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Keyword: pension

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  • City Revoking Pensions Of Disabled, Retired Cops Who Wouldn’t Come Out Of Retirement

    07/22/2020 6:03:08 PM PDT · by blueyon · 31 replies
    North Chicago, IL – Three former North Chicago police officers who retired on disability after being injured in the line of duty will possibly have their pensions revoked for failing to comply with the city’s order to return to work for the department’s 911 center. North Chicago city leaders invoked a rarely-used state law to order a total of nine retired, disabled officers back to work in May of 2019, the Chicago Tribune reported. Use of the law is so infrequent, it is unclear whether it has ever been utilized in the past.
  • Illinois Dems' $41 Billion Demand Includes $10 Billion Pension Bailout That Has Nothing To Do With Coronavirus

    04/20/2020 2:09:40 PM PDT · by simpson96 · 45 replies
    PJ Media ^ | 4/20/2020 | Rick Moran
    llinois Democrats are demanding $41 billion from the federal government for coronavirus relief, including $10 billion for Illinois's cash-strapped and underfunded public pension plan. The most fiscally mismanaged state in the union, which has criminally neglected funding its public pension fund for two decades, wants Washington to pull its chestnuts out of the fire? Certainly, states should get something. But what Illinois is asking for is shocking. “I realize I’ve asked for a lot, but this is an unprecedented situation, and we face the reality that there likely will be additional, unanticipated costs that could result in future requests for...
  • Illinois Seeks a Bailout From Congress for Pensions and Cities

    04/17/2020 7:01:07 PM PDT · by Theoria · 152 replies
    The New York Times ^ | 17 April 2020 | Mary Williams Walsh
    The president of the State Senate asked for $40 billion to help the pension system, fund unemployment insurance and aid hospitals and cities. Illinois needs more than $40 billion in relief from the federal government because of the coronavirus pandemic — including $10 billion to help bail out its beleaguered pension system, according to a letter the Illinois Senate president sent to members of Congress. The letter, sent this week by State Senator Don Harmon, also seeks a $15 billion grant to “stabilize the state’s budget,” $9.6 billion in direct aid to Illinois’s cities, $6 billion for the state’s unemployment...
  • GOP lawmaker accuses California public pension fund of investing in blacklisted Chinese companies

    02/17/2020 5:51:57 PM PST · by bitt · 11 replies
    The Hill ^ | 02/13/20 | BY KAELAN DEESE
    Rep. Jim Banks (R-Ind.) on Thursday said that he has written a letter to California Gov. Gavin Newsom (D) to voice concerns over the state's public pension fund chief and his connections with China. The Indiana congressman is calling out the California Public Employees' Retirement System (CalPERS), the largest state pension fund in the U.S., for allegedly investing in numerous select blacklisted Chinese companies that manufacture military products. The California-based fund invested $3.1 billion into 172 different Chinese companies, Banks said in an appearance on Fox Business Network. He said that some of the companies invested in have been blacklisted...
  • Jim Brown Calls Out NFL's Low Pensions

    12/09/2019 9:36:29 AM PST · by GLH3IL · 61 replies
    Yahoo Sports ^ | 12/08/2019 | Eric He
    "Brown highlighted what he feels are low pensions for older retired players. For those who retired before 1993, the rate is about $2,500 a month for a player who spent seven years in the league. Brown called it “shockingly, immorally, low.”
  • SENATE PRESIDENT JOHN CULLERTON SET TO COLLECT $2M PENSION

    12/03/2019 12:18:23 PM PST · by ChicagoConservative27 · 20 replies
    illinoispolicy ^ | 11/27/2019 | Austin Berg
    Due to a pension sweetener available only to veteran Illinois lawmakers, Cullerton’s annual pension will soon be more than he ever made from his Statehouse salary. Illinois’ second-longest serving lawmaker announced Nov. 14 that he will retire in January 2020. But the departure of Senate President John Cullerton, D-Chicago, highlights one example of how pension sweeteners Illinois lawmakers passed decades ago are putting taxpayers on the hook for extravagant benefits today. Cullerton is set to receive more than $2 million in state pension payments over the course of his retirement, should he live to age 85. He will take home...
  • German government strikes deal on basic pension

    11/14/2019 2:30:54 PM PST · by Olog-hai · 5 replies
    Deutsche Welle ^ | 11.10.2019 | rs/stb (dpa, Reuters, epd, AFP); DW’s Ralf Bosen contributed reporting
    The German government struck a deal on Sunday to guarantee a basic pension for low-income workers after months of rising tensions over the issue that threatened to spark a government crisis. Chancellor Angela Merkel’s center-right Christian Democrats (CDU) and their Bavarian sister party, the Christian Social Union (CSU), had been butting heads with their coalition partner, the center-left Social Democrats (SPD), over how to execute the plan. In the future, people who receive small pensions despite paying into the system for decades should expect to receive more money. Pensioners will have to undergo an income review in order to qualify...
  • How Long Will Your $1 Million Last In Retirement?

    10/29/2019 8:32:13 AM PDT · by SeekAndFind · 94 replies
    IBD ^ | 10/29/2019 | Paul Katzeff
    div class="single-post-content post-content drop-cap"> Congratulations! Your retirement planning paid off. You built a $1 million retirement nest egg. But how long will $1 million last in retirement? Retirement Planning To Make Your $1 Million Last Let's say you're 65 years old and earn $115,000 a year. That's a decent annual income, but it's no king's ransom. It's enough to let you sock away good chunks of money each year. But it's not so high that it trips over income limits when it comes to saving in a retirement plan such as a 401(k).The simple arithmetic answer to the how-long-will-it-last retirement...
  • PENSION CRISIS FORCES FIREHOUSE CLOSURE, 9 FIREFIGHTER LAYOFFS IN EAST ST. LOUIS

    10/18/2019 6:11:53 PM PDT · by george76 · 36 replies
    Illinois Policy ^ | OCTOBER 16, 2019 | Brad Weisenstein
    East St. Louis is short $9.5 million between a budget deficit and back payments owed to its fire and police pensions. As a result, city leaders are closing a firehouse and laying off nine firefighters. Nine firefighters have been asked to hand in their gear and their fire station will temporarily close as East St. Louis, Illinois, faces a $5.5 million budget deficit and interception of nearly $4 million in state funding for debts owed to its police and fire pensions. Unfortunately, with 100% of the City’s state revenues being redirected to the police and fire pensions, we are faced...
  • Rahm Emanuel raised taxes.. pension funds.. The shortfall still ballooned by $7 billion.

    10/03/2019 7:44:16 AM PDT · by george76 · 27 replies
    CHICAGO TRIBUNE ^ | OCT 03, 2019 | HAL DARDICK and JUAN PEREZ JR.
    Rahm Emanuel raised taxes to get city worker pension funds on a ‘path to solvency.’ The shortfall still ballooned by $7 billion. ... A record-high property tax increase. A new tax on water and sewer service. A higher 911 emergency fee on telephone lines... Emanuel’s series of tax hikes was painful, but he promised the extra money was part of a plan to get the woefully underfunded city worker pension funds on a “path to solvency.”.. in the four years since .. The pension funds are actually worse off. When Emanuel pushed through the tax hikes, the city worker retirement...
  • #RedforEd: Teachers Unions All In for Impeachment

    09/26/2019 6:09:59 AM PDT · by ChicagoConservative27 · 20 replies
    Breitbart ^ | 09/25/2019 | Ian Hanchett
    The presidents of the two largest teachers unions in the country, the National Education Association (NEA) and the American Federation of Teachers (AFT), are supporting the impeachment inquiry on President Trump, announced Speaker of the House Nancy Pelosi (D-CA) on Tuesday.
  • University of California to dump fossil fuel investments

    09/17/2019 8:04:27 PM PDT · by Olog-hai · 25 replies
    Associated Press ^ | September 17, 2019
    The University of California is dumping fossil fuel investments from its nearly $84 billion pension and endowment funds, calling them a financial risk. An opinion article in Tuesday’s Los Angeles Times says UC will make its endowment fund “fossil free” by month’s end and its pension fund will soon follow. The pension fund covers 320,000 people. …
  • LIRR overtime ‘cheat’ hung out at home on the clock, retired with full pension anyway

    07/10/2019 6:11:31 AM PDT · by ChicagoConservative27 · 29 replies
    nypost ^ | 07/09/2019 | David Meyer,Kevin Sheehan, Ruth Brown
    A Long Island Rail Road worker who raked in more than $280,000 in pay last year — more than half from overtime — was busted hanging out at home while on the clock, according to a report obtained by The Post. But he was allowed to retire before he could be punished — and collect his full pension on the public dime. Raymond Murphy, a foreman with the LIRR’s Buildings and Bridges department who’d been at the agency since 1996, was caught by the MTA’s Inspector General at or near his home on 10 occasions when he was on duty...
  • You’re On The Hook For Trillions In Pension Overpromises, And Divestment Is Making It Worse

    06/20/2019 9:09:23 AM PDT · by SeekAndFind · 18 replies
    The Federalist ^ | 06/20/2019 | Helen Raleigh
    U.S. public pension liability is equivalent to $18,300 for every resident. Public pensions can’t afford not to invest in companies that generate impressive growth and profits. If you are a public employee or a retiree, you should be very concerned because new data shows public pension funds that let leftist policies drive their investment decisions, a.k.a. socially responsible investing, have been consistently underperforming their private peers and the general stock markets.Socially responsible investing (SRI), meaning only investing in companies with “ethical” practices, is not an entirely new concept. Public pension funds have been leading in this since the 1970s. For...
  • Pritzker blames flat tax for declining population, announces $29 million Census count effort

    06/05/2019 1:35:48 PM PDT · by george76 · 9 replies
    The Center Square ^ | 6/5/2019 | Greg Bishop
    While Illinoisans will be paying higher taxes, Gov. J.B. Pritzker says he’s going to give state lawmakers at least a $1,600 pay increase because they’re hard workers. Pritzker said he’ll sign the budget bills being sent his way, despite the ire from taxpayers that lawmakers gave themselves a raise while doubling the state’s gas tax. Pritzker was asked multiple times in Chicago Tuesday if he’d line-item veto more than $280,000 in lawmaker pay increases when he gets the budget that was passed in overtime session. “Look, this was a highly negotiated budget,” Pritzker said. “We had the Republicans and Democrats...
  • Without pension reform, progressive income tax .. guarantees tax hikes on Illinois’ middle class

    05/30/2019 11:23:34 AM PDT · by george76 · 8 replies
    Illinois Policy Institute ^ | May 21, 2019 | Orphe Divounguy
    Without pension reform, progressive income tax amendment guarantees tax hikes on Illinois’ middle class. ( Full title). The current progressive income tax proposal would fail to pay down the state's unfunded liability while damaging Illinois' economy. On May 20, Democrats in the Illinois House Revenue & Finance Committee approved Gov. J.B. Pritzker’s prized progressive tax constitutional amendment. While the Senate had previously passed a new income tax structure – already different from the governor’s original proposal – the House Committee also passed the amendment without putting in income tax rates. ... progressive tax proponents need to face that without pension...
  • ‘Sanctuary City’ Oakland, Near-Broke, Will Use Gas Tax Money to Keep Lights On

    05/09/2019 10:34:12 AM PDT · by ChicagoConservative27 · 54 replies
    Breitbart ^ | 05/09/2019 | Joel B Pollak
    The City of Oakland is in such dire financial straits that it is planning to use $2.9 million from state gas tax revenues to keep the city’s lights on, rather than using the money to fix pothole-riddled roads, for which the funding was intended. The San Francisco Chronicle reported Wednesday that the city is facing severe financial shortfalls, despite a booming economy that has seen wealthier households relocate from San Francisco across the bay to gentrifying neighborhoods. The problem is that the city’s costs are rising faster than its growing revenues, thanks partly to pension obligations — an increasingly common...
  • With a growing 100k pension club, California’s pension problem only gets worse

    05/02/2019 2:06:37 PM PDT · by george76 · 41 replies
    Press-Enterprise ^ | MAY 01, 2019
    In a reminder of the extent and reality of California’s pension problem, the state’s six-figure pension club has more doubled since 2012. ... the number of retirees from the California Public Employees’ Retirement System who received pensions worth $100,000 or more rose from 14,760 in 2012 to 30,969 in 2018. average pension for full-career state employees enrolled in the plan for non-public safety workers was $63,057. For full-career state retirees enrolled in the plan for safety members, the average pension in 2018 was $84,197. For those working for local government employers, the average pension for regular employees was $74,599 in...
  • Editorial: Look out, taxpayers: When governments have more pensioners than employees

    02/17/2019 4:39:15 AM PST · by george76 · 52 replies
    Chicago Tribune ^ | 7/15/2019
    For each active worker, four pensioners. For 169 governmental bodies, the numbers are lopsided. In some cases hundreds — and in Chicago’s case, thousands — more retirees are drawing from a fund than active workers are paying into it. Even in a small suburban district such as the Arlington Heights Park District, 432 retirees are pulling from that district’s pension fund with only 103 active employees paying into it. In the city of Chicago, according to the treasurer’s numbers, the gap is smaller in percentage terms, but in terms of the gap, more dramatic. Including Chicago Board of Education administrative...
  • The Methuselah Annuity: Public employees living longer than expected, deepening the pension crisis.

    02/05/2019 9:29:11 AM PST · by SeekAndFind · 26 replies
    City Journal ^ | 02/05/2019 | Steve Malanga
    The second-longest bull market in American history hasn’t stopped the deterioration of state and local pension funds, whose unfunded debt has almost quadrupled—by their own accounting—from about $360 billion in 2007 to $1.4 trillion today. Having relied on overly optimistic and inaccurate financial assumptions for decades, public pension administrators are now forced to acknowledge that the systems owe much more than previously thought. Even as local governments struggle to pay for this debt, it keeps growing. Concerned that mortality tables for private-sector workers don’t accurately reflect what’s going on among retired government employees, the Society of Actuaries conducted a three-year...