Pension Mess
We'll confess to not being that well versed in the intricacies of the pension. We've made a better effort to understand as our inevitable departure looms, but our dabbling in statistics doesn't translate over.
This article in The Contrarian however, shines a needed bright light on what is looking more and more like a disaster of incredible proportions.
We won't even attempt to quote paragraphs from it because leaving the words standing alone wouldn't help anyone, so we're going to insist that you go over and read it all there. It outlines the problems, some of the blame for said problems, more than a little corruption and some serious choices long overdue.
Go there and get informed.
posted by SCC at 12:07 AM
79 Comments:
Thank you for the link to the Contrarian article.
Lots of problems, the article offers solutions, but I don't think Mayor BJ cares about our pension fund. Daley, Emanuel, and Lightfoot didn't care, why should he?
We need experts to manage the pension money. I remember years ago, Melody Hobson (wife of film-maker George Lucas) was given a portion of our funds to invest. The investments she made on our behalf lost money.
Why did Hobson get a slice of our pie? Because the city said that "diverse" people should get a share of investing our money. As a black female, she checked two boxes. This is 100% politics.
We do not need any more politics involved in our pension. Just let it be managed by the best people in the business, who know how to get a good return on our pension money.
The first thing you do in medicine with a patient or when you encounter a victim shot or stabbed on the street you stop the bleeding first because if you don’t the person will die. Chicago is bleeding to death because of years of financial mismanagement, lack of crime suppression, incompetent elected officials the pay to play program of corruption, and much more,the money base leaving to be replaced by the dependent base.
The Sanctuary City program is the height of idiocy pushed unto the citizens of this city. Every day more and more people come and we cannot take care of the ones we have. We cannot meet the financial out lay of taking care of people who are parasites on the taxpayers. This is some major bleeding and if is not stopped the city will die.
Erin Geary is right that we don’t have the resources for a 76 million dollar jobs program to keep teens occupied. Let them find their own jobs. My family never took anything from the government and would never even think to do so. We always had jobs and some were pretty crappy but you knew you had to make money to survive. And you always had to take care of family members if the need would arise.
There are all kinds of, give me programs, that the city is involved in that need to be eliminated so we can meet our financial obligations. But the goal of the Democrat Party here is to get and keep people on the public dole so the citizens will be obligated to them. Most of citizens have no idea of what transpires in the government.
Who’s the old k9 guy asking everyone to jump on fake lawsuits trying to cover his own ass from getting fired?
Pension funds are fully funded all over the country but not here. This is the place that waits for the train to wreck before they fix the tracks.
People need to start gambling like crazy at the Ballys casino so I can live out my years in Florida. I'm not living on cat and waiting at the local county hospital all day to be seen.
But Muh Casino!
How about Daley nephew vanecko whose investment fund lost 50 million in pension funds then pocketed 9 million in fees crickets follow the money
A few hundred million dollars being spent on "migrants", a few millions of dollars being spent on community initiatives, a few million here and there for who knows why could all be used to help the pension funds regain some stability. The city, county and state waiting for the giant bail out bucket from the federal government to fix the mess. Sadly, more cash will be wasted, sent off to connected contractors and relatives, more initiatives, more lame brain reckless programs with no results. Someday the funds may belly up and since many pension recipients get little or no social security and many have not or did not or are not taking advantage of the deferred comp plan the new occupants of the police station lobbies may be retired cops, firefighters, and retired city employees.
Off Topic…
Marilyn Mosby, a former top prosecutor for the city of Baltimore was convicted on Thursday of charges that she lied about the finances of a side business to improperly access retirement funds during the COVID-19 pandemic, using the money to buy two Florida homes.
Karma is a bitch. Rot in prison.
Anti semitism is on the rise all over the world. Hatred against the Jewish people on the rise. Hate speech is on the rise. All of this because Israel is defending itself.
Well done well written article very informative. I will add why does the fire department have the highest civil service rank for pension of lieutenant while the Chicago police department has all the exempt ranks plus all the so-called security specialists on Brandon‘s detail which is excessive all getting pensionable money When they didn’t even earn it not as civil service rank they need to stop things now lieutenant should be the highest rank. You could make as much money as you want in your rank, however, pension ability should be nothing to save your money.
Pay to play, why should Johnson be any different? They are not held to any standard , none of them.
https://chicago.suntimes.com/2023/11/10/23953887/brandon-johnson-campaign-contributions-executive-order-rahm-emanuel-michael-tadin-christian-perry
Surprise, though the scam times is actually doing an investigation against the elected, so-called elected. Don’t know how they got their pay to play Democrats.
Hey Brandon, here’s an idea instead of giving the money back to them just throw those small amounts into the pension fund that would help a little bit put some skin in the game. Ask the governor who is a multi billionaire maybe he could throw 1 billion or two into it From the trust fund, let’s throw that skin in the game
The Contrarian article made some great points except the one dangerous misconception that we could get rid of pensions and replace it with a 401k retirement plan. As has been proven over and over again a 401k is only a supplemental retirement plan...it can never be your sole retirement plan (just as our Deferred Comp could never be our only retirement plan).
People relying only on a risky 401k will find it nearly impossible to retire before they're 55 unless they have other types of retirement income! Several types of additional income need to be coming in along with that unpredictable and shaky stock market-mutual fund income (this includes investment rental properties, Roth IRAs, CDs and/or a small side business). Without all of those together an officer would have to wait until they're 60-63 years old to retire with some safety net!
Don't believe me? Look at your Deferred Comp returns and tell me they are anywhere close to what we shown we would get 25 years ago when we signed up. A guaranteed pension (and medical insurance) are now the only real attraction for joining the CPD. This job truly sucks ass (we're having a hell of a time finding applicants now) and if you take pensions away the pool of decent applicants shrinks to zero.
I don't agree with the way the state and city pensions are run either, and I'm sure I'll be corrected here if wrong. But from what I understand, these pensions are underfunded according to general accounting standards. When these pension administrators state a pension should be fully funded at 80%, 90%, or 100% what that means is they have that percent of pension fund money available RIGHT NOW to cover ALL future payments if, hypothetically, everyone in the fund retires at the same time! That will never happen. That's why the State of Illinois and City of Chicago pensions run at such a low funding rate. They don't believe it's necessary to have that much funding. They are then able to use that money to fund other b/s "projects". I have no clue how that will work out in the long run. The State and City have been underfunded for many decades and still sending out pension checks. I am preparing by saving as much as possible. Hopefully the dollar will still be worth something.
I'm sure porky pig will mess this up just like he destroyed the state.
Tough read … but putting your head in the sand is not an option.
There were some really bad decisions there.
But there’s 100’s of millions to give to migrants. All that money could’ve gone to the pension funds.
“If something cannot go on forever, it will stop.”
The pension crisis is a combination of many factors. Political greed, public greed, government employee greed. Every party was happy to “buy now, pay later”. But the bill is coming due. I have no idea how it will play out, except that there will be pain everywhere.
Been saying this for years. One major thing defunding the pension are gold braid pensions. These huge pensions are given to the connected. Due a survey and see how many exempts have passed a test (very few just like the new sup). They have never passed a test but are rewarded for life with a large pension destroying the pension fund.
STOPPING GOLD BRAID PENSIONS IS THR FIRST STEP!
Do these young coppers think they're going to collect Social Security?
Get rid of the gold star pensions. You should only be receiving a pension up to the testable position (LT). Look at "LEAPIN LARRY" jumped to a big pension without even passing a test.
Hey SCC I heard the city council change the age for retirement for police and fire to 65 effective the 31st of December
In the later part of the Regan presidency, I was an idealistic young teacher in a CPS high school. Being the new guy I was elected to be the “pension delegate” for the school and I actually read the pension plan book. What stuck out was a provision that lowered the Board of Education’s contribution to the plan dollar for dollar once the plan’s return exceeded a given %. While market returns were higher the board paid much less than the agreed contribution. I fealty this was unsustainable and quit after 2 years. I went into self employment and never regretted it. It is great to see SCC back!
Anonymous Anonymous said...
Pension funds are fully funded all over the country but not here. This is the place that waits for the train to wreck before they fix the tracks.
11/10/2023 02:35:00 AM
Let’s ask 25 year pension fund trustee Hauser and his mini me Lappe where the money is hidden?
Good luck with a 401k, costs for managing each individual 401k plan will be 4 times the cost. Look into states who went from pensions to 401k and back to pensions because of cost of each individual plan. Pensions are more cost effective if managed right. The only reason pensions are in this mess is the city’s refusal to go to actuary and put in monies into pension. Also to not get rid of mismanagement by investment groups and reimbursement for said mismanaged funds. Officers have never missed a pension payment! Promises made, promises kept!
Easy solution, limit pensions to the rank of Lieutenant. These gold braid pensions have to go!
Anonymous Anonymous said...
Get rid of the gold star pensions. You should only be receiving a pension up to the testable position (LT). Look at "LEAPIN LARRY" jumped to a big pension without even passing a test.
11/10/2023 08:32:00 AM
Ha ha ha I like the "LEAPIN LARRY" name, maybe that should be his nickname. Then again there's been plenty of leapers on this department. It's hardly ever been best MAN For the job.
Again this is what we get for not sticking to gether. The city has plenty of money! FlOP keeps selling us out.
The gold braid is a killer. End that at Lieutenant and raise the contribution a little. No one should be making well into the six figures on a pension just because they are connected. And send the illegals back to their homeland. We’re broke!
From the same mother but a different brother...A private pension plan.
Notice that at less than 65 percent the plan will die.
A few years back I was overrun with notices that my plan was ENDANGERED when it dipped under 80% with COVID-19.
Soon to be taken over by the feds!
How is it, that City and State plans drop to nothing before there is any big government takeover?????
" This pertains to the requirements set forth under the Internal Revenue Code Section 432 and ERISA Section 305, which provide funding rules for multiemployer pension plans in endangered, critical, or critical and declining status. In general, multiemployer pension plans that are less than 80 percent, but not less than 65 percent, funded are referred to as being in endangered status (aka “yellow zone”), and plans that are less than 65 percent funded are referred to as being in critical status (aka “red zone”). Plans that are in critical and declining status are plans that generally are less than 65 percent funded and projected to be insolvent in the next 10 years."
Seems there has been a drop in casino money. Disturbing trend? Poor forecasting?
https://chicago.suntimes.com/2023/11/8/23952896/ballys-chicago-casino-medinah-temple-revenue-daily-average-drop
https://www.peoplesfabric.com/blog/cpd-detective-who-tweeted-selfie-at-ariana-grande-under-investigation-for-racist-and-transphobic-comments
Why are any of you wasting your breathe on this blog. The solution is right in front of your face. Grow a pair, find a way to “neutralize” the problem, get it? Cover your tracks, and the problem goes away. Do this repetitively and more of the problem goes away. This is where we are at with democrats, their donors and the problems they create (you know, the ones consuming the resources for free and committing all the crimes and problems). I am one of many who feel this way, if this keeps going the way it is and if a certain Republican does not get re-elected, then…what have any of us got to lose. They are big, we are small, however, our actions make huge impacts and lasting impressions.
In other news, "Chaos ensues as Chicago protesters take over sanctuary city meeting", see video link. Black residents whine cry and complain about money spent on the illegal invaders when they want it for themselves. They apparently forgot they voted for the CTU puppet, BLM-BJ and all his woke policies including the sanctuary city rubbish. Love to see them eat their own.
https://www.youtube.com/watch?v=wjYaP77Vdkk&t=1s
The goal has been to bankrupt the pension systems.
The multi-nationals (corporations) don't want to be taxed and take their money off shore.
The politicians who get their money from the multi-national corporations are in charge of policy.
They do the bidding of the multi-nationals corporations.
What is that called?
Reverse Fascism. Instead of politicians/government dictating policy to multi-national companies, multi-nationals do the dictating.
Thus endeth the lesson.
Please be careful what you do another pension mess! This officer 28 years otj now being charged with a felony for stopping some punk kid he perceived as a threat:
https://www.nbcchicago.com/news/local/cpd-officer-relieved-of-duties-after-video-shows-him-forcefully-pushing-student-at-elementary-school/3274883/
His pension will be gone upon conviction, his freedom in jeopardy plus the lawsuits civily against him!
Get rid of Gold Braid.
Start 3rd tier.
Hire felons.
We may not have to worry about a pension come jan 2025….civil war!
Get rid of the gold star pensions. You should only be receiving a pension up to the testable position (LT). Look at "LEAPIN LARRY" jumped to a big pension without even passing a test.
11/10/2023 08:32:00 AM
yea strange the author left that out of her "fixes"
Just wait for TIER 2's "NON-COMPOUNDING" issue to explode in 7 years (once those of us hit the 20 mark) lololol....... incoming lawsuits (if not fixed ahead of time).
Tier 2 is a mess and fixing it could blow up Illinois state and local unfunded liabilities, which already are the worst in the nation and an albatross around the state’s neck, assuring it remains uncompetitive with other states. Proceeding with legislation despite no understanding of cost is pure malfeasance.
Its all patronage. Look at the Forensic Investigators. Asked and directed by the Dicks. No test for forensic investigators, but they get a Sgts, pension. One PO getting Lts pay, now laid up on the medical. How many of them fat hogs and bitches are retired receiving a sergeants pension, when some where not even ets in the districts.. a alderwomans niece who could not work the street, or go to court, be cause she had to breast feed. A real female copper in parole would not be allowed to pull that bs..
Patronage hacks placed there by the politicians…f them..why are they getting more money than the man or woman who retired as a fto.
Our earned and contributed pension was a contractual agreement to take the job. Cities use the pension as advertising to attract employees. We had to sign a document the first day in the academy agreeing to money being taken out at 9%. We have no say in that or how our pension money was invested. Now for us old retired people it’s all we have because there is no social security for us. If they are ever even considering making changes then they better also invent a Time Machine too, because we would not take the job knowing politicians were going to fuck it up.
Pensions are easy to understand. You're promising more to the employee than they put in. That "more" has to come from somewhere: Either investment returns - compounded interest, dividends, stock splits and so on; or extra money put in by the Governmental body or Company.
If that's all it was: Returns on investment + some defined extra funds put in each year on behalf of each employee - it might work, presuming that the investments didn't go down in value.
But once you start defining a benefit: X years = 75% of the last 4 years of your salary you get into some hairy calculations. That 75% of your last 4 years are probably the highest salary you had over the 20 or 30 years you were in the pension. How much did you and the company put in v. what are you going to take out? How long are you expected to live past retirement?
You can see that it's already going to be more coming out than you put in.
Now let's stir in some extra funds such as Cost of Living Adjustments (COLAs). Where's that money supposed to come from? It's not likely to come from returns on investment because they didn't have time to accrue the additional amounts promised due to the COLAs, or that money would have had to have been pre-emptively put into the fund BEFORE the COLA was granted. So the company has to cough up the difference. What if they don't have it?
And if everyone retires, and pulls out more than they put in, then the fund's going to run out of money sooner or later, and then the company will be expected to pony up.
In the case of the City - that money comes from the taxpayers. At what point do taxes become so onerous that people of means see the writing on the wall and move out? (hint: It's happening already, has been for a while). The people who can't afford it start to bitch loudly. So that means programs and whatnot which aren't involving the pensions have to be cut to free up some money; but the people who benefit from those programs start to bitch loudly...
So the only other choice is to bring in new young blood, have them work and contribute to the pension, and then use their money to pay off the retirees + COLA's...
It's a Ponzi scheme at it's finest. It doesn't work, can't work, and won't work long term. Especially when the scheisters running the Government or Company decide not to fully fund what the actuaries told them was needed over the years.
Then there's the whole irresistible pension fund pot 'o gold that is subject to all manner of fat envelopisms which cost even more.
It's why companies have moved to 401(k) style plans. The employee puts in their % every month. Invests it how they want, in whatever fund they want, to their advantage or detriment. The company/government puts in some defined amount from a fixed contribution pool every year that can be based on several metrics... The employee is the master of their own destiny. If they fuck it up, that's on them. If they do well, they can reap the benefits in their retirement. But not everyone's the same, there's no funny money COLAs, and politically they're not guaranteed to give votes like a funny money pension is...
At this point, the City needs to give what they promised, but not offer that funny money any longer. Move to a 401(k) - let the employee handle it (hire someone if they want), and move away from it. It'll be a rough 20 or so years as the rest of the pension members retire, but after that it should be much better.
Although, Democrats being Democrats, I have no doubt they'll find a way to fuck that up too. Best to just get the hell out of Illinois while you can....
Anonymous Anonymous said...
Been saying this for years. One major thing defunding the pension are gold braid pensions. These huge pensions are given to the connected. Due a survey and see how many exempts have passed a test (very few just like the new sup). They have never passed a test but are rewarded for life with a large pension destroying the pension fund.
STOPPING GOLD BRAID PENSIONS IS THR FIRST STEP!
11/10/2023 08:23:00 AM
I believe tier 2 takes care of this
Maybe we should contribute 15% rather than 9%?
O.T but is that person wearing a CPD UNIFORM, protesting with Palestinians a real P.O, or was he still wearing his October 31st attire?
Hey Scc while off topic... anymore info on a possible schedule change like 12 hour days or the 10 hour schedule?
This can't be right. Ken Hauser said it would all be fine. Fucking stroke.
Let’s ask 25 year pension fund trustee Hauser and his mini me Lappe where the money is hidden?
11/10/2023 09:58:00 AM
OK. What did he tell you?
What is going on at cta special employment. Sgt get to split up shifts while the blue shirts have to stay the whole shift.
If I remember, some maybe 30years ago the FOP negotiated with the city to forgive 25Mil pension contribution, for some legislation that I not sure we got. My question is, How does the FOP have the authority to make deals with our pension contributions? I could be wrong about this, if so enlighten me.
It was during the Donahue FOP when he forgave 25 million dollars to bring retirement down to 29 and a day from 32 and a day. They also suppressed the raises down to 25 years for your max out raise from 30 years, your 25 year raise down to 20 years. That was 20 years ago during Donahues first term.
Can we now talk about 29 and a day health care for Officers under 55 now? It is only about 350 FOP members.
Let’s ask 25 year pension fund trustee Hauser and his mini me Lappe where the money is hidden?
11/10/2023 09:58:00 AM
~~~~~~~~~~~~~~~~~~~~~~~~~~
This is what happens when people are elected by name alone.
Neither one of these two mxxoxs have done anything to help get the pension to a better position. They are there for their own good. The FOP is the same, the same names elected over and over and over again with zero change for the better.
What is going on at cta special employment. Sgt get to split up shifts while the blue shirts have to stay the whole shift.
The Sgt’s are assigned to Mass Transit, your there on your day off making time and a half. 30 years ago you actually had to ride 22 buses or trains at straight time. Keep crying and they can go back and make you get on a bus while your partner follows you for a mile. Stop bitching, you volunteered to work, no one twisted your arm.
Anonymous said...
What is going on at cta special employment. Sgt get to split up shifts while the blue shirts have to stay the whole shift.
11/10/2023 11:44:00 PM
If you’re doing what you’re supposed to do and you’re staying the whole shift obviously somethings going on inside of your head leave it at that!
We all took the wellness class. Cops die at 57. I find that unbelievable. Right now there are almost as many retirees being paid as there are paying in to the pension.
Anonymous Anonymous said...
Please be careful what you do another pension mess! This officer 28 years otj now being charged with a felony for stopping some punk kid he perceived as a threat:
https://www.nbcchicago.com/news/local/cpd-officer-relieved-of-duties-after-video-shows-him-forcefully-pushing-student-at-elementary-school/3274883/
His pension will be gone upon conviction, his freedom in jeopardy plus the lawsuits civily against him!
11/10/2023 02:09:00 PM
---
Right. What other profession takes away your pension for what is really a simple battery (yes on the public way makes it a felony)? Cop is totally out of line but still. It's a mistake. Same thing happened with the cop from 016th who tazed the guy in an honest mistake. Got off with a misdemeanor but was originally charged with Agg. Batt. and the other generic felony, I forget what it is called. Same with the cop from North Ave. beach who retreated from the arrest of the female black walking the dog. Agg Batt + the other one. Pension up for grabs.
The North Ave. one was a legitimate arrest. it just looked sloppy. First time I ever saw a cop retreat. I can understand it.
All I can tell you is God Bless Anne Burke! If it wasn’t for her you would be screwed!
If I remember, some maybe 30years ago the FOP negotiated with the city to forgive 25Mil pension contribution, for some legislation that I not sure we got. My question is, How does the FOP have the authority to make deals with our pension contributions? I could be wrong about this, if so enlighten me
-‐----------------
The FOP lobbist paid off.. ya know contributed to the State legisttors
Get with the program.. this is the most corrupt State in the nation.
Ken Hauser bad toupee and all is not at pension board anymore but i would bet he still gets a free lunch from the fund now and again. Lappe does commendable job weeding out fakers but more attention needed on investment managers
Why doesn’t the demented clown masquerading as a president and the corrupt war mongers in CONgress send Chicago 12 billion dollars to bring the funding ratio of the pension to 100%?
If they could send that shit-hole U-kraine 100 plus billion to fund their oligarchs pensions and send that stooge Zelensky’s wife on shopping sprees, along with protecting the 50 US bio-warfare labs, then surely there is money for retired cops, right?
NO
Want to know why? Because there isn’t any graft and kickbacks to the politicians, war mongers, military industrial complex by doing that, is there?
Right. What other profession takes away your pension for what is really a simple battery (yes on the public way makes it a felony)? Cop is totally out of line but still. It's a mistake. Same thing happened with the cop from 016th who tazed the guy in an honest mistake. Got off with a misdemeanor but was originally charged with Agg. Batt. and the other generic felony, I forget what it is called. Same with the cop from North Ave. beach who retreated from the arrest of the female black walking the dog. Agg Batt + the other one. Pension up for grabs.
The North Ave. one was a legitimate arrest. it just looked sloppy. First time I ever saw a cop retreat. I can understand it.
---------------------
Even the lady next to the officer identified a threat of some sort with the kid. She began moving before the officer even did.
There is more to that story.
Anonymous said...
O.T but is that person wearing a CPD UNIFORM, protesting with Palestinians a real P.O, or was he still wearing his October 31st attire?
11/10/2023 07:49:00 PM
I know the officer in question. "Person" is too kind a word. This pro-terrorism jagbag is a disgrace to the uniform. I’m old enough to remember when disgracing the uniform was frowned upon.
SCC:
The simplest explanation for how this 3% COLA bill came to pass was that legislators were bought off. Money solves a lot of problems in politics and rather than threaten them with funding a primary challenger, they decided to catch bees with honey instead of vinegar like the trade-unions do. It obviously worked.
The next big payoff, ahem, fight, will come next year with the "Tier 2 fix" (the one stemming from the pension working group):
What the union ISN'T telling you is the following (which is being agreed to):
1> there's going to be a tier 3: increased contributions of 12%.
2> police and fire pension funds will merge, making them a public safety pension fund with less overhead
3> tier 2 will get what CFD just got (highest 4 years averaging instead of highest 8 years) but early retirement penalty is staying
4> health care at 55 deal stays but it will go up to 5% annuity (up from 3.5%) to retire early before it kicks in (to have a lower annuity) or encourage people to stick around
5> phase-in increased contributions for tier 2 (probably 10-11%)
6> in exchange, the city will agree to iron clad contribution increases, but the 90% funding ramp will be pushed back to 2065 to buy them more time to stabilize
7> in the future, raises will be lower but there will be far more non-pensionable incentives and bonuses and pay
I know the officer in question. "Person" is too kind a word. This pro-terrorism jagbag is a disgrace to the uniform. I’m old enough to remember when disgracing the uniform was frowned upon.
11/11/2023 01:36:00 PM
Thanks for the clarification..I actually thought this person (jagbag)was wearing the uniform to bring a bad light to the department. Definitely disgraceful to the uniform.
The writer of this Contrarian article, Erin Geary, is a very talented Chicago area writer who writes articles for JohnKass.com and Substack.
AM
Anonymous Anonymous said...
We all took the wellness class. Cops die at 57. I find that unbelievable. Right now there are almost as many retirees being paid as there are paying in to the pension.
11/11/2023 06:34:00 AM
There are more retirees being paid than paying in the pension!
Is this the same Erin Geary who worked at the Academy?
Anonymous said...
Can we now talk about 29 and a day health care for Officers under 55 now? It is only about 350 FOP members.
11/11/2023 03:02:00 AM
NO, we cannot talk about it. Go to bed and get some sleep. Getting health care at 55 was never about how much time you had on at age 55. The City doesn't want to pay your health care from age 51 on just because you got your 29 years on. Health care at 55 was first given as an incentive to get people to retire earlier than 60 or 63. So stop asking. You sound like a whiner. You can retire anytime you want and pay health care like retirees did before it was offered at 55. The City can probably take away health care at 55, raise the age (as an incentive for officers to not retire at 55), or lower the age for health care (not likely). How many other careers or employers offer health care when you retire at 55. Feel lucky.
The easiest way to fix the problem is to have one pension rate at the end of a career. The monies one makes from a promotion can be used for savings, family or what one finds necessary. The first reason anyone takes a promotion on the CPD or CFD is the pension. This would also slow merit and race engineering promotions. Most of the building trades use this type of retirement model. What did a Commander or a Chief do that deserves a higher pension? They took lots of responsibility for the women and men they lead and were compensated well for the leadership. So why do these tested ranks need more monies at the end of their careers?
11/11/2023 06:34:00 AM
There are more retirees being paid than paying in the pension!
WOW! That's because retirees don't pay into the pension.
SCC:
The simplest explanation for how this 3% COLA bill came to pass was that legislators were bought off. Money solves a lot of problems in politics and rather than threaten them with funding a primary challenger, they decided to catch bees with honey instead of vinegar like the trade-unions do. It obviously worked.
The next big payoff, ahem, fight, will come next year with the "Tier 2 fix" (the one stemming from the pension working group):
What the union ISN'T telling you is the following (which is being agreed to):
1> there's going to be a tier 3: increased contributions of 12%.
2> police and fire pension funds will merge, making them a public safety pension fund with less overhead
3> tier 2 will get what CFD just got (highest 4 years averaging instead of highest 8 years) but early retirement penalty is staying
4> health care at 55 deal stays but it will go up to 5% annuity (up from 3.5%) to retire early before it kicks in (to have a lower annuity) or encourage people to stick around
5> phase-in increased contributions for tier 2 (probably 10-11%)
6> in exchange, the city will agree to iron clad contribution increases, but the 90% funding ramp will be pushed back to 2065 to buy them more time to stabilize
7> in the future, raises will be lower but there will be far more non-pensionable incentives and bonuses and pay
11/11/2023 04:46:00 PM
You realize state law must be change to affect #5, #6 and #7 correct? These are not contractual issues.
Billion $ a year goes to police pension alone. Then, what, another $1B for salaries? For what? We don't do shit anymore (not our fault, the deck is stacked against us). Risk prison? Loss of pension? Getting DOXXED? Hire a moron to do that I';; take a pass.
But I can see how the populace can be angry. Cops suck. We suck. I suck. The taxpayers are NOT getting what they paid for. I hope we all understand this. Something's gotta give.
#GETRIDOFBODYCAMS
WOW! That's because retirees don't pay into the pension.
11/12/2023 08:44:00 AM
This is the idiot comment of the week
WOW! That's because retirees don't pay into the pension.
11/12/2023 08:44:00 AM
This is the idiot comment of the week
11/12/2023 10:08:00 AM
Ha ha ha! Beat me to it!
To the original poster
What they are saying is there are more retirees than active sworn members
For example —- there are now 13,000 retirees collecting a pension, while there are only 11,500 active members putting into the pension (to be clear — I don’t know what the actual numbers are)
Hope that clears it up, brother! We will chalk that up as a brain fart! All good! Stay safe
The original "idiot" comment (if any comment was indeed idiotic) was the poster who said retirees weren't paying into the pension, not the person who pointed out that what they said was technically wrong.
But all in good fun. Semantics. One person's inability to articulate their thought on who is paying into the pension became another person's opportunity to point out the first poster's error, which led to a bunch of posts about the "idiot comment of the week." When really, the idiots are those who missed the "idiot comment" as a tongue-in-cheek comment.
If only we could as vociferous with our politicians as we are with each other here on an anonymous blog.
There are some on this job still, and some retirees, who have forgotten more than others will ever learn. Unbunch your panties, pay attention, and stay safe out there kid.
The police/fire in the midsized city I retired to are all pensioned at their ENTRY pay (ie D-1), at years of service rate. Chief to patrol officer...the same. And police are FOP represented. Also, it's 100% funded. These guys are gobsmacked when I tell them what I get
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