McLaughlin on Pensions

From State Rep. Marty McLaughlin:

Rep. McLaughlin Irked With Illinois Pensions

BARRINGTON HILLS… State Representative Martin McLaughlin (R-Barrington Hills) said,

“Good news!

“My legislative office just received the Illinois Public Retirement Systems 2021 Report on the financial condition of the Illinois Municipal, Chicago, and Cook County Pension Funds of Illinois, published by the Commission on Government Forecasting and Accountability.”

The report contains detailed information on the financial status of various public employee retirement systems in the state as of 2019.

“The bad news is that the general public is not aware of where these funds stand and what it means to the taxpayers of Illinois,” said Rep. McLaughlin.

RETIREMENT SYSTEM% FUNDED(estimated)
Firemen’s Annuity & Benefit Fund18%
Policeman’s Annuity and Benefit Fund22%
Municipal Employees’ Annuity and Benefit Fund23%
Park Employees’ Annuity and Benefit Fund30%
Laborers Annuity and Benefit Fund43%
Public School Teachers’ Pension Fund48%
Chicago Transit Authority Retirement Fund53%
Metropolitan Water Fund56%
Cook County Employees’ Pension Fund61%
Illinois Municipal Retirement Fund (IMRF)91%

Rep. McLaughlin said, “The Illinois Municipal Retirement Fund (IMRF) is the big winner, because this fund actually worked with local municipal leaders requiring them to make contributions first in order to receive the required contributions from participants. Only then would the IMRF release payments back to the beneficiaries.”

“Not surprisingly, over the last 20 years, IMRF received proper and timely contributions and its plan grew at appropriate levels,” said Rep. McLaughlin.

“All of the other funds, in one way or the other, missed making payments, because politicians and their appointed board members DID NOT MAKE THE HARD DECISIONS to require contributions.” 

Rep. McLaughlin said, “When will the Democrats in Springfield acknowledge or address this problem? I am ready and willing to work on it, but where are the rest of my fellow legislators?”

= = = = =

When I was McHenry County Treasurer in the last 1960’s a law was passed requiring governments participating in IMRF to levy property taxes for contributions IMRF deemed needed.


Comments

McLaughlin on Pensions — 11 Comments

  1. Oh believe me WE DO, DON’T FOOL YOURSELF WERE ARE NOT ALL STUPID!!!

    OUR EMPTY POCKETS SPEAK FOR THEMSELVES AND THE SELFISH PENSIONERS HERE IN THIS CRAP HOLE!

  2. The solution is to offer 401k matches up to $500 like the private sector and stop the pensions.

    They served their purposes to entice people to want to go in to public service 50 years ago.

    That has long been achieved, now they live off of the Public Sector and no community can keep up with pensions that pay for life starting at 55.

    Try getting Prudential to pay you 10k a month for life starting at 55 and all you have to pay is 10% of your income for 20-25 years and if you die at 56, your spouse gets it for life, so either way it is for life.

    Then in about 30 years from now, we should be close to par.

  3. The police and firemen who have paid into these pension funds, signing a blank check to be maimed or killed in service to others, are now categorized as the evil / greedy / selfish pensioners, all because of the elected officials (primarily democRATS) who misappropriated these funds and mismanaged the pension system.

  4. The IMRF is the only one that the state could not touch.

    The state borrowed or poorly re invested some of the money and never paid it back.

    Big Jim Thompson let the Illinois politicians join, work a couple days and collect full benefits.

    Jim Edgar made sure the politicians also get 3% raise each year, so they make more out of office than they did in office.

  5. Stormy D You are very much not informed.

    The reason for the disparity in percentage of funding is a couple fold.

    First, each year that the actuaries are done, each municipality looks at the projections.

    In that document are dollar amounts that are projected to be needed to keep the fund(s) solvent.

    The municipality can CHOOSE to use that figure, for what they contribute or they can CHOOSE to kick the can down the road, and put in a different amount.

    Secondly, the fact that all the Fire and Police funds, with the exception of Chicago, were merged together through out the state.

    This caused those funds that were somewhat making a comeback after the down turn to be put together, with those funds that are either not performing well and/or those whose politicians CHOSE to not properly fund their accounts.

    If you note, IMRF is funded at 91%, compared to Fire/Police funding at 18 and 22 respectively.

    WHY?

    Simple, IMRF REQUIRES municipalities to contribute 100% of what they are statutorily required to.

    There is no kicking the can down the road, to fund later.

    Bubba, you are very correct in your observations.

    These men/women lay their lives on the line everyday to protect the public.

    Sometimes bad things happen.

    They need to protect themselves and their families.

    A 401 will not do that.

    They do have the ability to do something for themselves, somewhat like a 401 (451), that they voluntarily contribute to, with no contribution from their employers.

    Now try getting access to that, if they should become ill or injured in the line of duty.

    Not easy as it sounds.

    What this all comes down to is this:

    Firefighters/Police Officers make their monthly contributions, as mandated by law.

    Municipalities don’t have that requirement in these funds.

    The short fall is not on them, it’s on politicians.

  6. This is all meaningless word salad. Illinois is increasingly looking like a bankrupt and chaotic African country.

  7. Is the Survivability of Covid-Vaccinated Societies at Risk?

    Dear Readers,

    I find it a curious fact that despite the alleged millions of US Covid cases and the huge number of alleged Covid deaths, I don’t know, or know of, a single person who has had Covid.

    On the other hand, despite the alleged “rare” instances of death and injury from the Covid vaccines, I know of three. One a sudden death immediately following the vaccine. One a near death and permanent impairment. And one—one of my best friends—lost the normal use of his legs. I advised him that his impairment could be the result of the vaccine giving him the Guillain-Barré Syndrome and to consult a neurologist. I received this email from him today:

    “Neurologist is admitting me into hospital Monday for 5 days to treat for the GBS.

    “Agreed that vaccine caused it. Everything you said is true.

    “Thanks.”

    Readers, share with me your experiences.

    Have you had adverse reactions to the vaccine?

    Do you know people who have?

    If you have had adverse reactions, are doctors honest with you?

    Email me at the website’s email address and tell me your experience and anything else on your mind.

    Our society faces the possibility of collapse.

    A significant percentage of the population has been vaccinated.

    If the independent scientists who have assessed the situation are correct, many of those vaccinated are going to die or suffer debilitating injuries.

    A consequence could be a reduction in human resources sufficient to collapse social organization.

    Because the United or Disunited States has a lie machine in place of a media, there is no public awareness that potentially we face social collapse.

    There is no doubt whatsoever that most scientists misunderstood how the spike protein in the vaccines would behave.

    They believed that it would remain where it was injected and not spread throughout the body.

    They now understand that it does spread throughout the body and can cause serious consequences including death.

    In America greed and over-confidence have become so powerful that our survivability is at risk.

    From: https://www.paulcraigroberts.org/2021/07/23/is-the-survivability-of-covid-vaccinated-societies-at-risk/

  8. There certainly has been some mismanagement, but as Stormy D mentioned, the pensions were not designed on an actuarially sound basis.

    The money paid in by the pensioners doesn’t even come close to paying for the benefits promised.

    It was a dirty bargain from the beginning.

    The unions winked and nodded at the underfunding, because they knew full well that the pensions would have been far less generous if there was a requirement to keep the funded ratios at an acceptable level.

    The unions assumed that the pension protection clause in the Illinois Constitution would force future generations to make up the shortfall.

    Unfortunately, Illinois is way too far in the red to ever dig out of the hole.

    Some people are going to get burned.

  9. Go away Gassbag..

    no one gives a crap what you think anymore.

    You’re a waste of space, breathe and dear FMRCommish, your many many personalities and SweetBish, enjoy Mississippi.

  10. McLaughlin: “I’m ready to work on pensions” but I don’t propose ANY solutions.

  11. Billy Bob the pensions were given in lieu of having Soc Sec taken out.

    Not one police officer or firefighter contributes to SS, with exception of their part time work.

    So those of you who want parity with the private sector, and demanding 401K’s for public servants, they would then have to have SS taken out.

    OR he’s a thought have the municipalities mandated that they have to put their portion in no matter what. The kicking the can down the road isn’t from employees, it’s the politicans.

    You are correct their is a pension protection clause, would you agree to something without protection?

    The Unions have always come out against them kicking the can down the road

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