Mega-Shoplifter With A Stick
In what we hope will be looked back on as the pivotal stick-whooping heard 'round the world, two 7-11 workers in California lashed out at a mega-shoplifter who'd defiantly thrown hundreds of cigarette packs into a rolling, 55-gallon trash can.
It's easily the year's most heartwarming video so far. As the action begins, we see a black man, with most of his head covered, brazenly rolling a large, trash bin along a wall full of individual cigarette packs and other nicotine products.
As two Indian-accented store employees verbally confront him, the thief aggressively moves his right hand toward the 5-o'clock position on his waistband, which is covered by a baggy t-shirt. As he does, he exclaims, "Shut your ass up" and threatens to "put my strap on your bitch ass." Strap is urban slang for a pistol.
With the audience temporarily left to wonder if he's bluffing about being strapped, the thief continues muttering insults at the employees -- with "bitch-ass nigga" clearly his most-practiced -- as he rolls down the aisle, throwing fistful after fistful of cigarette packs, vapes and cigars into the can.
As an employee draws close to the trash can, the criminal again motions for his waistband. This time, however, we see him pull something out before quickly putting it back. It appears to be a knife.
Then it happens: Respecters of property rights are treated to a sight so beautiful it should be emblazoned on t-shirts, flags and maybe even biceps.
From off-camera, a second employee -- in what appears to be a turban of the type favored by Siks -- enters the frame and hits the thief on the arm with a five-foot stick.
and then thats when the ass whooping begins hahaha
read and watch the whole thing,
https://www.zerohedge.com/political/retailers-strike-back-7-eleven-workers-beat-brazen-mega-shoplifter-stick
20 years ago, $3 billion. It's all gone in 2025.
"*Completely off topic*
Hi ISP! I know you guys read this too. At approximately 2345 on 02AUG23 I was on my way home on I57 South. I hit the ramp to 111th, and reaching the top, to continue s/b towards the 2nd light.
Well, the thick foliage created an ideal blind spot as I entered the intersection, having the green light.
All of the sudden, two ISP cars spin the corner. Lights, thank goodness, but no siren. I'm fortunate I was in the middle lane and slammed on the brakes to avoid tagging the both of you, I know you guys have to drive far for backup, but you can't help if you are in an accident yourselves."
.....
From those of us able to respond, we apologize for the machine that is ISP Chicago (which is now becoming all of ISP). There are many good people working their tails off, but also, there is a GIANT lack of quality training. The knowledge just isn't shared. Poor training, lack of leadership, and the vacuum caused by retirements. New folks are rushed through the process and suffer as a result. A guy or gal that JUST graduated and off FTO is magically an FTO! (a disaster waiting to happen, I understand some could be good, but gotta get that experience first) To those able to read this comment now SCC is back up, you rock, stay safe and remember to help each other out to avoid something like this guy mentioned. If you're not within policy these days, more than ever, you're toast!
... makes me think to one of my favorite SCC posts while back --- "CPD's new pursuit policy: DON'T" (or something to that effect)
Cut Gold Braid Pensions Now, down to Civil Service Rank Pension amount, for starters. They’ve been on the Gravy Train long enough now.
“Anonymous Anonymous said...
With a deferred compensation plan, you are effectively a creditor of the company, lending the company the salary you have deferred. If the company declares bankruptcy in the future, you can lose some or all of this money.
8/03/2023 09:29:00 AM”
Here we go with this nonsense again. I was wondering if this in accurate information was going to pop up. It has in the past iteration of SCC.
Nationwide is the custodian of your money in deferred compensation. Call and speak to someone there. The city has no ability to claw back the money that you earned and has been deposited into an account in your name held by Nationwide. Please stop this nonsense!
"The problem is the politicians aren’t scared of the people anymore. They need to reminded
8/03/2023 11:34:00 AM"
And just what would you say is an effective way to remind the politicians that they should fear the people?
How come noone never asks where the aldermen's pension fund is funded at?
Start date: 04 APR 2001. Within 5 minutes our HRI told us the pension is going to dry up in 5 years and in 2002 we are going to 8 sick days.
“8/03/2023 01:42:00 AM & 8/03/2023 01:57:00 AM
Excellent info and advice from you both.
Here’s a little tidbit of knowledge that everyone contributing to Deferred Compensation needs to know:
Under an enforceable agreement, the City has ‘X’ amount of days (somewhere in the 14-21 range - I can’t recall exactly at the moment) to sit on your Def Comp contributions before wire transferring those funds to Nationwide Retirement Solutions (NRS).
Assuming a hypothetical 7,000 people contributing $500 a pay cycle = $3,500,000.00 which the city uses as they see fit, likely accruing simple interest. 3.5 million a pay cycle x 26 pay cycles annually = $91,000,000. That’s a pretty nice chunk of change… benefitting who exactly?
Don’t believe me? Pull up your account on line (this information conveniently doesn’t appear on your quarterly statements) and search your contribution history. You’ll see that money withdrawn from your checks on the 1st & 16th (7th & 22nd now) was actually forwarded to NRS several days later. So not only is the city getting over on you by making money off of your money, you have the potential to be missing out on investment gains by delayed fund purchases. .
This thievery was brought up during a prior FOP administration (Shields? Angelo?) but was quickly extinguished. This is a FACT that FOP needs to look into.
8/03/2023 09:51:00 AM”
You’re spot on except the city used to “only” hold your deferral for 7-10 days. For shits and giggles years ago I calculated the time your money is not working at 100% and during a 20 year career that translated to about 13-14 years, using an average of 10 days lost per pay period.
20 days lost per month X 12 months = 240 days per year X 20 year career = 4800 total days lost of earning power. The city indeed is raping 30,000 plus deferred comp members to the tune of hundreds of millions of dollars over time.
As the years have gone by they are holding it now almost until your next payday. FOP can’t do anything about it though. Maybe they can lobby some politico whore in the DC Brothel to change existing laws, which allows the city to hold your deferral for up to 30 days. Nationwide will verify this .
So the new class for the Mounted was posted, yet there is still no announcement for the class of ONE they sent down for bomb dog training. Must be nice to be a 5 year wonder and move from 60 on the list to 5. From what this female is telling everyone, she didn't even want it anyway. Wonder who's desk she's spent the last 5 years under.
been saying for years the gold braid pensions need to be eliminated!! It is legalized stealing to reward to political, friends, family connections!!!!!!!!!!!
8/03/2023 08:51:00 AM
You are absolutely correct. The braid-bloat is sanctioned theft as a result of innumerable financial schemes. The financial schemes are 98% of the exempt promotions. The undeserving, over-promoted due to being connected, just keep fuqqing grabbing with both hands. They do not care if they collectively choke the life out of the pension. Whores, near all of them. It must end.
Anonymous said...
When you go to retire everyone should get a PO pension,if promoted you get the extra cash to do with as you want. This could possibly save the pension if you can’t live on a PO pension after 29 yrs you did something wrong! They won’t take from their voters they will take from us,doesn’t the state constitution open up again soon (2027?) the state constitution will b changed!
8/03/2023 04:15:00 PM
Makes perfect sense to help save the pension!
Anonymous said...
It’s my money and I want it now. Buy me out, we could come up with a fair number. Say 1.8 each.
8/03/2023 01:32:00 PM
Got a friend retired from gas company got a buyout took it over 1.5 million
Yes, I can explain.
We pay out 82m a month for annuitants, that includes retired members, spouses, etc.
The City contributes/owes 799m to the fund for 2023. Meaning, the city payments cover
10 months of the payments due to annuitants. The fund uses the proceeds from investments
to pay the remaining two months of benefits.
This is the oversimplified explanation but essentially the ability to not liquidate the capital for 10
months allows for the fund to grow and the City will continue to increase their contributions.
We can’t fix this overnight, but as long as the City continues to make their payments, the Fund
will have no issues. The investments are designed to withstand downturns in the market.
Feel free to call the pension fund, we are available to explain in further detail. You are also
encouraged to attend an investment meeting or monthly meeting. There is nothing to hide
at the Fund. Audits are regularly conducted, FOIAs are issued, the AG has investigated.
There are no secrets at the Fund, it’s been a funding issue for the past 20 years, the actuarial funding
is the correct method but it will take time. No annuitant has missed a payment, the Fund continues to
move in positive direction.
MS
Your pension is guaranteed by a ruling handed down by the Illinois Supreme Court
===============================
except bankruptcy is in Federal court and they don't give a crap about Illinois rules
Give the city no quarter on this issue. Come on FOP get off your ass and use the means you have available to you. Go public, legal action, city council, media outlets, and other resources. Don't be stuck on stupid.
Hey assholes,
Pick up a clue phone and do your research…
Pensions are broke for a multitude of reasons:
1: 20+ years ago, Shortshanks cut a deal with the union to give 4% raises from 2000-2005 in exchange for not funding pensions at all.
2: There are more annuitants now than ever.
3: There are less coppers contributing into the system.
4: Cops who aren’t vested have resigned and lateraled elsewhere, taking their money with them- compounding the problem.
5: “Gold Braid Pensions” are looting the system.
6: 9% contribution rate is too low.
7: Bad investments. The city has their appointees on the pension board and we have our elected trustees- and none of them have our interests at heart. A investment firm (Goldman Sachs, Schwab, Principle, etc)., should take over the funds and invest them wisely with zero interference from city/pension people.
8: Way too much overhead.
9: CPD and CFD pension funds need to be merged, so as to cut overhead and give them more leverage (i.e.: too big to fail).
10: The city needs to fully-fund their share of contributions- which it hasn’t done since the ‘80’s under Harold Washington.
-LigmaBalls
Get all your finances in order, stop spending money like drunken sailors and live within your means. Retired 2 yrs ago with 1.4 million in deferred. Moved it all into a personal brokerage account . Don’t touch the savings and live off the pension comfortably. The nest egg is there to watch. Basis of this comment- it can be done if you watch where you spend your money.
Max out in deferred !!!
8/03/2023 07:49:00 PM
Appreciate the response. I was pissed at first, but that morphed into genuine concern. I've been guilty of tunnel vision myself. I think I was upset that one action could have potentially taken out 3 coppers.
I honestly hope the message gets to them. Might not work out next time. And there's always a next time.
Please stay safe. And thanks again.
Get all your finances in order, stop spending money like drunken sailors and live within your means. Retired 2 yrs ago with 1.4 million in deferred. Moved it all into a personal brokerage account . Don’t touch the savings and live off the pension comfortably. The nest egg is there to watch. Basis of this comment- it can be done if you watch where you spend your money.
Max out in deferred !!!
8/04/2023 07:17:00 AM
And, the $1.4M became how much less when you moved it? It must have taken a devastating hit if you moved it all in the same year?
And, the $1.4M became how much less when you moved it? It must have taken a devastating hit if you moved it all in the same year?
8/04/2023 03:16:00 PM
You roll it into an IRA, either with a firm or self-directed, doesn't matter, and there is no hit. Same amount as you had in deferred.
Cut Gold Braid Pensions Now, down to Civil Service Rank Pension amount, for starters. They’ve been on the Gravy Train long enough now.
Anyone know if Deferred Comp-Nationwide accounts are insured in any way from a banking type City Government collapse, like the FDIC that bank accounts are insured up to $250k for ?
IL Constitution says your pensions can't be slashed, reduced, or otherwise renegotiated. City/State has to make them good unless Chicago files for bankruptcy. So you'll get your pensions... and a 300% increase on property taxes to pay for them.
Anonymous Anonymous said...
Anyone know if Deferred Comp-Nationwide accounts are insured in any way from a banking type City Government collapse, like the FDIC that bank accounts are insured up to $250k for ?
8/04/2023 04:49:00 PM
The city has no ownership of any sort in the deferred comp. The city can disappear off the face of the earth and there will be no change in your money. This keeps coming up for years. Deferred comp and the city are two separate, unrelated entities. End of story!
You roll it into an IRA, either with a firm or self-directed, doesn't matter, and there is no hit. Same amount as you had in deferred.
8/04/2023 03:50:00 PM
Thank you. Sad for Nationwide? They must have shed some elephant tears when $1.4M left-out their coffers!
Funny how the CFD pension has the lowest pension funding but in the last year have received 2 pension sweeteners. One is no longer the year 1966 going to be used for the 3% COLA and the second is they no longer have tier 1 and tier 2 for pensions. Those 2 will cost their pension plenty
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