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CHICAGO–The average Chicago police pension is worth three times that of Social Security and police can retire with six years less work, according to research by Taxpayers United of America (TUA).
“The maximum Social Security pension is $22,000 at age 62, with a minimum of 35 years of work,” said Jim Tobin, TUA President. “The average Chicago police pension (2009-10) is $62,000 at age 58 after 29 years.”
“For a person on Social Security age 62 getting $22,000 a year, the estimated total pension payout over a normal lifetime is $560,000. Compare this to an average Chicago police pension of $62,000 starting at age 58. In this case, the estimated total pension payout over a normal lifetime is $2,500,000.”
“The average Chicago police pension is worth three times that of Social Security with retirement four years earlier and with six years less work.”
“In other words, they retire four years earlier, work six years less, and get three times as much.”
“For the Top 100 Chicago Police Pensions, the average pension is over $110,000 a year.”
“Police contribute 9% to their pension fund. The total Social Security contribution by employee and employer is 12.4%. Employers in the private sector pay employees less to compensate for their mandated Social Security contribution. Self-employed individuals pay 13.3% into Social Security on incomes up to $106,800.”
Chicago Police Pensions Worth Three Times Social Security Pensions With Less Time Worked
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Phone: (312) 427-5128
Fax: (312) 427-5139
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Email: info@taxpayersunited.org
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Life expectancy after retiring from the JOB is not the same in the private sector. How many of us (police)have lost friends/partners to a multitude of fatal injuries be it cancer, heart attacks, shootings to name a few. Personally, I retired at 55 &, due to health problems, don’t expect to see 75. Where’s my 2.5 million?
First of all, Social Security was never intended to be a Pension, so how can it be compared to the Police Annuity? Secondly, many police officers have earned the credits to receive full Social Security Benefits, but cannot because the law has been written to only give retired police a fraction of what they earned and paid into the system.
The real issues here involve the way corrupt politicians manipulated the Social Security System to make it the a primary source of entitlement handouts to people who never contributed a cent to the System. Prior to my retirement my officers arrested an individual who stated that he was addicted to illegal drugs, and was therefore receiving Social Security Disability payments. Illegal Aliens who have never contributed a cent into the system, receive Social Security! Police officers earn their pensions, and deserve better ones, perhaps like those of Congressmen and Senators, with their full top of the line medical coverage for life. I can still remember when former Cong. Dan Rostenkowski was sitting in Federal Prison, receiving his full pension, even though he was a convicted felon, sitting in prison! Social Security is doomed because it is being spent on way for which it was never intended. Our pension is doing what it was intended to do, for the inidviduals for whom it was created.
Contributions to your retirement should be a benefit, reviewing the thread and discussion your points are valid. there are other approaches and options. everyone should have more control since this is your money your putting away. have you heard of the 3 tax buckets? Tax now, Tax later or Tax free. most have a tax later plan and more possible taxation or loss depending the rules. the biggest challenge is financial education. why pay more into something to receive less. I have worked with some police officers regarding their retirement plan, exposed some areas of potential income loss because of their plan. Police officers do a lot for our city and deserve more.
The thieving politicians are the blame for this pension mess that we are
in. Why did these crooked politicians pass a law where as a politician could retire after so many years, and receive his or her pension, and then get another working position in Illinois Government, but work only a few months, resign from that position, and have thousands dollars added on to his or her original pension for life !
Also, why didn’t the City and the State make the required pension contributions under law like they were supposed to. These crooked City and State politicians should be prosecuted if the ordinary City and State workers lose their rightful pensions !
Cops do not get Social Security and they respond to your 911 call. Oh they also sign up to get shot at possible. If you have questions and or arguments email me. Timobrien17793@gmail.com
I became a police officer at age38 , had worked since I was 18 yrs. old so I have all quarters in for social Security, but won’t be able to receive but a small portion of what I’ve earned.and by the way I’ve been shot in the line of duty, had a triple by pass followed by 2other heart attacks, I probably wont live long enough to collect my 2.5 million.i have out lived 2 partners.so please forgive me if I dont believe (calpers) who ever they are for their miss information .
While it is true that every individual’s situation is different, the fact remains that the pension system for CPD is unsustainable by any measure. Pensioners should encourage reform now before the system goes broke and worse deals are struck.
Feel free to peruse our latest study of Chicago Police and Fire Department pensions, Steve:
https://www.taxpayersunitedofamerica.org/news-releases/chicago-police-and-fire-pensions-fail-2
Please stop misleading the public ! The pension “crisis” was created when state and local governments did not make their contributions as mandated by law. So stop attempting to make this an issue of greedy “cops”. The name of your organization is misleading, your attack on working people is repugnant.
I feel sorry for none of them, first off these damed politicians cement themselves in so that they get pensions that only require 5 yrs in office and if they get caught skimming or taking bribes and go to jail they still get collect that pension, they also seem to be able to find money to give themselves pay raises on a regular bases so screw them. As for the cops, yes it’s a dangerous job but you know that when you sign up, the problem here is if the so called good cops would stop letting these asshole thugs with badges brutalize citizens and stop with the code of silence bullshit you get a few benefits from it, first when one of these badge wearing criminals is off the streets they don’t get to hide in your good work and glory when they get caught, second millions of dollars would be saved on civil suits, finally the citizens would be right there with you when the pols try and bend you over a squad car and try and make you take it in the shorts arguing that should you get the pensions you deserve because they then have a force that they really want to go to bat for.
My father was a Cook County Sherri police for over 20 years, his pension a month while he was still alive was at best $2500, that’s what 30k a year.
He worked John Wayne Gaceys house, as they were pulling bodies out of the crawlspace. I want you to know, when I was a kid I didn’t even have decent medical coverage, when I was 16 I was diagnosed with hypothyroidism, but my father informed me the 7 vials of blood they drained from me, was for nothing, because my HMO was canceled and I had no coverage.
I have never seen an endocrinologist, and I’m definitely suffering for it now, when my father passed, he had nothing to show for the 20 something years he spent on the force. So thanks for making it apparent Chicago cops are more important to the county Than county deputies.
See if they’ll fly state to state picking up serial killers and flying them back.
Whatever-
Police put their lives on the line and save civilians lives , you can’t put a price on that. I get a social security pension as an office worker, where I sit at a desk and enjoy holidays with my family. They earned it and it was promised as a condition to take a dangerous job, give them what is due!