Monday, June 25, 2012

Debt balloons for Chicago-area pension plans - Funds accrue $27.4 billion shortfall between 2001 and 2010 - That's $27,400,000,000.00


Photo: "(The elected officials) By ignoring this issue for so long, you've guaranteed that any pension reforms (Including Chicago Police & Fire) will have to be much larger to be effective," said Laurence Msall, president of the the nonpartisan Civic Federation.

The debt from 10 Chicago-area pension plans swelled more than 600 percent to $27.4 billion between 2001 and 2010, according to a study released Monday by the nonpartisan Civic Federation. That's $8,993 for each man, woman and child in Chicago, according to the report.

The shortfall comes on top of more than $83 billion in unfunded pension liabilities at the state level, driving the cost up to nearly $15,000 per Chicagoan, the report shows.

"While they're debating what to do about the state funds, these local funds are continuing to decline," said Laurence Msall, Civic Federation president. "Inaction during the past 10 years means it's not just politically more difficult to fix this problem but also mathematically more difficult."

The report bolsters the urgency for pension reform expressed by Mayor Rahm Emanuel and Gov. Pat Quinn in recent months. In May, the mayor traveled to Springfield to testify before a House pension panel, saying essential city services and education reforms would suffer if dramatic changes aren't made to the city's pension system.

CLICK HERE FOR THE FULL NEWS STORY

60 comments:

Anonymous said...

Why haven't all of the self serving corrupt politicians who short changed our pension brought in front of a FUCKING FIRING SQUAD?Daley, Madigan, Cullerton, and Todd "Erkle" Stroger should not be breathing air right now. These Bastards plus many more have bankrupted our pension system.

Anonymous said...

It's all for the children, right?

Anonymous said...

The Honey Badger could eat Aldos head but knows enough not too. The Honey Badger, while being a tiny bad ass, knows not to eat toxic waste, it would make him sick.

Oh well, time to eat more Captain Crunch in my mommys basement. Signed off, The Recruit...

boss hog said...

So the portion of the state and county city wassnt paid. Lots of years of pension holidays. But its the employees fault.

Anonymous said...

FIRING SQAUD IS TOO GOOD FOR THESE THIEFS,STONE EM.

Anonymous said...

Let's start with the $500.00 per day that Daley gets

Anonymous said...

Some of these problems are our own fault.
1. "Forgiving" the city its contributions in contract negotiations.
2. Forgetting about a one million dollar pension ( 50k a year for 20 years) for some chump change retro of 3 or 4 k.
3. Extending benefits ( 2.5% for every year over 20) without looking to see if there is money there to do it.
4. Extending benefits to allow former officers of other jurisdictions to buy in- they are buying in cheaply. Again without looking to see if there is money for that.
5. Not fighting the gold braid pension like the fire department did years ago.
6. Electing people to the board that do now know what a CDS-CDO and the like really are. Those on the board now are more or less pols letting Vaneko and the like steal our money.

And finally the major cause-- city not putting in their share-- BUT the above should be cleaned up initially.

Been commenting here for years and my estimates are the same-- pension fund goes belly up sometime between 2018 and 2022

Coypus said...

Reform at the Chicago spelling bee is FRAUD BY TRAITORS!

How many of us are fully or partially vested right now? Tomorrow ! Next year (when the City "ops out" of health care?

I take 4 med to get out of bed and 6 to go back to bed! My second job is using ice packs and a whirlpool.


Forensic audits of the City, State and pension plans would result in a second civil war; the tax payers vs the parasites traitors richbastards and illegal aliens and their anchor parasites!

To bad we'll lose the battles but win the war.
Mom said something about not being able to get blood out of a turnip; she was genius like her relatives back to 1704.

War. depression. dust bowl. murder perversions. ??


THE FUTURE IS NOW!

linda dale said...

I think this pension plans always have such problems because i always heard a lot about this issue.This sector need a lot of focus and attention like insurance sector then only something will happens.http://www.aegonreligare.com/retirement-pension-plan/pension-plan.php

Anonymous said...

They continue to steal 1/4 of all the tax revenue every year through TIF districts. The cities elite are quietly stealing billions for the construction of their own projects girectly from the general fund. Grossinger built an 8,000,000 car dealership on North ave with TIF money, but the city can't afford to hire one more cop.

Anonymous said...

What the shit was that state income tax increase for a couple years ago? To fund the life-styles of lay-about-illiterate-do-nothings?? More hot chips and red pop on the LINK card?? Fund that shit...but don't pay into the pensions of hard working people that have done everyting right their whole lives?

I don't care if Lisa Madigan and Tom Dart and Bald-Fuck Quinn run for Gov....a Republican is going to walk all over them in that General Election.

Out of the car Motherfucker!!! said...

Theiving FUCKING Demorats!!!!!

Anonymous said...

waaaaaaaaaaa waaaaaaaaaaaaaaaaaa

Listen to all the "hero's" bitch and whine now that there is no pot of gold at the end of the rain bow. Now sit out here and tell us all how you arent going to do anything like little pouty bitches...

Waahahahahahahahah

YOU cocksuckers put these politicians in office.Now YOU live with that stellar decision..HAHAHAHAHAHAHAHA

Anonymous said...

The democrats are trying to break the bank in order to usher in "change" in keeping with the Cloward-Piven strategy of overloading the systems until they collapse. Those responsible should answer for their crimes.

Anonymous said...

Niggers and illegal beanos are expensive.

Anonymous said...

WHY, doesn't the "ALLEGED FAIR MEDIA" THAT'S STILL IN LOVE WITH "KING" RICHIE ask him ONE question WHY DIDN'T THE CITY MAKE ITS CONTRIBUTION TO PENSIONS IN THE '90'S?

Anonymous said...

The public employee union masters continue to order there member minions to vote for Democrats and the union masters donate the dues money to their Democrat pals who have screwed up the pensions forever by kicking the funding can down the road when those democrat politicians are long gone from office enjoying their own secure pensions.

Anonymous said...

Suck dick much?

Aldo Raine said...

Aldo Raine would eat your Mom's box, regardless of the toxicity therein.

And I'd make you work my shaft and beanbag as I did so.

While your friend, The Honey Badger, watched in dismay.

Yes, go eat some more cereal in Mommys basement, useless recruit.

Aldo Raine

Anonymous said...

Fix Link. Then stop giving these Monkeys free cell phones the paying their bills ect. Collect all the money saved..it would b way more than needed to fix the problem!

Anonymous said...

daley and the dickhead Illinois democrats...forget about your pension.. the illegals .. welfare fucks will all be left in Illinois

Anonymous said...

Anonymous said...
Niggers and illegal beanos are expensive.

June 25,
So true but any sacrifice is worth while to keep the wonderfull blend of minorities that add so much to Our culture

Anonymous said...

They continue to steal 1/4 of all the tax revenue every year through TIF districts. The cities elite are quietly stealing billions for the construction of their own projects girectly from the general fund. Grossinger built an 8,000,000 car dealership on North ave with TIF money, but the city can't afford to hire one more cop.

no wonder schools. pensions cta Chicago streets.. etc are so fucked up THanks ya daley

Anonymous said...

Stop the fucking Link cards unless you can prove you are truely needy, and investigate those who are getting the free money.

Anonymous said...

Your fucking union endorses liberal candidates and you whine when these candidates get elected and fuck you in the ass? You coppers would be BETTER OFF under Scott Walker in the long run.

Anonymous said...

REFORM: The money is levied from us the tax payers, Every tax bill we get, there is a line item for municipal pensions. The great idea is that the municipalities should put the money where it's supposed to go, OUR PENSION. We pay our share every pay period.

Anonymous said...

fuck with my pension. can you say hutchie moore/

Anonymous said...

In some areas we pay taxes for pensions in our property taxes and I hope that money was not misappropiated. In my county and school districts we pay for pensions as line items. Politicians that violated the public trust should be ball batted in the great south side tradition. I prefer wood and know some of the younger people like a metal bat and I prefer to stay with tradition.

Anonymous said...

CPD with under 20 years will not receive a pension and will be put into social security .

Anonymous said...

Waaaaaaaaaaaaaaaa


Waaaaaaaaaaaaaaaaaaaaaaaaaaaa



nothing more DISGUSTING than a bunch of FAT SHIFT LESS LAZY GOOD FOR NOTHING CITY WORKERS CRYING ABOUT MONEY


Waaaaaaaaaaaaaaaaaaaaaaaaaaa

Waaaaaaaaaaaaaaaaaaaaaaaaaaaaa


You fuckin pussies.

Anonymous said...

Lmao you guys arn't getting shit when you retire , you will be inline getting link with all the folks you disparage everyday.

Anonymous said...

We will just triple all the taxes and pay the pensions dat way.

Also da Alderman could use another pay raise and maybe a lease car and some gas money.

Anonymous said...

Hey How's that straight democrat ticket looking now? You stupid shit's just keep thinking it's gonna be ok as long as the Dem's keep getting reelected need to be up against the wall with em.

Anonymous said...

Perhap's Father Bad touch and jesse Jackson will march to make it all better

I Voted For Obama said...

Pony up taxpayers....Obama voters pay nothing.

Anonymous said...

Quit holding down interest rates it hurts the people with money in the bank and the pensions.

Anonymous said...

The government employees have no one to turn to for help because their own union leaders are partnering with the public officials who are looting their retirement plans while explaining that their own dues paying members are the ones taxpayers should blame.

Anonymous said...

Pensions = entitlement.

Stop entitlements now!

Signed,
Tea Party member

Anonymous said...

Time for thieving politicians involved in this scandal to be swingin in the breeze in the County Square.

Anonymous said...

Anonymous said...
The democrats are trying to break the bank in order to usher in "change" in keeping with the Cloward-Piven strategy of overloading the systems until they collapse. Those responsible should answer for their crimes.

June 25, 2012 8:05 AM

So true. They are ALL engaged in the continuous, silent destruction of America. Democrat party IS the Communist party. Dump them ALL. Nothin but Thieves and Traitors to America. They're sponsored by the New World Order-Worldwide Communism Cabal. No more Middle-Class, just the peons, and the Ruling Elite. Guess which side YOU'LL be on?

Anonymous said...

And finally the major cause-- city not putting in their share-- BUT the above should be cleaned up initially.

Been commenting here for years and my estimates are the same-- pension fund goes belly up sometime between 2018 and 2022

June 25, 2012 5:47 AM

It probably will and that is the problem with them making us put in larger contributions. All it does is keep the funds on life support for a few more years. It does nothing for the guys with a whole bunch more time to go before they can retire. If the numbers are that bad the only way to fix them is a government bailout otherwise no matter how much extra the membership contributes it will not fix the problem.

Anonymous said...

Hutchie did a grteat thing. Put the fear of God into them for a while. The only surprise is that it hasn't happened again.

Anonymous said...

City contributions ended when the TIF program began. The rich with Rich started stealing your pensions 20 years ago.

Anonymous said...

They have a remedy in the Illinois bill that was pasted a year and a haslf ago when they changed the pension for the new hires The city is mandated to start paying back in I believe 2015 for 30 years to get out pension fully funded It also said if the city doesnt contribute, the state cannot give the city any of the state revenue sharing.
Problem is it also states that the money will come property property tax levies and Rahmn doesnt want to raise the property tax Claims it will have to go up 150% to meet this mandate and he also wants 50 years to do it not 30 years

Anonymous said...

The pension money is in Daley's strong box along with other billions from different schemes.

25 years you voted wrongly and now you pay for it.

Anonymous said...

How would you like to make your mortgage payments for 30 years and then discover that you don't own the house?

Anonymous said...

How about rolls of quarters in a sock?

Anonymous said...

get a gun pick a side

Anonymous said...

Rule number one, ACT ALONE tell NOBODY, EVER. Don't say cutesie innuendos at the bar. Plan. Make it quick and decisive. Know the risks. Do it. Shut your mouth. Repeat keep your mouth SHUT. Conscience may bother you on occasion and give you doubt about your actions. Ignore it, it'll pass. Remember you did civilization a solid.

Anonymous said...

If interest rates weren't so low the pension funds would be fine imagine Billions of dollars collecting 10 to 15 percent interest every year.

Joe Homeowner said...

Quit yer' bitchin'
My pension.. my pension.

What about MY house equity? I lost ALL my equity and now my house is not worth what I paid for it back in 1995.

Like so many others, my job was outsourced in the early 2000s and my salary dropped 50%. (most never found jobs that paid close to what they were making - many are STILL unemployed or working part-time jobs)

If I have to take a huge hit on pay as well as what I was counting on for MY retirement fund, why should I keep paying huge taxes on my property so you have a platinum pension and benefits plan?

Looks like you are going to have to take a cut - just like those who pay your salaries.

The well has run dry. I have to deal with it - now so do you.

Nobody feels sorry for me and my dilemma - I lost a good-paying job and benefits as well as $100,000s in home equity. AND now the solution is to double MY taxes? I don't think so.

Why should I feel sorry for you?

Anonymous said...

Ha !! Ha quinny.and Illinois democrats....... over heard ....Standard and Poors to cut Ilinois debt rating by MORE than 2 notches

Anonymous said...

I will put money on this-- when contract time comes, it will be all about " retro" checks. The city has everyone so duped about looking forward to the retro that the important issues are overlooked. Actually, very amusing.

Anonymous said...

To Joe homeowner... My home is also under water,my wife has been laid-off due to outsourcing for 18 months,Im trying to get 3 kids thru college on my dime because Im not qualified nor do I accept grant money!My bills are the same as yours AND I ALSO PAY TAXES!!! I pay into my pension and have paid for a long time,THEY DID NOT! I wont get social security from my many side jobs because they fixed that also. Your just another idiot buying the Dems bullshit that this is my fault! GO F--K YOURSELF PAL!!!

Anonymous said...

Wahhhh, my house is underwater...
Go fuck yourself. My house is unde water too and remember. YOU chose your job an you frivolous home. I picked my career and not my fault you didn't pick one with a pension and also not my fault that I paid in EVERY payday and YOUR elected officials did NOT pay in their fair share. Not MY fault you might get taxed. Next time vote republican, you liberal piece of shit!

Joe Homeowner said...

Before some of you A-holes say "go fuck yourself" - look in the mirror when you say that because the joke is on you.

YOU bought off on your Union and pension benefits - I didn't. You said I made the choice on my career - so did you.

You bought off on YOUR Democratic party to pay you inflated wages and benefits in exchange for loyal votes at every electin and now THEY can't deliver.

YOU kept voting these "leaders" in in exchange for giving you higher and higher benefits that no one could ever deliver on - but YOU bought off on it. (I didn't - I worked in the private sector)

Now - as I said before - the well has run dry.

We both have financial issues to deal with - but you say "go fuck yourself" to me. Why should I want to help you?

I didn't vote Democrat. I didn't buy "over my head" on my house and I surely didn't have any control on my job security.

Now I don't have the money to pay your platinum benefits. Before you get that "attitude of entitlement" that so many government workers have, look at the situation with some logic.

The well has run dry. Look out to Greece where they had the same government mentality of pay double pensions for little work.

It ain't happening - so make some alternate plans.

The "it can't happen to me" attitude is the wrong attitude to have.

I got fucked. Nothing could have prevented that. I did the right things financially (just like you did) but things did not go my way.

But because I got fucked - so did you.

So telling me to go fuck myself - look in the mirror when you say it. You have a Union that cannot even read a termination agreement to a contract and you are telling me that I am fucked up?

Think about it. Keep voting Democrat - I never did.

To say that YOU are immune to what is happening in the economy is the most ignorant assessment you could ever make.

I didn't say "go fuck yourself" to you. The economy did that to both of us - the only difference is that I understand what happened.

You, so far, are in denial.

Anonymous said...

And I'd make you work my shaft and beanbag as I did so.
***************
Shaft? Did you say shaft? Ho,ho,ho. Another twat thinks that the flap keeping the dirt out of his pussy is a dick. BTW, I really don't think you could make me do anything, girl.

Have a good day! I'm going for more Captain Crunch. My Mommys basement calls me.

Anonymous said...

No one wants you to feel sorry for us. You chose to make "big" money in the private sector and the private sector is volatile, always has been. That's why your job situation changed.

Our pension situation happened because the government didn't pay their share when the economy was good. They bought other things and deferred the payments for "down the road". Now the economy is shit and they want to renege on their end and the poor taxpayer is going to get killed. You can't elect people to public office that don't know the meaning of the word no when they're broke. Your income has diminished. Did you cancel the cable? How about dinners out? I bet you did that and more. Politicians keep giving money to nonworking people by the bushel basket and wonder why we have financial problems. Government and the "poor" never get less, EVER. They get more subsidized rent, food assistance and an array of other cash and noncash payments and work side jobs for cash and never pay anything but taxes on liquor and smokes.

What we need is a vibrant economy. But a stupid ass will vote for more of the same and our messiah will continue to pay people to not contribute to society. How much fucking water do we need to carry for the loafers among us? Just how many taxpayers does it take to fund 1 welfare family of 6? think about that before you vote.

Anonymous said...

http://www.bettergov.org/thieves_target_city_equipment/?categoryid=1

I Voted For Obama said...

Obama likes Captain Crunch.