Chicago union bosses raking in millions from city pension fund

[Jroc]

In case any of you were having too nice of a day, here’s something sure to get your heart rate worked up toward the red zone. Out in the Windy City (where else?) we find a heartwarming tale of hard working union bosses scraping by in their golden years with a little help from the taxpayers.

All it took to give nearly two dozen labor leaders from Chicago a windfall worth millions was a few tweaks to a handful of sentences in the state’s lengthy pension code.
The changes became law with no public debate among state legislators and, more importantly, no cost analysis.

Twenty years later, 23 retired union officials from Chicago stand to collect about $56 million from two ailing city pension funds thanks to the changes, a Tribune/WGN-TV investigation found.

The short version of the story is that a couple of decades ago, somebody (amazingly they can’t seem to find anyone willing to admit they did it) inserted a change into the pension laws which essentially says that the pension city workers receive can be based on the last salary they drew from the union instead of the actual salary they earned working on the public payroll. Here’s a couple of the notable results:

Liberato “Al” Naimoli, president of the Cement Workers Union Local 76. He retired last year from a $15,000-a-year city job that he last held a quarter-century ago. Today, Naimoli receives more than $13,000 a month from the city laborers’ pension fund even as he continues to earn nearly $300,000 annually as president of Local 76. His city laborers’ pension will pay him about $4 million during his lifetime, according to a Tribune/WGN-TV analysis based on the funds’ actuarial assumptions.

James McNally, vice president of the International Union of Operating Engineers Local 150. He receives nearly $115,000 a year even though at the time he retired, in 2008, he had not worked for the city in more than 13 years. He was only 51 when he started collecting a city pension. By the time he turns 78, he will have received roughly $4 million from the city laborers’ fund.

Dennis Gannon, former president of the Chicago Federation of Labor. In 2004, he began receiving more than $150,000 a year after retiring at age 50 from a $56,000-a-year city job that he had left nearly 13 years earlier. He received his city pension while collecting a salary of about $200,000 from the federation. During his lifetime, the city municipal pension fund will pay him approximately $5 million. Gannon told the Tribune that he was only following the law in filing for a city pension.

Chicago union bosses raking in millions from city pension fund « Hot Air

 

[AmericanFirst]

Imagine that. That is obamaturds home right? Hmmm!

 

[naturegirl]

Yea, Obamaturds home that is so broke it increased taxes on businesses to 70%. They're leaving Illinois, even Sears.

 

[Mr. H.]

I like the story of the guy who substitute taught for one day, and now receives money from the teacher's pension fund. LOL that Chicago. Windy and toddlin'.

 

[blastoff]

Between the mob, unions (oops, am I being redundant?), and the Dimocratic machine in Chicago, honest citizens are just there to be fleeced six ways from Sunday. It's the Chicago way.

 

[Claudette]

In case any of you were having too nice of a day, here’s something sure to get your heart rate worked up toward the red zone. Out in the Windy City (where else?) we find a heartwarming tale of hard working union bosses scraping by in their golden years with a little help from the taxpayers.

All it took to give nearly two dozen labor leaders from Chicago a windfall worth millions was a few tweaks to a handful of sentences in the state’s lengthy pension code.
The changes became law with no public debate among state legislators and, more importantly, no cost analysis.

Twenty years later, 23 retired union officials from Chicago stand to collect about $56 million from two ailing city pension funds thanks to the changes, a Tribune/WGN-TV investigation found.

The short version of the story is that a couple of decades ago, somebody (amazingly they can’t seem to find anyone willing to admit they did it) inserted a change into the pension laws which essentially says that the pension city workers receive can be based on the last salary they drew from the union instead of the actual salary they earned working on the public payroll. Here’s a couple of the notable results:

Liberato “Al” Naimoli, president of the Cement Workers Union Local 76. He retired last year from a $15,000-a-year city job that he last held a quarter-century ago. Today, Naimoli receives more than $13,000 a month from the city laborers’ pension fund even as he continues to earn nearly $300,000 annually as president of Local 76. His city laborers’ pension will pay him about $4 million during his lifetime, according to a Tribune/WGN-TV analysis based on the funds’ actuarial assumptions.

James McNally, vice president of the International Union of Operating Engineers Local 150. He receives nearly $115,000 a year even though at the time he retired, in 2008, he had not worked for the city in more than 13 years. He was only 51 when he started collecting a city pension. By the time he turns 78, he will have received roughly $4 million from the city laborers’ fund.

Dennis Gannon, former president of the Chicago Federation of Labor. In 2004, he began receiving more than $150,000 a year after retiring at age 50 from a $56,000-a-year city job that he had left nearly 13 years earlier. He received his city pension while collecting a salary of about $200,000 from the federation. During his lifetime, the city municipal pension fund will pay him approximately $5 million. Gannon told the Tribune that he was only following the law in filing for a city pension.

Chicago union bosses raking in millions from city pension fund « Hot Air

WOW Color me shocked. NOT

I don't know why anyone would live in ILL. If your a taxpayer you get hosed seven ways from Sunday.

My ass would be moving on big time.

 

[Mr. H.]

Between the mob, unions (oops, am I being redundant?), and the Dimocratic machine in Chicago, honest citizens are just there to be fleeced six ways from Sunday. It's the Chicago way.

And it effects the entire state. Cook County should break away and apply for statehood.
IL is a Republican state that's run, controlled, and influenced by Chicago.
I love the city, but hate the politics up there.

 

[syrenn]

Oh no, unions are good.



yeah right.