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LEGISLATIVE ALERT - PENSION CONSOLIDATION - LEGISLATIVE ALERT
As many of you have heard, the Governor is proposing the mandatory consolidation of all downstate and suburban police pension funds into one plan which will initially be controlled by the State. The local pension fund boards who currently serve officers would continue to exist for now, but they would no longer have any authority to invest money for local police officers. Instead, all of the money would be held and invested by one statewide fund.
The consolidated fund would initially be controlled by individuals exclusively appointed by the Governor. After 3 years, the fund would be managed by a board including mostly mayors, with some elected active employees and an elected annuitant trustee. The proposed board would have the lowest participant control/participation of any pension fund in the State. This represents a loss of police officers’ control over their own money.
Not surprisingly, the labor unions representing law enforcement have been working hard against this proposal. The Illinois Police Benevolent and Protective Association, Fraternal Order of Police and the Metropolitan Association of Police have been working together, hand in hand, to defeat this legislation.
Our biggest obstacle is the Governor’s simplistic catch phrases sound great. Phrases like “eliminate unnecessary government,” “reduce operational costs,” and “reduce property taxes” all sound great, but they are not based on any reliable analysis or any verified numbers. This proposal will require municipalities to spend a massive amount of money up front in the hopes they will recover their cash outlay over a period of at least a decade. Over the long term, it might reduce some costs and it could potentially allow some funds to achieve higher returns, but it will take years.
This complex issue requires diligent study from actuaries, investment professionals, and other industry experts. It requires inclusion of, and buy-in from, all stakeholder groups. More than anything, this proposal needs time to be fully vetted and fairly analyzed. It needs to be publicly debated based upon reliable information. It can not be like so many of Illinois’ recent pension ideas like Tier II, Tier III and SB1 which all failed because they were pushed through quickly without proper discussion with professionals and affected parties, resulting in numerous unintended consequences.
Consolidating $8 billion requires thoughtful, transparent due diligence. Certainly, the upcoming veto session does not provide an adequate amount of time to vet the Governor’s consolidation gambit.
We do appreciate the Governor’s inclusion of some much needed benefit fixes for downstate and suburban police officers who are under Tier II. The Governor has proposed some fixes, but realistically, the fixes he has proposed are not enough to hand over control of $8 billion to the State of Illinois, especially considering the state’s abysmal track record in managing its own pension funds.
We can certainly use the help of all our members in communicating your concerns. We have seen many great letters to the editor reiterating our concerns. We also encourage our law enforcement community both active and retired to contact their State Senators and Representatives and let them know this proposal is bad for police officers, bad for communities, and bad for taxpayers.
IF YOU DO NOT KNOW WHO YOUR STATE SENATOR AND REPRESENTATIVE ARE FOLLOW THIS LINK TYPE IN AND CONFIRM YOUR ADDRESS AND YOU CAN SEE WHO THEY ARE AND WHERE TO CALL THEM!
www.elections.il.gov/ElectionOperations/DistrictLocator/AddressFinder.aspx
FYI
Participants,
So we were before Judge Cohen this morning on a number of issues.
He’d read that we have asked the appellate court to remove him and reassign the case, and vacate all of his past rulings.
And declared that he could not rule on anything while this was pending, and essentially froze the case in all respects.
The good news I suppose is that it gives us a basis to ask the appellate court for an emergency hearing on the open issues.
We’ll see.
Clint Krislov
Krislov & Associates, Ltd.
Civic Opera Building
20 North Wacker Drive, Suite 1300
Chicago, IL 60606
Telephone: 312-606-0500
Facsimile: 312-739-1098
Email: clint@krislovlaw.com
Website: www.krislovlaw.com
Please contact your legislators and let them know we are opposed to this consolidation effort.
It is a plan conceived in back rooms, by big money hedge fund managers, with no public input, no press, and no transparency.
AND ABSOLUTELY NO REPRESENTATION OF POLICE AND FIRE PENSION BENEFICIARIES!
What promises were made and to who?
If this is a legitimate idea put out the details. Have PUBLIC meetings across the state. Give each pension plan participant the ability to vote on whether or not THEIR money should be combined!
Jim Dey | Devilish details threaten plan for quick pension action
The associate director of the Government Finance Research Center at the University of Illinois-Chicago contends that Gov. J.B. Pritzker's consolidation idea has 'merit,' but the report his task force issuedOctober 18, 2019
FOR IMMEDIATE RELEASE
Latest Department of Insurance Figures Show Downstate Pension Systems are Lowest in Administrative Costs
SPRINGFIELD – The latest figures released by the Illinois Department of Insurance show that the Illinois Municipal Retirement Fund (IMRF) and downstate police and fire pension systems have the lowest administrative costs of any pension systems in the state. This new data is key information that should be carefully considered during any discussion of pension fund consolidation, according to the Illinois Police Benevolent and Protective Association (IPBPA).
“Much of the current talk focuses on the alleged administrative cost savings by pension consolidation, yet this latest information shows the IMRF, police and fire pension funds already have lower administrative costs than anybody else,” said PBPA Executive Director Sean Smoot. “In fact, those local system costs are far lower than those for the State of Illinois' pension systems. Those who favor the consolidation of police and fire pension funds will need to explain how moving millions from a lower-cost system to a higher-cost system will save the taxpayers money.”
The Bi-Annual Department of Insurance Public Pension Division's October 2019 report shows that 6.2 percent of the total funds administered by the IMRF go toward administrative costs. The figure for downstate police pension systems is 7.97 percent, and for fire pension systems it is 8.37 percent. The administrative cost for the State of Illinois' employee pension system is 14.36 percent.
“We want to stress that this data comes directly from the State of Illinois, not from any group pushing for or against consolidation,” Smoot said.
The PBPA suggests that, rather than consolidating the local systems, the Illinois General Assembly should allow the smaller systems to invest their funds at a much higher rate of return like the IMRF is allowed to do. Without the investment restrictions, which are placed only on small police and fire pension funds, and with no consolidation, the local pension funds could generate their own higher returns, meaning no extra cost to the taxpayers to keep the funds healthy.
Sean Smoot, director and chief counsel of the Police Benevolent and Protective Association of Illinois, said his group is “philosophically opposed to consolidation,” a position he said he expressed to Pritzker when he sought an endorsement during last year’s race for governor.
Smoot objected to his union and the Illinois Public Pension Fund Association, of which he is deputy counsel, being excluded from the governor’s task force.
A major concern for opponents now is that lawmakers will heed Pritzker’s call for quick action this fall. “That would be a complete recipe for disaster,” said Smoot, who had not seen the specifics of the governor’s plan.
FOR IMMEDIATE RELEASE
Thursday, Oct. 10, 2019
CONTACT
Gov.Press@illinois.gov
Task Force Recommends Consolidating Downstate and Suburban Police and
Fire Pensions
Consolidating Assets of Suburban & Downstate Police & Fire Pension
Fund Assets Worth As Much As $2.5 Billion over 5 Years
The Pension Consolidation Feasibility Task Force issued a report to
Governor JB Pritzker today recommending that the state take action in
the veto session to consolidate the nearly 650 suburban and downstate
police and fire pension plan assets into two new statewide systems,
which could generate as much as $1 million a day in additional returns
for the funds and help stabilize pensions and protect the retirement
security of our brave first responders.
The consolidated funds would total more than $14 billion in assets,
generating an additional $820 million to $2.5 billion in investment
returns alone over the next 5 years and an additional $3.6 to $12.7
billion in investment returns alone over the next 20 years, based on
the performance of the statewide municipal employees’ fund.
The two consolidated funds – one for police and one for fire – would
pool assets to lower administrative costs and gain access to better
investment opportunities, improving performance and easing the growing
pressures on local property taxes to pick up the tab when funds
underperform.
“Under the current arrangement, Illinois’ suburban and downstate
police and firefighter pension funds are underperforming by nearly one
million dollars per day. That’s not just a missed opportunity – that’s
a hole these funds are digging deeper every year – and then
municipalities have to ask taxpayers to fill the hole,” said Governor
JB Pritzker. “We’ll be proposing legislation this fall to consolidate
the assets of the 649 suburban and downstate pension funds into two
statewide funds. This consolidation will improve the financial health
of the plans and help secure the future for the retired workers who
rely on them – and it will alleviate some of the property tax burden
plaguing homeowners and renters across our state.”
Because most of the existing 650 funds are so small – nearly half have
less than $10 million in assets – returns on their investments have
been significantly lower than other pension systems. Currently, the
array of smaller funds each pay higher administrative fees and see
significantly lower investment returns than larger pension plans in
Illinois, averaging 2% less annually during the past 10 years than the
statewide municipal employees’ fund.
With regard to the two new funds, the task force also recommends that
the state make some changes to Tier 2 beneficiaries’ plans to address
future concerns about the safe harbor standard of the Social Security
Administration and Internal Revenue Code, as well as avoiding
substantial and sudden future costs to municipalities resulting from
non-compliance.
In the future, the task force could consider consolidating the benefit
administration of the suburban and downstate police and fire pensions,
as well as the advantages of further consolidation of other state and
local benefit plans, including Chicago’s funds.
Governor Pritzker established the task force less than a month into
office, on Feb. 11, 2019. Former Chicago Board Options Exchange
Chairman and CEO William J. Brodsky, Associated Fire Fighters of
Illinois President Pat Devaney and former Illinois Senate Minority
Leader Christine Radogno co-chaired the 10-member committee.
Dear Retirees,
Over the past more than thirty years we have fought to protect your pension benefits, the solvency of your Pension Funds, and for the healthcare coverage you were promised by the City and your retirement Funds. As you know, we are in the Appellate Court for most of the issues, despite the court’s recent holdings that we cannot obtain any fee in the case; not from the City, the Funds, nor from even the subsidy recoveries we have obtained for you.
In the view that nothing will change without a change in the courts, I am seriously considering seeking the Democratic nomination for the open seat on the Illinois Supreme Court. At this point, the most challenging aspect is getting on the ballot. We will need more than 5,050 signatures to do that. Many of you are experienced in these efforts, have encouraged me to do this, and offered to help.
I am not asking for money; the critical need is to get petitions signed, and you all can do that. If you can get 20 or more signatures, great. Most of you should be able to sign and get your family members as well. Neighbors, anyone else.
I would appreciate your responding with your willingness to do that. I have attached copies of the petitions.
We are short on time. We need as many back as possible by the end of October.
The signatures must be from Cook County voters.
Your signature must be notarized, and you need to send us the ORIGINAL signed petitions back by mail or in-hand delivery. Do not scan or fax them.
If we can get the signatures, I’ll do it. If we cannot get the signatures, we will not proceed.
Clint Krislov
Krislov & Associates, Ltd.
Civic Opera Building
20 North Wacker Drive, Suite 1300
Chicago, IL 60606
Telephone: 312-606-0500
Facsimile: 312-739-1098
Email: clint@krislovlaw.com
Website: www.krislovlaw.com
FYI
From: RICHARD KING
The September FOP general meeting is 17 Sept 19 at 1200 hours. This is the month By-Laws are voted on. AGAIN there is another anti-retiree proposal. The proposal in question would limit members from serving more than four (4) terms on the FOP board. This By-Law would be legal on its own but they want to make retroactive to the formation of Lodge 7. The effect would be to remove about 6 trustees all of whom are retirees.
If you are read the second city blog you see many comments that they would give up the COLA to get rid of the residency requirement. It’s the retirees that add suitability to this board. This was proposed by a officer who will be running for president of the lodge. He has run many times before and has never won an election. Its not his first attempt to remove retirees from the board.
This By-Law was passed by the By-Law Committee but voted down by the full FOP board 16-9. Two retirees actually voted to accept the By-Law (Donahue and Dougherty). Remember those names come election time! All retirees are not equal. We need more worker bees and less good time Charlie’s!
This By-Law may still may come to a vote at the General Meeting. So anyone who could make the meeting would be appreciated. Hamburgers and hot dogs will be served. Parking is tight so car pool and let the guy/gal who is most ambulatory drive and drop the others at the door.
Good news with Aetna Insurance the rates will drop $10 next year and we will gain Silver Sneakers, Optical, and $2000 for hearing aides every two years. More info to follow.
Have a great day and stay safe!
Paul Vitaioli
Member FOP Retirement Committee
019 Retired
What do you think...
chicagocitywire.com/stories/512789294-ald-o-shea-introduces-pension-funding-ordinances?fbclid=IwA...
Ald. O'Shea introduces pension funding ordinances
Chicago's 19th Ward Ald. Matthew O’Shea has introduced a series of ordinances before the City Council that he is convinced could mean millions for the state’s deeply underwater pension systems.Attorney-Client Privilege
Participants,
Next Tuesday, July 30, 2019 at 10:00 a.m., we are back before Judge Cohen, Daley Center, Room 2308.
We will ask him to enter a judgement order on Count 1 (which he views as just the subsidies), so that the rest of the case can be up before the appellate court.
We will also ask him to protect our fee claim from the subsidies, at least to protect our ability to prevent that portion of the money from going out, until we can have the issue decided by the appellate court.
I’m not optimistic that he will accommodate us on either issue, but I’d like to get the rest of the Underwood case out of his court.
We would appreciate your attendance there, but our main fight at the moment, and for as long as we can keep it going, is to have the appellate court reverse his decisions.
We don’t think that the continued delays and hurdles posed in his court do much else than just wear us down.
In the meantime, we need contributions to the warchest to keep this going, even for the appeal.
Clint Krislov
Krislov & Associates, Ltd.
Civic Opera Building
20 North Wacker Drive, Suite 1300
Chicago, IL 60606
Telephone: 312-606-0500
Facsimile: 312-739-1098
Email: clint@krislovlaw.com
Website: www.krislovlaw.com
chicagocitywire.com/stories/512774014-wirepoints-denied-pension-bailout-lightfoot-makes-generous-...
Wirepoints: Denied pension bailout, Lightfoot makes generous offer to Chicago Teachers Union
On the heels of asking the state for a taxpayer-funded bailout, Chicago Mayor Lori Lightfoot is offering the Chicago Teachers Union (CTU) a five-year contract and a 14-percent pay raise, according to a Wirepoints report.On Thursday, July 18, 2019, Michalene McElligott <michalene@krislovlaw.com> wrote:
Retiree Update-Attorney Client Communications-Answers to a number of questions from many of you
A whole raft of questions from many of you.
To speed up the answers, I’ve grouped most of the questions many of you have been asking individually.
Is it time to just drop the case, it’s over?
No. most all of the issues are before the appellate court on our appeal.
We just are at the end of our resources, and need to find a way for the case to continue, possibly without us.
What do retirees expect to receive at this point?
The Funds will be bringing their subsidies current, and resuming them going forward. Here’s who gets them at the moment and how this will be done.
All retirees whose Hired-By date precedes April 4, 2003 (the original signing date of the 2003 Settlement. The applicable hire date is an issue on appeal; we think it will eventually include people hired much later, possibly as late as June 30, 2013).
For 2017-2019, people who are in their Fund-administered plan will receive them automatically, without further action necessary.
People who are in any other plans (any Medicare, Obamacare, or other medical insurance plan) will receive a form from your Fund, to fill out to declare your coverage.
If you fill out the form, you’ll get the bring-current subsidy, but it will be reported to the IRS on a form 1099; if you submit proof as well, it will be treated as a nontaxable reimbursement and not reported as income.
For 2020 and going forward, at the moment, you will continue to get the subsidy only as long as you are on a plan administered by your Retirement Fund.
How much?
For Police and Fire retirees, the 1983 statutory amount is $55 each month for non-Medicare, $21 for Medicare qualified people. For the 2017-2018 period, just multiply your monthly amount by 24=$1,320 or $504.
For Municipal or Laborers, the 1985 statutory amount is a flat $25 per month, regardless of Medicare status, but only for periods that you are 65 or over, and with 15 years’ service. Multiplied by 24=$600.
We have asked Judge Cohen to order them to add interest at the 5% rate for payments that are vexatiously or unreasonably delayed. Cannot predict whether he’ll do this or not.
What issues are or will be decided in the appellate court?
Essentially all of them:
The funds’ obligations to provide coverage, and the applicable hired-by date for the protected group is already before the court, waiting on the city and funds’ second extension to august 1 to file their briefs.
The rest of the issues (class certification, the seventh amended complaint, our assertion of the claim as participants to enforce the funds’ contracting with the city as insurer, attorneys fees, etc.) will all be added once we’re done in the circuit court; hopefully next week.
If we’re not successful in the appellate court, can we appeal to the Illinois supreme court?
Yes. Any party in the appellate court will be able to petition the Illinois Supreme Court to review the case. The choice is entirely theirs.
How long can Krislov keep pursuing this?
Cannot say at this point. We have enough to get us into August. Beyond that, cannot say.
Other questions:
If I haven’t yet received a check for the 2013 re-reconciliation of Blue Cross secret settlement, what do I do?
We think these only went to people who were non-Medicare participants in 2013, but check with the city benefits office to be sure. Benefits Service Center:
www.cityofchicagobenefits.org
1-877-299-5111
8 am - 5 pm Monday - Friday CST
Chicago Benefits Office – (312) 747-1600
And, yes we still accept contributions, and we’ll certainly need them to continue.
Clint Krislov
Krislov & Associates, Ltd.
Civic Opera Building
20 North Wacker Drive, Suite 1300
Chicago, IL 60606
Telephone: 312-606-0500
Facsimile: 312-739-1098
Email: clint@krislovlaw.com
Website: www.krislovlaw.com
On Wednesday, July 17, 2019, Michalene McElligott <michalene@krislovlaw.com> wrote:
Dear Retirees;
Well, here it is.
We are very sorry to report that Judge Cohen today denied our motions for leave to file our Seventh Amended Complaint, denied our motion to reconsider and certify the case as a class action, and denied our request for fees, held that we cannot obtain fees either against the City and Funds, nor from the subsidies being paid next month.
The best that can be said is that we presume this will bring matters to and end before this court and judge.
We think that his rulings should be reversed by the Appellate Court, both as to your benefits and our fees, but who knows?
We are on appeal with respect to the Funds' obligation to provide a retiree healthcare plan for their annuitants, and who is included; and look forward to receiving the City and Funds' briefs sometime in the future.
We will want to protect our assertion to fees from the subsidies, and cannot predict how this will play out ultimately.
We may not be able to continue much further.
For those who have contributed to date, we are very appreciative. Far beyond these mere words.
Contributions will be needed to pursue the appeal.
Most of you will be receiving your statutory subsidies for 2017 through 2018 next month, and we would appreciate your contributing from those.
Please email us any questions you have.
Clint Krislov
Krislov & Associates, Ltd.
Civic Opera Building
20 North Wacker Drive, Suite 1300
Chicago, IL 60606
Telephone: 312-606-0500
Facsimile: 312-739-1098
Email: clint@krislovlaw.com
Website: www.krislovlaw.com
Hey All, might be a good idea to see where our pension funds go.
Please sign the petition,
www.gopetition.com/petitions/forensic-audit-of-the-chicago-police-pension-fund.html#.XR5BdtJ2ZKI....
FORENSIC AUDIT OF THE CHICAGO POLICE PENSION FUND
We, the Retirees of the Chicago Police Department, Widows, Widowers, and active Police Officers are…On Tuesday, July 9, 2019, Michalene McElligott <michalene@krislovlaw.com> wrote:
Participants,
To clear up some confusion, we may have forced these payments to be made, but the City and Funds seem determined to comply without acknowledging how any of this occurred.
The Checks you have just received are not the subsidy checks.
The small checks (generally $19 or $38) you are receiving are your share of the City’s pocketed money from the secret settlement they entered into with Blue Cross in 2013, and fought to keep secret from us. We fought the City, successfully discovered the City’s concealed $2.1 million it received, and have obtained re-reconciliation of the 2013-1st half, producing small refunds with interest. This part may not be a lot of money, but it should be yours.
The Subsidy backpayments for 2017 and 2018 should be coming in mid-August, early September from the Funds, probably with your annuity deposit for the month.
Subsidy payments for those in the Blue Cross, Aetna and other Fund-processed healthcare programs should be brought current and continue. These will be larger amounts, generally $504, $600 or $1320 for the two year period, plus an additional $252, $300 or $660 for 2019, depending on your fund, age and medicare status.
We have also filed a motion to add interest for the Funds’ delay in paying the past subsidy moneys.
If you are participating in a healthcare plan processed by your Fund, your subsidy should continue in 2020 for life.
We’ll keep you posted.
The next major hearing before Judge Cohen will be July 15 at 1:00 p.m., Daley Center, Room 2308.
It will focus on our Amended Complaint, seeking to enforce the statutory obligation on the Funds to provide coverage, and their fulfilment by contracting with the City as insurer.
Attorneys Fees.
It will also focus on whether we can obtain fees from any source. We have asked the court to award us a portion of the backpay subsidies. The Funds (who fought against having to pay you anything), are now asserting that their fee opposition is to protect your interests.
The City and Funds are determined to keep us from being paid from any source, not them, not the subsidies…..Nothing.
Accordingly, depending on how that hearing goes, we may not be able to continue beyond July 15.
To those of you who have contributed and numerous times, words cannot express our appreciation, and our regret that we may not be able to see this further.
We still need contributions, but cannot guarantee how long we’ll be able to continue.
So if any of you wish to contribute, and voice support for our fee claim, we’d appreciate it.
This is an important hearing.
If past hearings are any indication, Judge Cohen will probably uphold our complaint, but only as far as the subsidy, then have the subsidies proceed, with or without a fee escrow
and hold the rest to see what the appellate court eventually decides, on our arguments that the Funds have a statutory obligation to provide coverage, not just the subsidy.
In the Appellate Court, the City and Funds are now on their second extension on their briefs, now due August 1, over our objections. They obviously don’t have to worry about their healthcare.
We are back before him tomorrow on the form for notices to accompany the subsidies; but we don’t think you all need to attend tomorrow.
Your attendance on the 15th will be greatly appreciated.
Clint Krislov
Krislov & Associates, Ltd.
Civic Opera Building
20 North Wacker Drive, Suite 1300
Chicago, IL 60606
Telephone: 312-606-0500
Facsimile: 312-739-1098
Email: clint@krislovlaw.com
Website: www.krislovlaw.com
www.chicagobusiness.com/greg-hinz-politics/mayor-lightfoots-pension-handoff-proposal?fbclid=IwAR2...
Mayor Lightfoot's pension handoff proposal
A state takeover would spare city voters a $1 billion property tax hike, possibly bolstering the chances for Pritzker's graduated income tax hike in a referendum next year. Greg Hinz On Politics.www.pionline.com/courts/judge-rules-puerto-rican-public-pension-assets-safe-creditors?
Judge rules Puerto Rican public pension assets safe from creditors
The judge overseeing Puerto Rico's complex bankruptcy case ruled against bondholders seeking pension assets and a share of future revenue.FYI
On Friday, May 31, 2019, Michalene McElligott <michalene@krislovlaw.com> wrote:
Participants:
Regarding the “bring current” payment of the subsidies for 2017-2018, 2019, and going forward:
· We are cautiously optimistic that the court will on June 7 approve form notices to all those hired by April 4, 2003. While we have opposed sending the notices under the Funds’ letterheads, rather than the court’s, and we do not agree with limiting the subsidies to just the pre-4/4/2003 hires, most of you should be getting a notice from your Fund in July.
· Those who are on the Blue Cross or Aetna plans need not do anything.
· Those of you who are on other plans during the period after 1/1/2017 will need to respond.
· Police and Fire annuitants should receive $55 for each month they were/are not Medicare qualified, $21 for each month they were/are Medicare qualified.
· Municipal and Laborers annuitants who are over 65 and with 15 years’ service will receive $25 for each month, regardless of Medicare status.
· If you just fill in the form, you should get a lump sum to bring you current in the next annuity payment, possibly as early as August.
· If you also provide some documentation of your coverage during the period, the Funds will treat it as a nontaxable reimbursement; otherwise you’ll still get the payment, but they will report it to the IRS as income to you.
The next major court date for you to attend will not be until July 8, 2019 at 1:00 p.m., after he addresses the latest complaint, class certification again, and possibly escrowing a portion of the subsidies. We’ll let you know, and we’ll try to hold out until then.
Regarding our healthcare appeal-asserting that the statute obligates the Funds to provide coverage, and that they did so by enforceably contracting with the City as the insurer:
· We filed our brief more than a month ago.
· Predictably the City and Funds recently filed motions to extend their briefing time from last week to June 27.
· Usually we do not oppose reasonable extensions. However, after reading their motions (asserting they needed more time to complete working on things that aren’t due until after our case deadlines), we opposed their extension, pointing out that it makes no sense and is unfair to annuitants who are having to suffer, while the city and Funds just want to move things around to fit their priorities. Not surprising, the court noted the objections, but granted the extensions. Hopefully our objection will make it less likely that they will request a second extension.
Regarding our fees. The Illinois Supreme Court denied our petition in the City Pension Reform Case, leaving in place the appellate court’s ruling that we cannot get a fee; not from the City or Funds since it is not a case involving race, sex, national origin or gender discrimination, and we cannot get a fee from the Funds’ future annuity increases, in the court’s view that it would diminish benefits.
We are still fighting to convince Judge Cohen that our “bring current” back-payment is different and should have a portion escrowed to protect our claim to fees. Whether this will happen or not is still uncertain.
On the Korshak audit and reconciliation fees, we had briefs, and a hearing in March. The judge stopped it during closing arguments to see if the parties would let the judge mediate. That didn’t produce an agreement, and the City has requested to obtain post-hearing discovery, knowing that it will put things off for another three months. I don’t know how long we can hold out. Some of you have been really terrific in contributing; most simply have not.
Finally, we have reached out to the new administration, and hope they will do the right thing by all of you, and negotiate a fair resolution for this. We’ll see, and we’ll keep you posted.
We seriously need your help and contributions.
Maybe call your trustees and unions and ask them why they’re not helping us.
You all deserve better from them.
Clint Krislov
Krislov & Associates, Ltd.
Civic Opera Building
20 North Wacker Drive, Suite 1300
Chicago, IL 60606
Telephone: 312-606-0500
Facsimile: 312-739-1098
Email: clint@krislovlaw.com
Website: www.krislovlaw.com
