Is This Something?
It looks like something (click for larger image):
If we're reading that correctly, there are 3,000 more annuitants than persons paying into the pension fund? That doesn't sound sustainable, even with an above average rate of return on the investments.
Labels: pension
posted by SCC at 12:04 AM
112 Comments:
"Don't worry about it. The casino there gonna build will take care of our pensions." ~ Retired Chicago Police Sergeant's Association past President Jimmy ADE circa 2015.
Fck the job--retire as soon as you can and have a nice life.
So for the year of 2025 the fund is expected to gain 925 million for the year. But we are paying out 85 million a month. So we are bringing in 77 million a month but putting out 85 million a month. Do I have it way wrong here?
Obviously the Fund needs help. Does anyone know if Mr. Ponzi is still alive?
No one to blame but politicians and bad city management.
A house of cards that is about to collapse.
In laymen’s terms if you were able to press a fast forward button years ahead the fund would eventually become insolvent on the course it’s on. Still a decade of cushion with decent markets, but yes it’s looming and if any fund people read this they know I’m correct.
Just sad!
Get rid of the Gold Braid Pensions. That is an undeserved wind fall. None of the Gold Stars deserve it or command in a way that they should be getting anything extra.
Don't worry...Mayor conehead is on this.
How long before the party is over. More people are retiring early because of bad policy and shitty bosses. The Democrat’s messed up the city and the police department. All the other city employees are happy they aren’t involved with their pension money. Ours will go broke first because the city doesn’t keep us up too full strength. We are always under budget strength. Just horrible!
Everyone knew this was going on. Now we have it in writing. Retired officers will be on food stamps and lining up at the food pantries.
There is only money for 5 full years. The money on hand divided by 85 million this year. Which will go up with more people retiring. Good god. What are we going to do about it. Let’s not wait until the money stops. The city was giving the migrants everything. But we will get nothing soon and we are the workers.
The last four mayors are responsible. Starting with Daley and ending with Johnson. Vote Republican!
It sounds like we won’t have a pension.
The unions better start working on limiting the pension for the exempts, just like the fire dept.
The Ballys casino is basically empty. The crowd is made up of ghetto free loaders playing twenty dollars here and there. The dream of a casino funding our pensions is just that.
A blind mice coud of made an above average return last year no thanks to the mag 7 stocks. This year is going to be a different story.
Unless the city ponies up on their end, the tank will run dry.
Now, kees me you fool!!!!
What's even worse is that the active member number may be around 10727 by the end of the summer which means the annuitant number goes up by 1000.
Everything else is going broke why not yours?
It’s not sustainable.
Option 1 - Retire ASAP like today. Collect as fast as you can to recoup your 9% contribution. It takes 3-5 years.
Option 2 - Never retire. Work till 65 and keep collecting a paycheck. Hope that when it all collapses you will be offered a job at security job pay scale while holding a tin cup with change in it.
As of 31DEC2021 there were 10,601 retirees and 12,126 active participants. There were 3,130 survivors, which I take to mean surviving spouses getting half the pension. 311 children, not sure how they figure in. 218 disabilities, which I take to mean IOD or whatever – but disabled.
So since 31DEC2021 an additional 4,289 cops retired. That’s 3 years: 2022, 23 and 2024. 4,289/3 = 1,430 per year retiring. Does that sound right? Maybe I’m wrong, maybe annuitants include the surviving spouses ? That would bring the cops retired number down to 1,159 making it 386 retirements per year. No, that’ not right either. Who knows.
No you are not reading it right. Its 3000 more annuitants than active. These come out occasionally from the Lt and are accurate. Obviously not sustainable
55 and out is the problem
21% funded is dangerous. any actuary can tell us that! Why is it the fire dept tops out pension at highest civil service rank our LT, but yet we give the gold star club and captains the huge pension dips, draining the pensions!
Hire felons. 3rd tier.
FOP. Let’s start getting a campaign rolling to eliminate GOLD BRAID pensions and save our pension. Start with billboards, commercials, paper advertisement to educate tax payers of what they are paying the clouted. The clock is ticking!
Retire ASAP or go to a suburban department, especially if you have less than 10 years on, get out now. The summer will be ruined with every weekend working.
In 2023 Conyears-Ervin faces an ethics investigation into allegations surrounding abuse of power.[6] Former employees allege her of requiring staff to perform personal tasks including planning birthday parties, grocery shopping, and forcing BMO Harris Bank to provide a mortgage for her husband, Chicago Alderman Jason Ervin.[
Sickening
The tier 2 pension has gotten rid of the gold braid. We will see if it’s too little too late
How? If anything 55 and out gets people to stay after they are maxed waiting for the insurance.
A quick back of the napkin math tells me that your pension checks are going to start bouncing in about two years. Get ready boys and girls.
The City Treasurer's Office is the custodian and manager of all cash and investments for the City of Chicago, the four City employee pension.
The market is tanking. The numbers will get even worse.
Same woman that fired whistleblowers last year?
Funny 2024 fund earned 10%. This year it will be a -20%.
Time to sell off O’Hare, Midway, the Picasso, and whatever else the city may own.
Actually hire a professional investment person not some with hack.
It's time to die!
The fire dept cheated the author (and clout of the brass bill) of a promotion. Needless to say?
Agreed
the dept and city hall are the problem.! with 25-30yrs on and 55yo, what more would you want from an officer..? as SCC has pointed out many times, the coppers from the hiring push in the 90's are all getting maxed out and have the age.
Start to collect asap. You may have a chance to get some of your money back.
The purge downtown is only the beginning. My sources tell me that HQ has noticed the rash of retirements with under 30 years service. 1st Dep's first assignment is going to put a freeze on retirements to stop the bleeding. Fewer retirements mean less need to hire new recruits. HQ is currently working with MLAS to make it happen. Snelling will sign off on any proposal that makes it to his desk.
Madoff is available, may need a pardon first
Agreed off with their tiny heads
He's going to have a BOGO free sale of gifts from the hidden closet on the fifth floor.
Mr. Ponzi is busy working on the social security program. That program will be running out of money in the near term future.
How many have departed prior to vesting and pulled their funds to go elsewhere? How many of those positions were left vacant (RIF'd by city hall) and now no longer support the cause?
280 less Lt. Receiving a pension since 2022 . Dropping faster than any other rank. End that gold braid pension for everyone except the superintendent.
The cat food at Aldis is to die for...
Very true. Initially they thought they'd save money by getting rid us by 55. Thirty, forty years ago guys worked till they were 60 and then some. Only problem is they died less than ten years later.
Rahmmie will kick the can down the road like last time he was mayor.
This has been happening for years.
You’re just noticing now?
There was an 15 year bill market, that has recently ended. 40-50% market correction coming via recession. The 10Y3M has been flashing the recession signal for a few months now.
Unfortunately the funds do not have an above rate of return. Their investment manager is not doing anything magnanimous and the salaries going out are too high for the job being performed. Anyone resting their hat on a pension is in for a very rude awakening when the money stops. I've heard all the garbage about the state constitution and "they have to keep paying us" They can only pay what's in the pot. Once it runs dry, it's over.
They are going to have to take more out of each officer's paycheck to put into the pension fund. Simple as that. A pension is like any other pyramid scheme. You need to have 3 officers paying in so a 4th officer can retire. Add on top of that all the gold-braid pensions draining the fund even further and we have major deficits.
Lieutenant is the highest pension you should receive. Last civil service rank.
Active members never carried the burden. Chiraq needs a DOGE to clean up all the grift and pay the real bills.
You’re a genus who forged your transcripts.
According to that info it was all BS about mass retirements, officers lining up around the hallways to retire. Less than 500 each of the last two years That’s normal
Retiring soon but not soon enough. Can't wait to cash in.
Go back to bed.
Wasn't that ride on the Titanic wonderful and beautiful! Until......
Tier 2 already fixed this, the effective highest rate is 136k so a LT. Tier 1 will bankrupt the fund before tier 2 even retire. And these tier 1s are living too long. I guarantee they will push collecting pension to 65+ not 55 sooner rather than later but that too would require a benefits adjustment so tier 3
The fund is actually 3000 officers short, considering those in the academy, long term medical, days off, furloughs etc. Every city employee should pay 10% into their respective pension fund, including the teachers union who contribute 2.4% of their pay check by weekly.
You will also be left with NO SOCIAL SECURITY from this job. I hope car food is cheap.
They gotta give medical to all Tier 1 who have 29 years in. It’s not right that someone who gets hired at 35 years old and works 20 years gets it. If you get hired at 21 years old you have to work for 34 years to get the medical. Just doesn’t make sense and it isn’t right.
Bitcoin can fix this…
For now. They are currently trying to give our exempt DEI chiefs a brass bill. Its in committee. Hopefully it gets voted down.
One of the cold realities is that our annuitants are for a large part elderly and the monthly liabilities will be reduced in the nearer rather than later. Lots of spouses are also receiving as they should. They tend to outlive their husbands. Current annuitants are from the large hiring spree in the mid-nineties. Thats why there's more retired than current active paying in. Time will rectify a lot of this imbalance unfortunately. The average annuitant doesn't live too long. (Average 6 months) We all knew that when we signed on. FOP should be fighting against gold braid pensions...that's a fact.
Retire ASAP and get your money while the getting is good, wait and get nothing.
The city agreed to top salary at 25 years, maxing out at 29 and 1 day, 55 and out package. All these things balloon monthly pension payouts. The biggest problem is the department being 2000 people short.
they have been doing that for a while now,,,,,, you ever see some of those ??
don't forget those who resigned to take jobs elsewhere - feds, burbs, out of state. that was over 150 in 2023 and 200 in 2024
Maybe they should start giving away 99cent Shrimp?
Is John Rosco who comments on the CPD official Facebook page enjoying his pension? He spends a lot of time mocking deceased officers and female officers. He used to post as John Phillipe but realized people were on to him. He used to work the wagon at Grand Central. He's a disgrace to every officer, dead or alive that ever wore the uniform.
Thats called a death spiral.
Actually, that was not on the recruitment brochure.
The fund has it already. The problem is the politics of ESG, DEI, and exaggeration of injuries. Talk to your Trustee and write letters to the editor and WTTW.
Nope can’t happen. Officers are going ptsd and disability in droves. Can’t stop that.
Salaries are on the lower end for financial market. The basis points paid for investments are sub 75. Your not accurate with your assessment.
The fund consultant is anti bitcoin. The Trustee tried.
I wonder how big their bed is? It must be the size of a football field.
You are a DUMB FUCKING IDIOT! If you qualify for a pension—- NOBODY is going to freeze that! You dumb ass!
Anonymous
The tier 2 pension has gotten rid of the gold braid. We will see if it’s too little too late
3/21/2025 08:29:41 AM
That’s a good start! Fuck this bullshit gold pension! In the meantime a Tier 3 pension is needed ASAP for new hires.
A lot of people are 55+ with 29+ years and still here. Check out the D unit
CPD/CFD pay 9%. Teachers pay 2%
Tier 2 doesn’t have gold braid and changing anything tier 1 would require a constitutional amendment to the pension code…which could open them to changing anything they want. I’m sure someone that thinks the unions can do this would know that though.
Hey puss lomergan. You stole the race and won. Where the hell are you now? Many retirees live out of state and would appreciate you creating a social media site to keep us updated on your spectacular feats with our pension.
"311 children, not sure how they figure in."
Seriously? You're not sure? Think about it for a minute.
Where are you getting that 6 month figure from?
A freeze on retirements? You mean force somebody eligible to retire to continue showing up to work against their will?
Has anyone heard from the Retiree Trustee since he got elected? Not one peep. No mention of him attending any pension bd meetings (from their website). I don't believe he ever thanked those fools that elected him. And when can we expect Cantanzara to make his moves on the pension bd?
The average annuitant lives 6 months? I call bullshit. Try 18 Years. This month's FOP newsletter has 10 retirees passing away... average age 81. If they all stayed on the job until they were 63 (which they most likely didn't) that's at least 18 years as an annuitant. People are living much longer these days. That means collecting the pension for many more years than previous generations. Find a new source for your information.
assuming your numbers are correct, pretty sure it makes 10%. So 77M + 7.7M = 84.7M?
my car doesn't really eat that much dummie learn to type.
shut up both of you morons
are you aware of Tier 2 at all?
I have kept track of this a bit. It says the monthly outflow is $85M/month. In 2023 it was $76M/month. Each cop contributes about $9k per year on average. Thats about $105M/year coming in. The city is at about $900M per year which they have to contribute. So, there's approx. $1B coming in each year. $85M/ month going out That's $1.02B. But then you have to figure in it makes about 10%.
the department has offered healthcare to retirees for at least the last 35-40 years at age 60, the age was lowered to 55 in the contract that ran from July 1,2007 to June 30 2012.
No they won't john. You'll still be paying my pension.
Just worry about yourself
If you're relying on newbies coming on the job to pay in, then the whole thing's a Ponzi Scheme at best.
Should be something along the lines of a 401(k) you can self-manage or pay someone to handle for you. Dept should add in funds at a certain percentage of your salary ... or you can add more of your own.
they tell us in all the wellness classes CPD die at 57
no idea pal, why don't you hop on the old keyboard and tell me
All of you younger officers need to get involved with the workings of the pension board. Additionally take your Union back. There are way to many retirees running the show and collectiong monthly stipends. Get active and involved.
Union also, years of not holding the city responsible!
How about everyone retires with a PO pension! You get the raise with the promotion put extra into 401k or whatever you want to do with that money.
Keep an eye out downstate in the coming years for bills to allow Chicago to declare bankruptcy. That’s when the shits gonna hit the fan obviously.The lawsuits will take a few yrs to make it through the courts.The union will probably agree to a haircut for those still working,your best chance will be to retire before those agreements are in place! Just my opinion.
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