Pension Contribution
Missed this one from a couple days ago:
- The city of Chicago plans to contribute a total of $2.7 billion in 2024 to its four woefully underfunded pension funds, which includes $307 million in advance payments, according to a 2024 budget forecast released by Mayor Brandon Johnson's office on Sept. 13.
For the record, we've met and talked extensively with two actuaries in our lives....and we can say without a doubt that they were among the smartest people we ever met. They had the personality of wet paper bags, but they knew numbers like no one else and explained things better than any teacher, instructor or professor.
The city refused to follow the advice of the actuaries for decades, leading to the current crisis, all so politicians could spend tax money on pet projects and bullshit social "engineering." That's why it was tremendously important to get the casino money set aside by law to fund pensions before the celebrity investors got paid.
This isn't going to cure anything overnight. The years of shortfalls are still going to have to be corrected and there's going to have to be a miracle run in the stock market....but that isn't going to happen under democrats.
Labels: money questions, pension
posted by SCC at 12:03 AM
23 Comments:
Remember when we were told that the lottery would take care of education funding? Now the casino will help out the pension funds? By the time all of the "expenses" are covered how much money -if any- will be left?
My early morning brain says sounds good. Thank you wet paper bag guys & gals
Migrants?? Did you say migrants?
Itinerants, Nomads, Transients lend me your ears....we have come to praise and vote for joe brandon not bury him The evil that men do lives after them ...lol or something like that/sarc
They are no longer migrants they are itinerant mostly Latin tribal nomads (in search of TAXPAYERS welfare) transients moving from police station to police station shelter to shelter
itinerant adjective
Traveling from place to place, especially to perform work or a duty.
One who travels from place to place, particularly a preacher; one who is unsettled.
Passing or traveling about a country; going or preaching on a circuit; wandering; not settled.
nomad
nō′măd″
noun
A member of a group of people who have no fixed home and move according to the seasons from place to place in search of food, water, and grazing land.
A person with no fixed residence who roams about; a wanderer.
A wanderer; specifically, one of a wandering tribe; one of a pastoral tribe of people who have no fixed place of abode, but move about from place to place according to the state of the pasturage; hence, a member of any roving race.
transient
trăn′zē-ənt, -zhənt, -shənt
adjective
Passing with time; transitory.
Remaining in a place only a brief time.
Decaying with time, especially as a simple exponential function of time.
tribe
trīb
noun
A unit of sociopolitical organization consisting of a number of families, clans, or other groups who share a common ancestry and culture and among whom leadership is typically neither formalized nor permanent.
A political, ethnic, or ancestral division of ancient states and cultures, especially.
Any of the three divisions of the ancient Romans, namely, the Latin, Sabine, and Etruscan.
Look! Baby Capone
NYC CEO providing services to migrants resigns after lying about credentials
Washington Examiner on MSN.com|19 hours ago
DocGo CEO Anthony Capone resigned from his company that New York City hired to care for migrants after he admitted he lied about his credentials previously.
Be thankful for that.
Thanks Daley. Pos
Standard Operating Procedure -- Funding Crisis's Mulcting Solutions
Raid, Pillage and Plunder
I told you prepare for the upcoming propaganda about overcrowded classrooms and vibrant blue-green hair coloured Marxist gender affirming teacher shortages due to the colonisation of Chicago.
Parade the political tools poor little non-english speaking settlers children in front of the cameras for pity to invoke strong emotions to justify increase taxes else the manufactured crisis will go to waste
When they're done raiding the covid money a return to raiding the pensions will return. The stage is being set
Chicago Public Schools hired hundreds of tutors with federal COVID money. Can they keep them?
chicago.chalkbeat on MSN.com|3 hours ago
Victoria Wicks, a parent at A. Philip Randolph Elementary School, is one of hundreds of tutors hired by Chicago Public Schools to do intensive high-dosage tutoring. A. Philip Randolph Elementary School parent Victoria Wicks has hair as vibrant as her ...
Unfortunately the corrupt friends of friends of family of fraternities gold braid pension is the biggest drain on the pension fund. Retired connected bosses making $140-160,000 a year pensions. This is insanity! Lt should be the highest pension one can receive. As far as the budget….simple fix for one hole. Fly the illegal migrants back home and don’t be a sanctuary city. This will deter others from coming. We simply can’t afford this and Chicago will not survive because right now the invasion seems endless.
Pensions? Don't talk about pensions. You kidding me? Pensions? I just hope we can get another paycheck.
Richard the Second and the 11th and 19th Ward have many things to answer for, this is one of them.
What about the tax money made off legal weed sales?
The pension ponzi scam will not survive even with the current importation of millions of new migrant ponzi's.
Interest alone on US debt will exceed one trillion dollars this year two trillion by the end of next year and that's just the interest on the debt not the debt itself.
The pension Weinmar currency we'll get will be essentially worthless soc. sec and Medicaid busted out supporting the new ponzi's; Anyone that thinks otherwise is delusional.
I remember teachers telling kids oh you want to be a police officer that's a good job that's never going to go away we will always need police officers. What they didn't say is that we might not be the ones chosen to do that job or if the pay and benefits would be worth it.
Good luck to the holder-on-ers the pensions are a misnomer imo
Hoping for the best, planning for the worst.
As long as status quo holds, funding should be sufficient.
Trouble is, the political/financial status quo has been repeatedly shocked since the ‘08 crash. Especially the viscerally violent reaction to Trump over the last 6 years.
They’re showing you that they’ll crash the plane to “win”.
The actions of the Kalorama Junta running the US government do not inspire financial confidence.
Develop a plan to survive in a diminished pension future.
Max out your def comp and don’t spend a penny of it when you retire.
Liquidate your real estate holdings in Chicago now. It is now a 3rd World city that’s expensive and unsafe, essentially for retired cops.
Get out of Illinois if you can. Many cheaper, safer places to live and thrive in.
Union negotiators could have pushed for that. They didn't largely because they didn't care about the long-term any more than the mayors' did. As long as they could walk away with a raise, more days off and maybe some new medical benefit to brag about to the rank and file, everybody was happy. I'm glad the city council eventually put their foot down, probably in response to Daley's flagrant abuse of the system (once Daley wasn't around to punish them any more).
Chicago may become the biggest bankruptcy in american history. You can't blame this one on a gassy cow or a drunk peg legged irishman.
This post is true
FOP, PBPA should be fighting to end this practice that drains pension fund
Give the young officers the pensions we have
Unfortunately the corrupt friends of friends of family of fraternities gold braid pension is the biggest drain on the pension fund. Retired connected bosses making $140-160,000 a year pensions. This is insanity! Lt should be the highest pension one can receive. As far as the budget….simple fix for one hole. Fly the illegal migrants back home and don’t be a sanctuary city. This will deter others from coming. We simply can’t afford this and Chicago will not survive because right now the invasion seems endless.
I blame the union bosses also,no balls!
I saw Casino. I know there will be a guy walking into the count room with an empty suitcase and walk out with the suitcase bursting at the seams with cash
Nice start but still a long way to go. Invest accordingly.
I have been trying to get a handle on just how much the city is required to pay into the police fund.
Page 3 of the report https://chipabf.org/wp-content/uploads/2023/06/PABF_Val_2022_Final.pdf
actuaroal evaluation for 2024 is $928 Million (not sure if this is in addition to our 9%)
this is all due to the state law passed by Quinn - this is NOT good will by the city
OK, a littel more:
So monthly payout is ? all approximate
o 60M/month to retirees
o $7M/month to survivors
o $1.2M/month to ‘disabilities’
o $142KM/month to children
o Total = $68M/month = $820M/year
Unfortunately the corrupt friends of friends of family of fraternities gold braid pension is the biggest drain on the pension fund. Retired connected bosses making $140-160,000 a year pensions. This is insanity! Lt should be the highest pension one can receive. As far as the budget….simple fix for one hole.
This hit it right on the head, These gold braid pension have been stealing for years and it is now worst than ever THEY ALL RETIRE AS DEPUTY CHIEF drawing 160,000 a year, How do we start the procedure to stop this. CFD dii it!!!!!!!!!
With regards to cpd anf cfd pensions… everyone should retire with a patrolman’s pension or a firefighter’s pension! If promoted you make the extra pay but not in retirement! 29 yr pension should b plenty if you need more u did something wrong! This could possibly save the system 🤷♂️
Anonymous Anonymous said...
I have been trying to get a handle on just how much the city is required to pay into the police fund.
Page 3 of the report https://chipabf.org/wp-content/uploads/2023/06/PABF_Val_2022_Final.pdf
actuaroal evaluation for 2024 is $928 Million (not sure if this is in addition to our 9%)
this is all due to the state law passed by Quinn - this is NOT good will by the city
OK, a littel more:
So monthly payout is ? all approximate
o 60M/month to retirees
o $7M/month to survivors
o $1.2M/month to ‘disabilities’
o $142KM/month to children
o Total = $68M/month = $820M/year
9/19/2023 07:04:00 AM
OK so there is about a $100M/year surplus going into the police pension
that's good news
I guess the next question is, how are those fund invested and how is that going?
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