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BPAS
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Distributions Processor - Qualified Retirement Plans Anchor 3(16) Fiduciary Solutions, LLC
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Compensation Strategies Group, Ltd.
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Defined Benefit Specialist II or III Nova 401(k) Associates
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Merkley Retirement Consultants
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Retirement Combo Plan Administrator Heritage Pension Advisors, Inc.
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BPAS
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EPIC RPS
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The Pension Source
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Nova 401(k) Associates
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DWC ERISA Consultants LLC
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July Business Services
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2 Matching News Items |
| 1. |
Chicago Tribune; subscription may be required
June 11, 2024
"[A]pproximately 3,000 [Chicago police officers ] are required to cut a check to their pension fund, plus interest.... As part of the new contract for Chicago police officers approved by the City Council in late 2023, union members received a 2.5% base salary increase that applied retroactively to the start of 2022. 'The city did not withhold the correct 9% of members' salary and duty availability pay for the required payment,' according to a post on the fund's website.'
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| 2. |
The Wall Street Journal; subscription may be required
Sept. 22, 2011
How did [Chicago end up paying a union leader] a pension nearly three times his salary? That's where things get interesting. Few labor leaders took city pensions, the Tribune reports, 'until the law was changed in 1991 to base those workers' city pensions on their union salaries instead of their old city paychecks, dramatically boosting the amount they could receive'--a provision that 'became law with no public debate among state legislators and, more importantly, no cost analysis.'
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