"Duh" Moment
For every dollar the city of Chicago collects in property taxes, about 47 cents goes toward pensions -- for police officers, firefighters, garbage collectors and other city workers.
The amount of money in those funds is growing, but not as fast as the amount needed for current and future pensions.
These pension funds are invested in a variety of ways. How well those investments perform matters to taxpayers, as well as future retirees: If the investments fare poorly, taxpayers could end up paying more in taxes.
Now, let's see if they can put 2 and 2 together and point out again how the mayor's nephew is borrowing this pension money and investing it in risky schemes that have a high probability of "cratering," but the mayor's nephew (and other connected people) stand to lose no money because they get paid by commission rather than by performance.
This is exactly how most municipal pensions are going to go under in the next 25t years.
This is exactly how most municipal pensions are going to go under in the next 25t years.
Labels: pension
posted by SCC at 12:01 AM
28 Comments:
The Daley name is like REAL TEFLON not like the Gotti name. There is no one out there that can touch him Fitzgerald is afraid, the FEDS are afraid hopefully the citizens of Chicago are not afraid and demand a change or son Patrick / Nora will take over because they too are REAL TEFLON!!!!!!!!!!!
maybe 53 cents per tax dollar should go to our pension... you know what pisses me off, when I say we should get more for the risks... Im told YOU KNEW THAT GOING IN when I bitch about residency Im told YOU KNEW THAT GOING IN when I say Im held to a higher standard and should be let alone Im told YOU KNEW THAT GOING IN... YOU KNOW WHAT ELSE THE FUCK I KNEW "GOING IN" .... THAT I WOULD HAVE A FUCKING PENSION! This should be a matter of federal litigation! We should be suiing the fuck out of the CIty for even thinking about taking away our pension. The FOP should be lobbying the state legislator for laws protecting our pension because like everything we cannot fight against because "we knew that going in" we also had a knowledge "going in" that our pension would be safe! WHAT THE FUCK!? Why is this an issue? All or nothing. Without laws there is nothing! FOP cannot trust the city and needs to go at this at the state level! But Im wasting my time here, obviously nothig gets accomplished on this site... will take it up elsewhere
I say if they go ahead with the gambling boats let those monies fund both the CPD and CFD pensions.But first they should be made to refund all money borrowed from these funds,
Our FOP is a Joke!
" Go to the State"
You have to be kidding. Their pension funds are crumbling also. Why? same reason. The Pols. I am retired and hopefully the fund will last as long as I do.
I read this blog and wonder what everyone is thinking of. ( hanging participle for those with a Catholic education).
You beef about IAD, Merit, and everything else under the sun. But, not much about the pension. You think it is always going to be there. What happened in Orange County years ago? Look it up on Google if you wish.
old and tired
50% of all revenue generated by CPD (parkers, movers, anovs, fines) should go directly to the pension fund until it is FULLY funded. Once funded it should be handled by competent firms, not relatives looking.
And how much of our tax money goes to freeloaders who sue the city? how much goes to alderclowns who make up jobs for their families like burke did for his daughter, or bill "ho" beavers with all his bitches he got jobs for all over six figures, or blago, or daley they all are pigs at the free trough! What other business can impose higher and higher taxes so they can freely give "our" money away? "Book Em' Danno" Or Patrck Fitzgerald before we are like Detroit a bankrupt city!
Maybe they could point out how many years in the past the Daley administration has shorted the pension fund. Instead of paying the pension fund daley planted trees in the middle of the street. Instead f paying the pension fund Daley ripped up miegs field. Instead of paying the pension fund Daley went to france, china, Italy, Brazil, England and god only knows where else. Instead of paying the pension fund Daley Hired trucks owned by his buddies in bridgeport. Daley and the city are the reason (along with mark Donahue and the FOP) that the pension funds are so low.
I remember just before the past fop election Donahue came into roll call and said the pensions are just fine and the stories that they are underfunded are wrong. I dont know Mark it looks like the pensions are in bad shape. Remember when you let Daley skip those pension payments doesnt seem like it was a good idea know.
come to the burbs...I work in the burbs and our pension is 91% funded
just goes to show it can work without corruption
The Trib ran this story in October showing that the county is doing a terrible job billing and collecting on debts - especially of those who go to Stroger hospital...etc.
The 'poor and indigent' aren't being billed and aren't paying their share of property taxes either.
Taxpayers in Districts 016, 022 and 020 are probably supporting 80% of the tax base in Chicago.
They are setting the stage to get rid of pensions. One of the dwindling reasons to take this job.
The FOP should be lobbying the state legislator for laws protecting our pension
----
No offense anon, but THERE ARE ALREADY LAWS TO PROTECT OUR PENSION!!!!!! The State and City are simply ignoring them!
As a citizen, I don't have a problem where a pension system is structured where Police and Fire people can retire young; provided however, they have 25 years served.
Police and Fire people are entitled to that kind of retirement plan because the job ages you and you put your life on the line every day of your careers.
But I don't think other "City employees" should have ridiculously generous pensions that allow them to retire before 65 after 25 years of service and work second full-time jobs for another 20-25 years after they have retired from public employment being a desk jockey or some alderman with it all making me work for the rest of my life to pay for it.
Pensions, for the most part, were made for retirement.
Right there is the financial comet that is going to hit all public pensions like the CTA's and the rest.
As the cost of defined benefit plans increase (the kind of plan where you know you'll get X thousands of dollars a month), the amount of money going in to finance the obligation to pay-out to those who have retired is going to decrease and it's going to be a bigger and bigger gap every year.
Where the pyramid was smaller at the top then at the bottom in the past, it is now the case that the pyramid is inverted. The top is bigger then the bottom where the workforce to retiree ratio is concerned.
People that retired 15 or 20 years ago will probably be the ones who had the best of it as far as the original pension scenario goes. From here on out it's going to be pretty tough.
Fact is, the stock market isn't going to create the needed growth that's required because the politicians (for votes) have sold us out for cheap labor and that "cheap" labor has turned out to be the most expensive labor of all.
We have no manufacturing anymore and a manufacturing economy is what paid for bridges, roads, highways and pensions back in the day.
So the politicians and government will do two things. They'll Stick it to retirees getting out, here on out, by reducing benefits and they'll increase taxes on your kids who won't get any kind of defined benefit plan. They'll have only what they've been able to save from the meager wages that they get to take home. There ain't going to be and Social Security as we know it thirty years from now because of the same pyramid scheme.
This is why we have to cut out this free bee crap. Stop obscenely generous pensions to bus drivers and politicians.
We also have to go back to making things.
Another thing is the illegal immigration. They are a HUGE drain on our financial resources in health costs and other free bee's they get. Plus there is the huge loss of all the dollars sent to, for the most part, Mexico. I'm not anti-immigrant but you can't just let people willy-nilly camping out in your back your uninvited.
It's bullshit they contribute more to the economy then they take.
Ah yes, this is the reason i read news from Chicago. So I can feel good about living somewhere else.
(I do wish you lick collecting your pensions though)
This is an issue I am concerned about too. Municipal employee, not a cop. If I understand this right, by Illinois constitution, our pension is protected, right? I think we are funded around 67%, laborers 95%, and the CTA like 37%? Not sure about Fire & Police funding levels. I REALLY think we need to get organized on this. If anyone plays with our pensions, we all need to walk out. Maybe you can't, but the rest of us civil service types can. The Municpal Employee Annuity & Benefit fund does not even have a website! Red Flags anyone? This is the most important issue to all of our futures- everything else is petty b.s. in my humble opinion.
Where does Daley,and the other politicians have their pensions?
Has anyone looked at the DROP pension plan?? There are numerous angencies that are currentlty utilizing the plan. It appears taht it benefits the officers taht are already locked into a pension and probably guys that are closer to retiring. Would be interested in any feedback
SCC you should have posted, 47 % of property tax money is supposed to be going toward city pensions.
O.K. what are they doing with the rest of the hundreds millions they are collecting.
At least they haven't found a bond in a filing cabinet that we know of. What a disaster that could still be for OLFD.
We are a joke. We keep electing the Daley's and their friends. They keep using our funds for their personal enrichment. The Daley name is likened to hypocrite. Righteous, hypocrital, filled with hubris at the cost of our sweat.
We can only look in the mirror for the finger pointing. Shame on us! Shame on us!
with all the cops the city is firing and letting get indicted who needs a pension now?
TO 6:53PM
Miriam Santos got taken down for trying to protect Police pensions.
Im surprised no Latino activist/reporters ever researched this whole story. I know for a fact that the stuttering prick called his limp-wristed brother who was part of clinton's cabinet for help in jamming her.
Anyone out there got more on Miriam's(and our pensions) tragedy?
Taxpayers in Districts 016, 022 and 020 are probably supporting 80% of the tax base in Chicago.
12/15/2007 11:39:00 AM
---
Bullshit
Like much on this site this person just pulls this shit out of his ass.
The Keesing Bandit says---
"I do wish you lick in collecting your pensions, though"
A man after my own heart.
I wish myself lick also.
Now, kees me you fool!!!
Anonymous said...
TO 6:53PM
Miriam Santos got taken down for trying to protect Police pensions.
Im surprised no Latino activist/reporters ever researched this whole story. I know for a fact that the stuttering prick called his limp-wristed brother who was part of clinton's cabinet for help in jamming her.
Anyone out there got more on Miriam's(and our pensions) tragedy?
12/15/2007 11:35:00 PM
She stood up for us, Laski stood up for us so the daley crime family set them up real good, why no outcry? simple really no latino has any balls and cowers to king richie like all the sheep about to be slaughtered!
If the city would have cops out on midnights writing up cars with no city stickers they could make some good revenue for the city and help the pension fund.
Regrading all pension issues and questions.....
First things first....How many of us in the 5 city unions have attended 1) a union meeting 2)a Pension meeting? They're both held once a month!
I know what everyone thinks "its the same old B.S and that you never get answers and when you do they're the wrong answers, or even posssibly the answers you might not want to hear."
Well Ladies and Gentlemen, get your proverbial heads out of your proverbial asses. Its the same as not voting in elections, by saying " What's one vote?" Well one vote turns into 2, which turns into 5 and so on and so on.
If we Don't start taking control of our own "unions" destiny how can we possibly gripe about what happens on the State and Local levels.
Some info:
No union wants 100 funded ratio.
Reason:
City can and will borrow. Dont believe me! Ask the Laborers Union. (They are in a little different situation than other unions , due to "seasonal" employees.) Once they were funded at 110% and City borrowed( borrowed here means, didnt pay its obligatory multiplier) from it to balance City budget. Whose fault was that? Answer: anyone who didnt attended their Pension Board meeting.
DROP plan. While there are several types of DROP plans, and all of them could be a great benefit to members. BUT,as currently proposed,they will drasticaly drain and thus increase the already underfunded Liablity. So we need new revenue sources to generate monies into the Pension fund before we can entertain more benefits.Im all for more beneifits, but lets find our own sources of funding, propose them to the City and work it in reverse. "Why do we always beg for scraps when we could be cooking?"
.47-.53 cents of tax dollars:
80% of Union memebers of all 5 city unions live in the 10th,11th,12th,19th,33rd,36th,38th,39th,40th,41st and 50th. That's 11 of 50 wards. Anyone see the correlation. Do some homework and find out what a T.I.F area is and how they work. That's where your 47-53 cents on the dollar goes. But the irony is...That's wrong, its more like 74-83 cents on the dollar.
State Law:
Yes, State Statues(Laws) in the State Pension code says the City is mandated by Law to fund their portion of the pension obligation.(known as the multiplier) However, State Laws can and do get changed, case in point, original language for the SKYWAY deal said percentages of the deal were to go to the Unfunded Liablities of the Citys pension system. That inital language was changed. Now One Union has Language in a HB regarding the MIDWAY AIRPORT deal as percentages of that sale will go to Unfunded Liablities. ( We'll see how that gets changed) The 450 page Casino Gambling Bill being proposed last week and this week and thru the 1st of the year has language in to do the same. Let's see how that get's re-worded.
Anyone know who Dana Levison was?Try finding his speech at the City Club of Chicago in May of 2006.He speaks of a two tier system! Meaning new hires would pay into a Managed benefit program instead of Defined Benefit program
The point on all this is , Im an Idiot, and I relish that point.I never finished College and thought being a City employee was the best answer for me, but if this Idiot can get information like this,decifier it and put into laymans terms think how easy it would be for someone Who's Not an Idiot.
For Christmas that's what I want, someone with real smart's,to start standing up for all the rest of us Collect information,decifier it,and explain it in a manner the majority of us can understand.
If half of the
Citys "insignificant" employees did one "signifacnt" thing,that would roughly be 20000 significant things. A point to ponder.
Merry Christmas.
Get invovled.
Happy New year
<< Home