Taken from the Tribune

Pension warning issued
U.S. agency reports $22.8 billion deficit

By Barbara Rose
Tribune staff reporter
Published November 16, 2005

While lawmakers continued to grapple with pension reform, the federal agency that insures private pensions reported a $22.8 billion long-term deficit Tuesday and warned that the money to pay benefits eventually will run out.

The Pension Benefit Guaranty Corp.'s shortfall was slightly smaller than last year's $23.3 billion, thanks to better investment results and other factors. But the agency's exposure to losses from bankrupt and financially struggling companies in the airline and automotive industries looms larger than ever.

The agency estimated its "reasonably possible" future exposure at $108 billion, up 12 percent from last year's estimated $96 billion. It does not disclose which companies are included in the estimates.

"Unfortunately, the financial health of the PBGC is not improving," the agency's executive director, Bradley Belt, said in a statement. "The money available to pay benefits is eventually going to run out unless Congress enacts comprehensive pension reform to get plans better funded and provide the insurance program with additional dollars."

Ouch!

Talk about getting an education at the school of hard knocks! Or in my case some post graduate schooling in poly sci. Wow! First of all I’d like to thank all of you who did vote for me. Secondly I would like to thank all of you who took the time to vote. Third I will increase my efforts to reach out to those who didn’t vote and try to increase participation in our elections. There are so many reasons to vote and I hope to do a better job of motivating officers in the future to return their ballots.

The 80% solution

The first duty of a pension board rep is to protect the Fund so that the promised benefits are there for each and every member when they retire. In order to increase or provide a new benefit a responsible board member has to ensure that that increase or new benefit won't negatively impact the overall Fund. So my first step is to propose an increase to the Board of 80% at 20, 25 and 30 years to find out the impact to the Fund. Once that information is known we have to have a plan to increase the level of the fund if needed. Which is more than likely since the Fund is rated at 53% in the last audit. At this point of time with a majority of current police officers having less than ten years on the job, we have a ten year plus window of opportunity to get the fund level up to a point where we can get increases in our benefits. The next step is to get political support for the increases. I will personally visit all our aldermen and state legislators and the mayor (if possible) in an effort to get that support. I will also work with the FOP to get the records of financial support that we have given those politicians as well as any of their requests for support from the FOP. I will do my best to get written letters of support from those politicians and post those letters so we all can see how well our proposals are received by them. I will also link any sites that track our proposed legislation (as soon as I figure out that link thing). I will also ask you to stop by local politicians and drop off a card, that I will supply to you and have you sign indicating our need for the increase and asking for their support. It is critical that we all work together to get what is due us. If we need to put in more money from our paychecks, I will let you know just how much is needed and ask your approval before I move forward.

GOALS

If elected to the Pension Board you should have an idea of what I'll be working towards. On my campaign poster I do two things.

Pledge to you that I’ll:
1. Protect the fund from excessive fees.
2. Serve you by supporting our rights in front of the Board and making sure you don’t have to wait for years to get a decision on your case.
3. Educate members to the workings of the Board and how to make your best individual retirement decision.
4. Advocate on our behalf to the City and in Springfield

In that role as your Advocate:
1. 80%
2. 3% COLA compoundment
3. Retiree Health Care coverage
4. Pension portability
5. 100% surviving spouse benefit

It’s dangerous for a candidate to spell out what his goals are because it can come back to haunt him later. Check out my opponents’ material and look to see what their goals are. Whose goals most closely match yours?

Now something that will probably lose me more votes then gains votes, but in the interest of letting you, the voter know where I stand on issues, I will state that in place of spouse I am willing to open that up to whom every you wish to have as a beneficiary ex. your committed gay partner or a parent of a single officer who is the financial supporter of that parent. If you are in a loving relationship with another and have combined your resources to live together, then the Fund should recognize that relationship.

WHY I'M RUNNING

Someday, after you’ve retired and you’re on a break from your job as a greeter at Wal-Mart, so you can pay for both your food and medicine this month and keep the house warm enough this winter so your pipes don’t freeze and burst like last winter. You’ll be telling the pimply faced kid sitting across from you at the break table what a great policeman you were and all the great arrests you made and all the disturbing things you saw and did while “on the job”, and as he stares at you with that vacant look in his eyes and you know all he is thinking about is getting paid so he can take Mary Lou out this week end in daddy’s aerocar and get into her panties, it will hit you like a ton of bricks, if only I could go back in time and change things. If only I could go back and do something to make my retirement better, if only…

Well brother that day is today and the thing to start it off is the ballot in your hand. This is the one you need to send in. Why, because you can change your future for the better. Work a little bit harder for yourself. I’ll ask you to help out but I’ll do the heavy lifting. I will cost you something in both time and money because nothing that is good is free, but it will be worth it. If you want that, then you have to start by voting for me, Kevin C. Jans and send that ballot in. Let your voice be heard down in City Hall, “I’m no longer satisfied with they way you have ignored my needs and I’m willing to do what is necessary to change things, including voting those out of office that stand against my interests and voting for those who will help me!” Let the mayor and city council hear you, but understand that I will be asking you to work. Work for yourself and your fellow officers. If you vote for me, it’s only the beginning of a long road to a better tomorrow. I have full faith in you, my fellow officers, that by working together we can make a difference and must. I have met many of you at the roll calls I have been to and I have been impressed by your willingness to do what it takes to protect and serve the citizens of this great city. You have also done so much to help your fellow officers in need, now it’s time to look at the future and start working for yourself too.

My campaign poster

VOTE FOR
KEVIN C. JANS
AS YOUR REPRESENTATIVE TO THE CHICAGO POLICE RETIREMENT BOARD

I pledge to:

1. Protect the fund from excessive fees.
2. Serve you by supporting our rights in front of the Board and making sure you don’t have to wait for years to get a decision on your case.
3. Educate members to the workings of the Board and how to make your best individual retirement decision.
4. Advocate on our behalf to the City and in Springfield for:
1. 80%
2. 3% COLA compoundment
3. Retiree Health Care coverage
4. Pension portability
5. 100% surviving spouse benefit

Unlike Steve Robbins who as a member of the FOP Board of Directors, voted in favor of the 23 million dollar pension give back to the City; I as the 019 District Unit Rep, voted against it. The elected members of the Retirement Board sent the FOP a letter asking them to vote against it. Steve Robbins failed to protect the Pension Fund and he failed to protect all of us.

Please support me with your vote.