by Tim McPhillips | Jun 8, 2022 | Newsletters
Local 2 members, do you know what your pension is worth? I say it is worth $3,333,772. Obviously, it isn’t the same for everyone, it is a function of rank, time on the job and years of service. Also, how long you live matters quite a bit. If you get run over by a...
by Tim McPhillips | Jan 14, 2022 | Newsletters
During the most recent campaign for pension fund trustee I was asked numerous times to counter some of the conflicting information between myself and the leadership of Local 2 who were supporting my opponent Tony Martin. Specifically, I was asked – Did a theft...
by Tim McPhillips | Nov 18, 2021 | Newsletters
When I first became a trustee seven years ago, I would occasionally have members ask me if they could take a refund of their contributions from the pension fund. My answer was typically – “Don’t do it. But if you want to, as long as you are under 50 you can have...
by Tim McPhillips | Sep 25, 2021 | Newsletters
Brothers and Sisters, This year is the first year that the City has put into our pension fund what professional actuaries believe is an adequate amount of money to start properly funding our pension fund to secure our retirement benefits. Finally, after decades of...
by Tim McPhillips | Sep 24, 2021 | Uncategorized
As your pension fund trustee, I am often asked about Tier 2, what it is, and how it differs from Tier 1. Tier 2- What it is? Tier 2 is a response by the Illinois Legislature to address the chronic underfunding of pension funds throughout the State. The legislation...
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