Pension Liabilities Exploding
Something that can't go on.....won't:
Illinois' unfunded statewide public pension liabilities grew another $1.5 billion in the past year. Better investment returns couldn’t keep up with public worker pensions growing faster than projected.
Statewide pension debt has grown to $143.7 billion from $142.2 billion in the past year, according to a new report from the state legislature’s Commission on Government Forecasting and Accountability.
This is the third consecutive year the debt has grown since state leaders put federal pandemic funds into the system in 2021. It is approaching the 2020 record debt of $144.4 billion that those federal funds helped curb.
With Newscum's chances of a presidential run going up in smoke along with Los Angeles, Fata$$ has to be thinking his chances are improving. Best to remind any friends and relatives in other states exactly how badly he's driving this state into the ground.
Labels: money questions, pension
posted by SCC at 12:03 AM
52 Comments:
fat-ass has about as good of chance of winning the president election as larry lightfoot
But let’s support illegals and give our tax dollars to Ukraine and Iran. They better have a place to hide because there will be a whole bunch of pissed people wanting more than answers.
Who's doing the investing? My account is doing 13 % pretty user average over the past 20 years, and I'm an amateur. Turn it over to Nationwide
Sorry to be a broken record. Nothing will be done with the pension debt until the checks start bouncing. Then the governmental entities will try to sell off every asset they have, but it won't be enough. So the governmental entities will declare bankruptcy and all the retirees will end up with pennies on the dollar.
There isn't anything the retirees can do about it, even going to court. The courts can't order the executive branches to come up with money they don't have, and they can't order them to raise taxes. So that protection in the Illinois constitution will be useless.
On a previous thread there was some old timer boasting about how he had talked a bunch of young people in the gym out of joining CPD, even though he knew it would reduce the amount of people paying into the pension. Why was he still in the city?
...only looks good on paper — toilet paper, that is
Porky should have zero chances of even thinking of running for president. The whole Democratic Party should just dissolve
One. JB has zero chance of getting to DC unless he buys durbans seat. And the only way to fix pension mess is to out all new hires statewide in 401k and phase out pensioners. This way in 30 years pension mess is over.
The soaking wet diaper in the white house will come to the rescue. How this fool can continue to cut checks without congressional approval is beyond belief.
Everyone with a working brain who isn't a fucktard lib or democrat knows fatass is a useless pandering huge pile of dog shit
Just raise taxes...what are they going to do...complain....then pay it.
Collect while you can
I will get my pound of flesh
Retire as early as you can and get while the getting is good. This ponzi scheme can’t go on forever, the politicians recently threw you a lifeline by removing the social security offset.
He & Emmanuel will be at each other’s throats in early pre-primary jockeying
Porky the fucking pigster isn’t qualified to be a bloody toilet attendant let alone the president ! The Springfield Blimp is gonna completely bankrupt Illinois a $150 Billion dollars in the hole, and getting worse every year that the big fat fucking pig is in office !
Governor Nasty Nancy's Nephew still thinks that his perfect hair will propel him into the Presidency.
Sounds like he giving them good advice. The pension plan is not modeled after social security, where current contributions pay the benefits of retirees. Fewer employees means the city has more funds to meet its obligation to fund the plan.
When they made the limit of 1500 dollars to campaign donations .The politicians eliminated 20,000 (57,000 to 37,000 )jobs and tuned them into small “contractors “who could donate the smaller amount at greater numbers.Like it or not the pensions are a pyramid scheme and you can’t run a pyramid scheme with 20,000 fewer members.The good news is the State of Illinois is on the hook for existing pensions.
Let's send a tube of Preparation H to every (D) we know and tell them it's an anti (R) cream and to smear it all over themselves, head-to-toe, to make (Rs) disappear.
Won’t be Pritzker in ‘28.
...but the casino revenues will fix this...
The taxpayers pay into the system not the employees.
I know many retirees who have returned. They find out the grass isn’t always greener even in the red states. I myself never left and I don’t intend to. My family is here and I didn’t blow my money on boats, bikes & trucks. That old timer was one of those old drunk red cherub types with three ex wives and couldn’t move if he wanted to. I still believe CPD is still a great job, in fact police have to do far less than I or my predecessors had to. Stay Safe and go home.
Thats because they arenst skimming
There are no tax dollars going to Iran.
Give it to vanecko he’s a real player when investing other players money
Ok, broken record, why do we have all this money for Ukraine, illegals, and billions in grants for CTA and other useless projects.Hard to believe there is no money. Tourism is booming, where is all that money going.
When Detroit went bankrupt they sat down with labor with a list if city assets to cover debt. They asked to see the list of assets in their museums donated by the titans of industry during better times. Sell every single piece. F-ck you...pay me
They're not declaring bankruptcy; if they did they'd have to declare all the cities assets, which are vast, and they never would. We don't have a money problem, we have a spending problem. We just spent over $500 million on migrants we didn't have, where did that money come from? He continues to create new departments with high salaries and staff that he finds budgets for, we also have a Billion that gets siphoned off to the TIF funds. A forensic audit of all city funds is needed by a proficient actuary to reveal what this city has.
Don't believe everything you read. There are a lot of non-police and trolls on here.
Not to defend the fund but they have restrictions on their investing. They have to keep certain amounts in fixed and readily available funds The fund can’t withstand a large correction because they have to pay out the pensions every month.
I don’t believe it. Who listens to an old timer CPD
Worried about our city pensions? Let’s reflect on those concrete flower boxes that Daley built on congested Ashland Ave. north of Madison St. Or better yet, Rahm’s bike lanes on east 100th St. past the vacant land that used to be the location of the now defunct and demolished Wisconsin Steel Corp. Yep, lots a folks biking around there.
I encourage everyone absolutely everyone to join the department so we can keep collecting the pensions, but this is the state of Illinois. You know the Chicago teachers union they don’t even pay under their pension and they get a lavish amount of money plus come to work when they want don’t even teach now that is a career that many of us should’ve went into so much time off so easy
Not too far off. What I'm doing is living below my means and using most of my pension money to buy hard assets. No one has a crystal ball, but I believe gold, silver, food, land etc... will be worth many multiples in value in the coming years.
**question** I apologize for the lack of knowledge, but didn't they consolidate every pension in Illinois? Did that not happen completely? I assumed they were consolidating EVERYONE, guess they didn't?
Mick BelkerSays:
Controlled by Democrats = Looted since Day One.
Jabba and the hair-gel clown out in Cali should be treated to an old-fashioned baby seal-clubbing. Two for one.
Fasten your seat belt: Hugh Hewitt on Salem said last week that California should breach its retirement agreements, that the California triple dip should be ended and that retirement pay should not exceed that of certain military officers retiring after 20 years service.
The average voter has the attention span of a goldfish.
After a few years of media gaslighting normies will be praising Newscum for his "leadership" during the fires and talking about how much worse they would have been if he had not acted against "climate change" before hand.
I wouldn't count him out as much as I would like to.
Good
Fuck You...Pay Me
Referring to the pallets of our money they have received in the past…… get a clue.
Lower the standards. Hire felons, increase their contributions to pension. 3rd tier.
**question** I apologize for the lack of knowledge, but didn't they consolidate every pension in Illinois? Did that not happen completely? I assumed they were consolidating EVERYONE, guess they didn't?
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not with cpd, no. No one wants any part of our pension.
Yes, but a costly 30 years for the government
You mean 500 million on CRIMINAL ILLEGAL ALIENS?
Not for too much longer..
The federal government does not produce a salable product. All of its wealth comes from taxpayers. FYI! Federal funds are still our tax dollars!
That lumbering, gelatinous mass of flesh actually thinks he has a chance.
Thanks Ben Franklin, thank god I didn’t work with you for a full tour.
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