Missed Payment? (not likely)
THIS IS AN UNSUBSTANTIATED RUMOR FROM A COMMENT SECTION in regard to an allegation that the City missed a scheduled payment to Nationwide Retirement Solutions (deferred comp):
- Ask your FOP rep.
The deduction was taken as usual from your paycheck, However, the payment was not accepted by nationwide.
The story that was given to me by the FOP is that the city submitted Their lump sum to Nationwide with a shorted amount, therefore nationwide did not accept the payment and no purchasing of investments went through. So until the city rectifies this discrepancy, no investments have been planned.
This is not just a problem with police. It is also on the fire end and I’m sure other city services.
THIS IS AN UNSUBSTANTIATED RUMOR FROM A COMMENT SECTION.
We don't have a way to verify it and as we said twice already, it's an UNSUBSTANTIATED RUMOR.
As we understood Deferred Comp during our careers, you decided how much to have set aside, the City makes the adjustments, the deferred money goes to Nationwide Retirement Solutions and is invested at your direction. It was never an issue during our years.
But as the city finances continue to degrade over the years and Conehead attempts to run a budget with a billion dollar shortfall while spending tens of millions on illegal aliens, we could see it becoming an issue.
AGAIN, THIS IS AN UNSUBSTANTIATED RUMOR FROM A COMMENT SECTION and long time readers know that occasionally, we give airtime to rumors, if only to stomp on them and stop the misinformation that floats around.
Labels: rumors
posted by SCC at 12:01 AM
34 Comments:
Easy solution. Log into your account. Was the right a doubt deposited? If so then its fine.
I have not seen any anomalies in the “activity” purchase section of my deferred comp
....it's only money,...not like ballots.
I'm not surprised because the city doesn't make any payment on time, i had CFD ambulance IOD bills mailed to me at the station multiple times, each time I forward them to medical section & each time was told city makes 1 payment per year for their bills.
Calling BS on this. Mine was there on correct date. Just another person making things up to get everyone worked up.
Clear and simple..we dont pay for cfd ambulance rides...fuck the city when you get the bills...just ignore them..Like the Mayor does when it comes to water bills.
I pulled all my contributions out of deferred compensation and had it transferred to Baird investments. You could also select an investment firm of your choice. I make pretty much the same on investments. The difference is, I don’t have to worry about the city looting my deferred comp account which they could do. Do your homework/research people.
Do you hear that sound? That’s the sound of financial distress that is the precursor of bankruptcy. Wake up and get your head out of the sand, retire now, move out of state and collect what pension you can. Chicago and Illinois will never be able to tax their way to prosperity.
Spellcheck or voice to text?
Changes forth coming!
And for retirees change custodianship of that account as soon as you retire. Get it out of the City's (Nationwides) hands. You'll sleep easier.
Stop this nonsense about Deffered Comp. This is nothing more than sour grapes for ones that did not invest.
Not true
This comment was made to get people worked up, probably not even a cop.
This is just the beginning.
Now, kees me you fool!!!!
I will gladly pay you Tuesday for a hamburger today.
It’s unsubstantiated until it isn’t.
You have a city with a billion dollar shortfall and you’re still putting money in deferred compensation. What’s the saying you can’t fix stupid.
It’s true. Deposits usually go in for your first check of the month on the 11th or the 13th. Second checks on the 25th or 27th. The first July purchase did not happen until the 17th. 5-7 days later than the usual. The market was up the few days the money wasn’t available for investment schedule.
Quit being so logical.
The last deposit to my account was a few days later than usual but all deposits are up to date-two made per month. The deposit dates do not match up with pay dates-they never have-and the city actually sits on one of your contributions for a couple weeks before depositing the money. This is how they get their end on the interest.
Guess that it worked
Worry about your 18 percent funded pension not this made up crap
You should know dummy.
It's your money. The city cannot touch it. Stop spreading false information clown.
The Chicago Blended Fixed option for the zero risk investor is a poor choice. The other funds give you the ability to find out the funds holdings.
Today IS Tuesday, Wimpy…
I did the homework years ago on this ongoing rumor. It’s false, the money is in Nationwide possession, not the city.
The city has been skimming millions of dollars by holding payment for 2 weeks before transferring to Nationwide. They’ve been doing it for decades.
They can make all the deductions that come out of your check on time but not deferred? Bullshit. The federal law needs change that allows them to delay payment.
Deffered comp has nothing to do with the city's budget
But your pension does. Why didn't we hold FOP accountable years back when they arbitrarily decided to forgive millions in City debt to the pension, only to be handed yet another steaming turd of a contract. Then ask yourselves why your not holding your elected accountable for allowing the city to ignore court orders to make their contributions while spending millions on illegals. What was it Dick said, no elected official is above the law? Unless your a Chicago democrat, because there are no laws to follow. Keep voting for the same clowns, including the unions
Thank God you don’t invest yourself, cause you’re an idiot. Once the city makes the payment , out of your paycheck into Deferred comp , they no longer have access to it. Clown.
So it’s now August 1st and there has been only one deposit into deferred comp for the month for July…now the accounts are behind.
True. Missing the second July deposit as well
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