Pension Buyouts?
This came up late last week and we sat on it for the weekend - partly so we could read up on it, and partly because Monday is our "big eyeball day" and we'd get the most reader feedback. We had also touched on it a little while ago, opining that anything supported by that Martwick tool needed extra scrutiny and more than a little doubt:
Cash-strapped Chicago is crafting a plan to chip away at its $35.8 billion pension crisis that is likely to offer city employees the option of buying out a portion of their future pension benefits in exchange for a lump-sum payment upfront.
Acting Chief Financial Officer Steve Mahr said Thursday he expects the so-called “D.R.O.P or deferred retirement option” to be one of “roughly a dozen or more ideas” that will “set the city’s agenda” for the next decade.
The pension commission that Mayor Brandon Johnson created shortly after taking office disbanded without releasing a single report after Gov. JB Pritzker signed a police pension sweetener that, over time, will make Chicago’s pension crisis $11 billion worse.
Now, the Johnson administration has asked EY, the consulting firm that recommended $1.4 billion in savings and revenue-generation options for the city to consider, to start climbing the mountain of unfunded pension debt.
Deferred retirement options already are offered at the state level and in municipal pension funds across the country.
It could be made available to Chicago’s 33,432 employees, but only if state lawmakers agree to authorize it. A bill sponsored by state Sen. Robert Martwick (D-Chicago) would do just that and earlier this month advanced out of a Senate committee. Those types of payouts are now allowed for state retirees, and Martwick said it has reduced Illinois’ pension obligations by approximately $2 billion.
On the surface, it sounds somewhat desirable - a buyout up front to (maybe) reduce the hit a pensioner might take if (when) everything goes bust. It might also be desirable for someone with less anticipated time on earth to get a larger lump sum up front for their surviving spouse than a 50% cut at death might leave them with.
On the other hand, if you're a crappy investor, degenerate gambler, irresponsible with money or just very unlucky in terms of timing, you could be out of the pension....and broke as you enter your final years.
there are also way too many variables that aren't being explained yet - like the insurance portion of your retirement. Is everyone who signs up getting forced into SparklefartCare? Everyone goes to County for doctor appointments? Maybe introduce some of those Canadian-style death panels?
There's push-back already from some watchdog bean counters:
The City of Chicago is crafting a buyout program to help address its monstrous pension crisis– a $36 billion combined, unfunded liability owed by its four pensions. The idea is to cancel pension obligations in exchange for a single, lump sum cash payment to pensioners who opt in. It would require state legislation. The concept is inspired by the State of Illinois’ buyout program for its own pensions, as reported Thursday by the Chicago Sun-Times.
Buyouts might be a good idea, if done correctly and transparently. But, so far, there’s one thing we know for sure that the Chicago discussion has in common with the Illinois program: flimflam. We’ve begun hearing some of the same claptrap in Chicago that we’ve long heard about the Illinois program.
The main question is how much, if anything, the government saves through buyouts. Answers have been wrong or dishonest, and those who are supposed to know provide no evidence behind their claims. We do know, however, that savings from the state program – if any – have been tiny.
WirePoints is directly critical of....Martwick. Which makes our hesitation for anything he supports feel pretty justified at this moment in time. Porkulous gets dragged into a bunch of the article, too.
Read both articles. Sound off in the comments. This reminds us of the many times that Bill Nolan would drum up support for his Contract negotiations with the "Enjoy your retro check!" closing line to cover up how he sold out the membership time and time again.
Labels: money questions, pension
posted by SCC at 12:07 AM
191 Comments:
Do cops who are already retired get to participate and how?
The city’s plan will be to take out a $35 billion loan to ‘buy out’ pensions. Instead of a lump sum, they’ll just pay every month until I die, exactly like the pension. I know this sounds like the most ridiculous idea, but wait it will happen
Only way and best way to fix the pensions is put all new hires in a 401k with generous matching. That way you phase out the pension liability and crisis in 20-30 years.
The financial stress will diminish year over year.
And all the city will have is a pension matching expense every year. No growing billion $ liability.
And we’d hope with AI and technology the city could eventually reduce the 36,000 city workers it has now to take even more pressure off the system and tax payers.
People will still take the city jobs without traditional pension.
Sgt Dean Angelo standing up for himself in 019. He deserves a Department Commendation.
10 million and I'm out.
The negatives outweigh opting for the buyout. Anything suggested or desired by Chicago politicians can never be trusted to benefit police employees, as past practices support this. Double the concern for Springfield and Governor Fatass. Taking the buyout will leave most police officers short on finances, with no financial safety net to fall back on or supplement the buyout. For the buyout to remain non-taxable, it must be rolled over into a retirement plan. However, I haven’t seen this addressed in any of the print media discussions about the buyout. Currently, the present pension and social security are not taxable in Illinois. If the Democrats can manipulate the Illinois Constitution under the guise of rectifying a perceived woke social injustice, Springfield will likely renege on promises made to labor, and Chicago will likely follow suit by reneging on promises to union members. Springfield has been attempting to rewrite the law governing pensions for decades. Why not also address everything related to retirement plans and propose a new income tax and structure plan too! My two cents, your mileage may vary.
The only time you ever hear of Martwick is just before election time when he floods the mail those glossy mailers which are full of misleading generalizations. You have to check anything he puts out there.
the only question is if you take the buyout, will you be able to meet or exceed the return on investment you
will you meet or exceed the returns you'd normally get from the pension if it survives?
take the money now and control your own destiny.
bad investor? pay a company to handle it as a fiduciary, setup a trust.
degenerate gambler? setup a trust that's irrevocable, specify a certain payout each month, get someone to manage it.
but jesus, don't let the Shitty of Chiraq steal it all from you
If you mess up your pension because politicians screwed you, you will be homeless.
I had an aunt and an uncle take a buyout instead of their pension from Peoples Gas. They didn’t trust the state or our giant governor. They have since moved south and couldn’t be happier. I thought they were crazy but it’s been about 5-7 years and they are finically free and happy as can be.
I love how the media frames Chicago pension debt at $36 billion as "monstrous". Remind everyone again how much money the city and state wasted on illegal immigrants and social justice programs. Remind everyone again how much of your taxes goes to Chicago Public Schools. If they get rid of the pension for the CPD then this department really does just become a huge ghetto security company and the amount of people fleeing this city doubles or triples...
"If they say it will benefit the 'Corporation', you can be fairly certain it will NOT benefit you!"
Be careful out there!
Didn't CPS just appoint a new CEO at $380,000 per year salary?
They've known about the pension crisis for years. They've ignored it. They don't care. Sorry guys. You screwed up. You trusted politicians to do right by you. Expect the politicians to do something along the lines of "The Pension Reform Act of 2028 where you get pennies on the dollar. Saddens me to see people get hosed like that.
I was hired in the 90's & many of the old timers back then would say
once you give it up there is no going back. Wise words.
For non government workers, for government workers, stop the
madness. Stop the stupidity, in other words stop putting idiots
in charge of what is yours.
The casino was supposed to be the answer to all this but of course it came to late. We've had two back to back complete idiots as mayors who have had no clue how to manage the cities finances No matter who is elected as the next mayor we are doomed. That person will have an almost insurmountable hole to dig us out of.
Of course it would be nice to have 300-400 million in yearly revenue from the Skyway, parking meters and the Grant park garage. No thanks to the Ahole who sold those city assets off and hoping the Olympics would of covered for his idiocy.
Who is this Bill Nolan you speak about?
So if a patrolman retired with a full pension at approximately 90K per year and he lives to the ripe old age of 80 that would be 90K times 25 which would give you 2.25 million dollars per PO. Is that even possible to fund ?
Markets don't go up indefinitely. Notwithstanding the last 20 years or so. Unfortunately, we are due for a good 10-15 year bear market - or worse.
Never trust anything the city offers in liew of your pension the way it’s supposed to be from day one when you joined. All politicians are crooks and just looking out for their best interests
You would get far less than $2.25 million. The Net Present Value (NPV) of a $90,000 annual payment for 25 years, with a 3% Cost of Living Adjustment (COLA) applied annually, depends heavily on the chosen discount rate (expected rate of return).
Assuming a 4% discount rate (a common, conservative assumption), the NPV is approximately $1,675,000 to $1,750,000. If a higher discount rate is used, the NPV will be lower.
Take it. It's all going bust and soon
Are they offering the money you paid into the pension PLUS THE CITY'S MATCHING FUNDS? or are the going to weasel out of the match?
They better not trust all the pensioners if they screw us out of what we were promised and what we paid from our paychecks. If money is there for illegals who are criminals it better be there for the citizens who kept this city running.
No, they would reduce your payout. Probably give you 500k.
What’s the math formula to get an estimate for any given buyout?
Will the city contribute 11% annually to a 401k for those who take the buyout?
Will we pay into social security if we take the buyout?
Can the entire buyout be rolled into a 401k?
Can we contribute to both a 401k and deferred comp.?
I’m ready to make the move as long as the buyout amount makes sense, we keep both 401k and deferred comp, and the city contributes at least 11% annually into the 401k. Let’s do this!
trust me! I'm a democRAT from Chicago, crook county, Illinois :)
But bad investments in the 401 could easily decimate you while the pension so far by state law is guaranteed
Except for the fact the current pension system needs new hires to Continue to pay into the system.
Why is the DROP program not mentioned or explained. It’s like a one liner in the article.
What is John talking about FOP President? Is he doing anything for the Pension? Absolutely not he’s collecting, but you never hear him speaking out for the Retired copper that are still in the FOP for the Pension even though he is retired also. Don’t forget this is an easy way for them to get out of paying for medical until your Medicare eligible right now that cost about $3000 a month.
The biggest joke of the pension system is that the city is allowed to pay their portion into the fund at the time of retirement. They should be matching our contributions every paycheck.
The city must be forced to keep their part of the barging for all current retirees. Future retirees are a different matter.
Well the men in my family have historically lived into their late 80s. Pay me bitches!
Retired at 50 and plan on collecting for a long long time, so like some dork on here always says, Fuck you, pay me!
Hey idiot you forgot about the 3% COLA every year that’s worth at least another $500k. I can see many coppers falling for pennies on the dollar. Don’t fall for it they’re always making demands time for us to DEMAND they fund the pension they promised us.
The city is talking about handing out thousands of dollars in Reparations. Money to black people who were never slaves many of which have been getting all kinds of handouts for decades and now the city is saying sorry can’t fund the pension. BS!
one way to save on the pension which is not mentioned STOP GOLD BRAID PENSIONS
You give me 3 million I’m out.
Sounds like they’re giving an option we can’t refuse. It’ll open the door for them to change whatever remains under the premise that we could have taken the payout.
It's always basically been a Ponzi scheme. Some guys live to be old and get the pot of gold at the end of the rainbow. Some guys never even see one check.
Plenty of municipal pension funds are fully funded across this country. They have not been infected by DemonRATicitis.
My father-in-law had a great pension plan from International Harvester, with free retirement healthcare for life. He ended up having to retire earlier than expected, to take care of his wife who developed severe medical issues.
As the years went by & International was sold from one to multinational conglomerate to another, letters would be sent to all the retirees offering them this "sweetheart" buyout deal, as new owners never wanted to be saddled with the pension & healthcare obligations of former administrations.
He did the math... and always said no. And got his money's worth - passed last summer after 30 years of regular pension payments & free healthcare the entire time, even through his cancer treatment.
Don't take the deal.
Nope! Only for CPS teachers.
You really do not want to know.
Chicago needs to cut the budget by 25 percent. Lots and lots of waste in Brandon’s budget.How much is being wasted on homeless,yet we see them constantly in parks, under viaducts and public transportation.There is plenty of revenue coming in from tourism. Chicago has a spending problem.How much has Chicago spent on illegal aliens.
3 million and I am out
Worst FOP president we ever had.
Municipalities in California and Texas have tried and failed with the DROP program. They went belly-up! This entire program is a double edged sword.
Pensions by their very design are a Ponzi scheme. The retirees are paid from the interest earned on the pension investments (in theory). The workers pension payments are “invested in their future” and are partially used to pay retirees. So how then are the retirees paid, when the new workers are transitioned into a 401K plan? If the faucet is shut off the hose goes limp!
Savage!!
Only a ratard would accept this job w/o a pension in the end. Sacrificing working nights, weekends, holidays, missing family birthdays etc etc for nothing in the end… pass.
Not many would take the police job, when other states will still have a pension.
If it’s coming out of a Democrat mouth, RUN- RUN far and RUN fast. Wouldn’t trust these thieves to do ANYTHING that benefits anything other than themselves. Promised year after year to duly pay THEIR pension portions in full and that has NEVER happened. Has Conehead put in the other half for this year yet??
"The main question is how much, if anything, the government saves through buyouts."
Saves the government from what?
From being forced to submit to a forensic auditing by?
Any idea what a payout would be for 30 years and 55 years old
Nolan used to be FOP president.
This is all about the teachers. They go to college and become "educators" until they find someone with a pension then quit before they become vested for a pension.
Here's an idea.
How bout we put those politicians who underfunded our pensions in prison.
Get it funded properly, and leave it the fu@k alone.
Just a thought.
Have no idea.
For those who don't know. P.O. pension take home is about $6200 a month.
Hey back off. He probably knows a lot more than you do about police work. Go back into your hole and hide.
If the city can find a billon dollars for illegals. And is considering millions of dollars in reparation payments to African Americans then it can fund the pension. It just chooses not to. Try closing 20% of CPS schools which have extremely low enrollment. That would be a good start. Stop collecting TIF funds that go to connected construction companies already making millions of off city projects. Start allowing police to do their job downtown so maybe some business don’t leave and perhaps a few trickle back to downtown.
City jobs have always meant power. You hand jobs out in return for votes and financial contributions.
They're talking about 1.5x the amount you've contributed which is absolute garbage because they've earned more interest over the 30 years than that. Nobody will take it unless they're foolish or going to live the high life for a year and die
FU pay me
NO DEAL kick rocks!
You forgot the yearly cost of living we get that the private sector doesn't get.
If they don't start with new solution, i.e. 401K, they will be patching this with fixes forever.
The city is on the verge of bankruptcy so this may be an excellent option.
Get some time on the job KID !!!
With Fat ass as governor and BJ as mayor, the timing is perfect to get something bad passed in Illinois politics. These two Bozo's would sign anything as long as someone tells them it will save them money no matter how bad it is for the city and state. Let's try reforming the teacher's union pension plan first and see how that goes.
Close the nearly empty schools and find the pension.
Something to consider. How about letting the Officers with 29 years on retire with the medical even if they’re not 55 years old. Instead of giving up 3.5 percent. Maybe there could be a compromise like giving up an extra 1 percent for every year they retire before 55. Another option is giving up 5 percent instead of 3.5 percent. This way there will be less to pay out to the retired guys thus saving some money in the pension fund.
Was this bill sponsored by the people who put gambling on our phones?
Mess with my pension and you will not like how I act. Fuck You Pay Me.
This is what we get for not sticking together.
Tax the rich! That will solve all the problems.
You are 100% on point. It no longer qualifies as a pension and is now subject to state tax. This is the work around for the state constitution. In addition....no COLA.....I am more than sure medical will be gone....because you are no longer a pensioner.
The state law already has provisions in place to have the pension funded by 2050. This is the way around that law. The pension officers need to push the city to comply with the law. Do your job.
Can I leave now?
That’s until the city doesn’t make their obligatory matching payments and writes IOU’s again. Then the city will find itself billions in unmatched payments growing every month. It’s not a pension problem, it’s fiscal irresponsibility problem with the city. Changing from a pension to a 401k doesn’t fix the problem, it’s just changes the way it manifests itself.
The problem is people who are bad with money (gambling, shopping) rarely possess the self-awareness to do what you suggest. They usually think they are the smartest people in the room when it comes to money. Even if they are self-aware, their urge for immediate gratification outweighs any ability or urge to seek help. Add to that, those who will fall prey to “I know guy who’s gonna give you 50% return annually.” Also, I’ve known a few people who just turned their gambling addiction into a day trading addiction and ended up penniless pretty quickly.” For those good with money, it may be safer than leaving your chances in the city’s hands. I’ve relatives whose attitude was “I’ll be gone in 5 years - I’m gonna live big and another who ignored every financial advisor’s advice.” 15-20 years later, their on their 2 & 3 mortgages and broke. Those who are bad will be insolvent in 5 years time.
I had an aunt who took a buyout from AT&T. She dropped dead before she saw any withdrawals and the year she died, there were $100k in losses. Life’s a crapshoot and I’d give anything proposed by this city a 3rd and 4th look. They aren’t interested in your well-being or long term health of the city. It’s about the grift for someone in the know. Remember those parking meter & skyway deals?
Every time a Chicago pension program is mentioned the State Legislature gets involved. Teachers, CTA, CPD CFD. When is the state going to investigate the fraud and thievery from these systems? This is a Chicago problem! Chicago needs to clean up its own house. Downstate is tired of bailing out Chicago!
Same goes for the Bears. Downstate doesn't give a shit where they go!
Yes. When agencies/employers are legally BOUND to adequately fund their obligations and the fiduciaries know how to invest (i.e. IMRF 96.9% funded 12/31/2025).
How many would take a buyout in exchange for no residency
First dumb question of the day. The short answer is no.
Pensions were designed to make retirement a little more comfortable.Too many people getting paid exorbitant amounts for doing little
It would be more than that because the pension is increased 3% per year
Sounds like a variation on the old 3 Card Monte game. When the city sold the Skyway, one half billion went to pay off debt, the remaining half billion went into the city’s rainy day fund. Is that cash still in the rainy day fund earning interest. If so it should be a sizable amount by now. If not, what was it spent on?
Sure, Dean.
We still remember your useless father.
Lets see who starts selling us out first. I remember when they started screwing us with the medical benefits. I talked to some Podborny guy and he said everyboddys doing it. I said BULLSHIT Not everybody has to pick up dead bodies. If they cut ours then cut Daley Jr's multiple pensions and all this gold braid bullshit. I retired at 21 years otj. I might thimk about it for 2+ mill? Remember. Whats in it for us? And for you boys and girls with 29 and a day... 3.5+ mil
Bill Nolan was a past president of the FOP. Many years ago, the leadership of the FOP consisted of detectives who worked out of Area 4 Homicide. The FOP won the election to represent the men and women of the department many of these same Area 4 Homicide Detectives became FOP officials. Nolan was a disciple of the late John Deneen.
As a current retiree for 2 years, I would be willing to listen to an offer of no less than $2.5 million WITH continued health insurance as is with it written into the statute that the insurance can never be rescinded by the city like the 9.5-digit midget ballerina did to the Korshak guys and gals. The premiums for insurance would have to be tied to the current 3% premium based on my current monthly annuity and any premium increase would have to be capped and adjusted 1x per year. That cap could not exceed more than 3% per month increase over previous year.
I'd listen, consult with my financial planner, and then decide.
AI & tech everything has ruined the human brain.
Meanwhile you have civilian “supervisors” making commander pay, never been the police, with a few year on the job. Cut their positions, save on $$$$$
Maybe, you will have to opt in to keep your pension. Just to make it harder on people.
ssc this total bull sh-t do not take the buy out live within your means max out on defer comp , build up comp hours and do not get married
you will be just fine
conehead wants to turn chicago into a ghetto city
wrong the only way to fix is to get ride of the clouted gold braided pensions
If that crook Shortshanks didn’t sell off city revenue generating entities we would be in a little better shape. He will probably fake illness to avoid prosecution, he has done it to avoid depositions and court appearances already.
Buy retirees out with inflated dollars, crash the economy and abolish the fed reserve and go to a new currency. What could possibly go wrong?
Wait, what?!?!
You’re asking us not to vote Democrat?
But… but… that’s the Chicago way!
We gotta vote for these morons!
Seems the teacher pension is the "main" problem. They only pay 2% into their pension, whereas CPD pays about 10%.
Maybe do away with those golden parachute pensions. Everybody gets the same patrolmans pension.
The Socialist Mayor will find a way to divert the funds to his left wing or DEI projects around the City.
More good analysis from pension watchdog and all-around good person Mary Pat Campbell. She is not amused:
https://marypatcampbell.substack.com/p/chicago-pensions-watch-drop-will
Chicago Pensions Watch: DROP Will Not Save the Pensions
Chicago requires much larger changes for sustainability
I’ll take Ed Burke’s deal. Commit a “few crimes” throughout the years, get convicted, do a year in the country club prison, and get a refund of pensions funds ( about $700k) at age 80.
It was the idiots at the pension board and the unions. We should have been paying more into our pension system. In the last two years, we got decent raises; I would be happy to double my contribution every year if the city just paid theirs on time to keep my pension around. If you are waiting for a politician to help you or fix the pension, you are a heroin junkie.
This peoples gas story is so heart warming
Sounds like a guy from another era long long ago in time.
I wholeheartedly agree, let the “teachers” be the guinea pigs.
Chicago Teachers get 3 percent COMPOUNDED raises each year of retirement. Look up COMPOUNDED and see how much more money they receive then CPD. Also we need to eliminate gold braid pensions.
Don’t worry about it grandma. You don’t qualify since you already started collecting.
Quit giving away freebies to illegal aliens and people who haven’t worked one day in their entire lives.
Sounds to me like you didn’t do something correctly and he informed you how to do it. Sour grapes is all this is about.
Why would people agree to work for the city without a pension? Anyone can get a 401k at a corporation in an area of their choosing that doesnt require residency. Take the pension out of the equation and these jobs are a waste of time. People will get jobs and move to the suburban locations where most corporations are located. Walgreens, Abbott, UB Laboratories, Alstate, Baxter and many more are located in the suburbs. City moves to a 401k it will go bust even faster. Plus, no more checks to private schools and cheaper property taxes for newer and larger homes. Kids even get a pool, tennis, basketball courts at the local park district.
Only reason to be a cop in 2026 is to earn a pension.
A pension started at 55 total earnings for Sgt
Age
Years Paid
Total Pension
80
25 years
$3.79M
85
30 years
$4.80M
90
35 years
$5.90M
That guy was a completely useless crybaby po and detective.
people would take the job. But no one would stick around for long. after 10 years or so its the pension that keeps you around.
Only let the retired guys do this deal if they have a million sitting in their deferred compensation. The rest of us should run from this
Wow you sound like fun. What’s the fricken point if you don’t enjoy life and share it with someone. Good luck pal.
What if we stop giving medical to Officers with only 20 years on just because they’re 55 years old. They should make them work 29 years and pay into the pension for the 9 extra years. It’s not right that they get the medical and someone with 29 years on can’t get the medical because they’re not 55 years old. Keep it fair!!!
No, but you get to participate in a lottery for Shady Oaks Retirement Home.
John Cantazara doesn’t give two shits about active or retired. He’s all about bullying people and self serving
Dude you have no clue. You must be a DEI hire.
Don’t know and don’t care.
Most cops who take the buyout will be busted out in five years. Bad idea.
I'm the first year of the Boomer generation. A few years ago, the stats said 54% of my generation would only rely on Social Security with no pensions or any other investments like a 457 or 401. Very sad to say the least. You could see the buyout takers driving huge cars etc. and end up on the dole when they get older.
I have received pension payments for 30 years plus deferred comp and S.S. Life is good! Remember the O.T. and other sellout bribes like uniform allowances and other giveaways are not pensionable. Once the "Gold Braid" bill was stuffed up our asses, the pension was even in more trouble. To work this job and give up your pension for some bullshit buyout, never. If you could buy a few years to get a high payout over your lifetime, may be a good idea. Remember the COLA increases are not compounded like many other police pensions in the state.
Over the years the theft by "Ghost Investment Advisors" and inflated payments to the investment groups always were under-performing and then the lack of payments by the city add up to billions. Even if this scam was on the legit, the city never budgeted money for us until we retired. So, we missed out of the 25-35 years of their money to grow on. Our pension was the money laundering scheme to beat all. We paid in every payday and the city didn't. Solve problems. never going to happen. Cut spending, really cut spending, not going to happen. Never saw a Dem politician solve a problem. Problem solved means no money.
Last point: Teachers only pay in 2% to their pension.
What a condescending civilian tone you have! Sorry guys “ YOU screwed up” trusting politicians. Why the F would you say pensioners screwed up? Politicians fuk everyone pal! U git fukd just like the rest of the taxpayers in this blue waffle! Also check your tough guy know it all Mr pointy finger at the wrong problem. Pay your fees and stfu,gtfo & please gfy
No it isnt $6200 monthly. Maybe you worked until the last minute and came on at 21. Not everyone gets that amount. Do the math. 25years = $5400 after tax dumbitch
Civilians should not be in our pensions. Not sure they are and if they are it should end Our pension fund should just be for sworn personell
Do the math. You have to be a real maroon to accept that.
The DROP program really does nothing in terms of easing the pension burden - it is geared more towards job retention.
Make the fuckin school teachers take a buyout. In fact, get em down to $16 an hour while they’re “working”. Stick the buyout up your ass. Pension is the only reason I show up.
About time a line supervisor gives a slap to a no-show, over promoted jagoff “boss.” but hey, just my 2 pennies.
Have these gold stars go back to their civil service rank!
Either of you single and childless?
I'm not even worried about the pension.
I focus on my deferred comp, time on the books, and money set aside monthly.
The pension will be bankrupt even before I retire.
28 years get you 6033.83 take home. Cha Ching
Well that is funny because I did 29.5 years, left at 52 and my monthly deposit is $6,238. Original poster is correct dumbassbitch.
I think there is a better than even chance that he has been married. Maybe more than once.
Isn’t the problem that the city is not making its contribution? If you have extra money, wouldn’t it be smarter to max out your deferred comp and put any left over money into the market or income property?
Can we turn over the pension funds to someone like Warren Buffett? We need someone highly qualified to manage the investments.
A gold star's pension should be that of his last rank before becoming exempt. Afterall, don't they all go back to that position two weeks before retiring?
Retired from the shitty 22 years ago, the cola has doubled my pension. Medicare part c is great. You would have to get a huge buyout and be a careful investor to match what the pension pays every month. Couple million later I'm doing great. Fuck conehead and fat ass, just pay me bitches.
Idiot
Yes, a means test is good. Make the officer proove their financial strength.
Yeah dude, the funding arch is how the city pays into the fund.
You are 100% wrong. Taking money from a 401K or 457 in retirement is tax free in Illinois.
The city is not on the verge of bankruptcy. They fund all kind of stupid new plans on taxpayer money and we get no services in return. If the city was broke why spend millions of dollars on bike lanes, cut some of these policies of get this free and paying for illegals..🙄 Start laying off some of these civilians exempt spots that do nothing but hidden spots to drain the pension.
(Hey idiot you forgot about the 3% COLA every year that’s worth at least another $500k. I can see many coppers falling for pennies on the dollar. Don’t fall for it they’re always making demands time for us to DEMAND they fund the pension they promised us.
3/30/2026 07:04:50 AM)
Explain how 3% COLA, we'll say on $100K, is $500K? That's $3K per year, even over 40 years that's $120K. Maybe you should keep the pension, you're one of those guys that'll be penniless at 70 yo. Now, putting 12% in deferred, or 401K of $100K over 30 years, city matching it ( That's the big ?), would give you, at 4% per years (which you can do better) would give you $2.9M at retirement. Now, if you don't buy that 500K boat, and million dollar summer joint, plus a couple new mercedes, that 4% would would give you about $125K or so per year. And you'd still have the principal to leave to the kids and grandkids.
it's the Lottery Winner Question. "Congratulations you have won $5 million" - do you take the 20 years of $250k/yr (the $5mil promised on the ticket) or do you take the lump sum of $2.5 million?
ps, the system is rigged to screw you and make the politicians and their friends rich.
About half of retired coppers now blow through their deferred comp in four years. Ridiculous vehicle purchases, stupidly expensive vacations, second homes they never use and can’t rent.
There is also a few that died and never received a pension, and many more who collected less then 5 years.
None
Congratulations Stingy Stanley, you can’t take it to heaven with you. Jamie Dimon is going to give you a medal.
They don’t share our pension. But smarter than most of us, should’ve just been a civilian and make buckoo bucks without the shitty cancelations. Make up policies and apps that don’t work. And get merit picks.
A 401K plan requires, someone correct me if I’m mistaken, at the least a matching contribution to the plan on the part of the employer. Now hear me out here. The current pension system Also requires a contribution from the employer ( the city, county or state) that currently the employer is Not making. So who here (raise your hand) believes the employer would Actually Make the Contribution to a 401K plan?
The DROP and a buyout are two different things. With the DROP, you can "retire" but continue to work with your full salary and benefits. Your pension check, and COLA, goes into an account. When you finally retire, you get the amount in the DROP account and begin receiving your monthly pension check. BUT, interest earned on that account goes back to shore up the pension fund and, you are stuck at whatever percentage you were at when you started this. You won't get an increase in your percentage or COLA, even if maxxed out. A BUYOUT gives you one lump sum, say 70% of your pension estimate OR the amount you contributed multiplied whatever variable the city/state offers. After that, you get nothing.
There’s a ton of fun to be had without being married. Money buys just about everything
City be broke. Bike lanes cost $ 1 Million total City wide. City Bills the Taxpayer $ 300 Million. Gov. Insiders SKIM $ 325 Million. Cause Gov. Insiders A'int going Tip with Their cash. Now Do You See? Tooth Fairy from Manhunter.
Google Martwick-the father- and John Wayne Gacy. Interesting read. A surviving victim steadfastly maintained Gacy had an accomplice.
Fool. My kids are grown.
And what is wrong with that..is there anything wrong with spending your money on how you see fit….maybe enjoy it while you still can…I didn’t put into deferred to leave to my kids or have a million dollars when I am 75, but have health issues…and if that is what you want, more power to you…but don’t criticize on how retirees enjoy themselves
Been saying that for 20 yrs
They didn’t day…anywhere from one Quadrillion to $5 dollars…
Not taxed by the State…just Federal
Never had a bear market that long…the average is 14 months with the longest being 61 months…and if you are buying during a bear market with dollar cost averaging you will come out ahead…in the end I made a killing after the collapse of 2008…initially I was down almost 70 percent…stuck with it and came ahead
The guys that came on older have been jealous of your age and seniority from day one.This is their attempt of paying you back.Enjoy your great furloughs and day shift. You will win in the end.
before tax around 7200 per month..after fed tax and insurance 6,200.00
JRat gave a speech at a Republican dinner and in it said that “ he was gonna have to talk to his members about reducing their pension payments . “
He was working in “good faith “ with the City of Chicago . maybe some of the Northside cops who listen to Harold Brown should ask him about that speech ! Before it’s too late
The video is out there. I have it.
The fact that you have 30 and 55 and are still hanging around tells us all that you’re soft between the ears.
What kind of shape are the pensions that you never hear anything about like the:
Judges
CTA
State Legislature
Suburban Police Depts
Postal Service
Let’s hear how they are doing.
10:42:58…….Yes you are free to spend it on whatever you want. The point is that without monthly pension checks, these guys are fucked. Don’t whine about bagging groceries at Jewel when you’re 80…….
No fucking way
I agree. Cantanzara is just another stick it in your ass fop President. Maybe mark donahue can run the pension right? LOL
While johnny gets a deputies pension for being so called fop president correct? So a haircut for john means nothing!
Bro, to be honest I thought Captain f in 019 was the Commander there because in the past 2 years i haven't seen the actual Commander. The captain is awesome, he's there for pride, cubs opener, protests and he goes out of his way to thank the officers for good arrests, he's a real stand-up guy. If the actual Commander gets promoted or goes somewhere else then 019 would be lucky to get Captain F as the commander since he's basically Been filling the spot for the last couple years. It only takes 7 years for 3rd watch bid so if ya got the time come over, for real.
insurance is not "given" to anyone at 55. they pay a percentage just like everyone else
In a city & state where slavery was never legal, & which in fact sent thousands of troops to defeat the forces defending that evil institution. So, we should be the ones to pay reparations because….?
Sorry downstate, but Chicago brings more money into Illinois than every single soy county… combined. We bail you out, not the other way around. Think your town of 200 people would have roads, Sysco deliveries, USPS, Amazon deliveries, etc without us? Ha!
He literally has no power to accomplish anything so that's way above his head. I paid in and kept my end of the bargain. I except my full payment.
Yes, and most of the above pensions have COMPOUNDED cost of living increases in retirement. Ask JCAT why we don’t.
Idiot
3/31/2026 02:41:41 AM
Obviously you haven't done any of the math.
I had a neighbor who took the buyout from People's Gas some years ago, listened to "that guy," that could double his money in no time. Lost it all. On SS now.
"Maybe introduce some of those Canadian-style death panels?" - SCC
Dr. Ezekiel Emanuel (Auerbach) is a big euthanasia fan. Patient 65 yo, "had a good life," buh-bye. Need the room for teen folks/people who will keep that nursing home bed filled and profitable for decades to come. Runnin buddies keep comin by w/Henessey and blunts and bags of chips until their own GSW on the corner or a free bus downstate w/SORT.
Descending spiral...
3/30/2026 09:00:09 AM,
I vote in every election. If I need something, the ward politician and team know I am a voter. Years ago, they gave me a little help with getting my front sidewalk replaced, but I never got any hand jobs! I want to move to that ward!
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