Many of you have sent comments concerning our pension. We went on a hunt for information at Craine's Chicago business. We found an interesting article about Chicago's under funded pension funds.
The article credits its information from a particular source know asThe Civic Federation Their website states
The Civic Federation is a non-partisan government research organization working to maximize the quality and cost-effectiveness of government services in the Chicago region.
The Federation’s membership includes business and professional leaders from a wide range of Chicago-area companies and institutions.
The Federation maintains a growing archive of publications concerning local tax policies, government services, and public expenditures.
We read a publication prepared by the Civic Federation and their observation of our pensions was as followed...
For the third year, the funded ratios of all four City pension funds continued a steady decline.
The Fire Fund in FY2004 reported a funded ratio of only 42.3%, tumbling from 60.2% in
FY2001. The Police Fund’s funded ratio dropped from 61.4% in FY2003 to 55.9% a year later.
The Police Fund has declined from a 71.1% funded ratio in FY2000. The continued declines in
the funded ratios of the Fire and Police Pension Funds are a cause for concern. They are far
below levels considered financially healthy. The Municipal Fund dropped to a funded ratio of
72.0%, declining sharply from a 94.5% ratio in FY2000.
The ongoing declines in the funded ratios of the Fire and Police Pension Funds continue to be a
serious cause for concern. At this time, the City cannot afford further increases in employee
benefit levels that would continue to increase funding shortfalls. The City should consider
reductions in the benefits of new employees to reduce costs in the long-term
Don't be surprised if the City looks to implement two tiered system for pensions and benefits for future hires with the expiration of our contract Jun 07.ISP pension of 80% after 26 and a day is no where on the horizon for us. According to the Craine's article its not totally gloom and doom...not yet!
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