President's Message To Members
DEAR MUNICIPAL EMPLOYEES SOCIETY MEMBER:
As we enter a new year everyone at the Municipal Employees Society would like to thank you for your continued membership support. For over 100 years, this organization has worked hard to protect the benefits we have. In 2017, the need to be more protective of our pension funds will be a crucial issue. There are long term funding issues that must be addressed by our legislators regarding our pension which we, in good faith, have invested in.
The pension system as it now stands is the best way to ensure taxpayers can reliably receive vital services and retain qualified people to perform these services. To replace these benefits would only result in higher costs for taxpayers. This pension system works, and has worked for over 100 years. As employees of the City of Chicago, we have invested and trusted that our pensions will give us the stable retirement benefits all city workers are entitled to.
We pledge the the Municipal Employees Society, its assets, and directors will do everything in their power to preserve your pension benefits. A single voice can be lost, but thousands of voices in unity cannot be ignored. With this in mind, we ask that you join the Municipal Employees Society of Chicago and encourage your co-workers to join as well. Please visit our website, www.meschicago.org, for updates on pension legislation. Our contact number is (773) 841-5025. Remember that the Society can only grow stronger with your membership.
The MES is composed of active employees and retirees who belong the Municipal Employees’ Annuity and Benefit Fund and the Laborers’ Annuity and Benefit Fund.
The object of the society shall be to initiate and seek the adoption of measures to improve and preserve the benefits of all retired, active and future participants in THE MUNICIPAL EMPLOYEES’, OFFICERS’ AND OFFICIALS’ ANNUITY AND BENEFIT FUND OF CHICAGO and THE LABORERS’ AND RETIREMENT BOARD EMPLOYEES’ ANNUITY AND BENEFIT FUND OF CHICAGO.
2023 Rate Increases to fund pensions property taxes
CHICAGO (Reuters) – The last piece of Chicagoâs pension funding puzzle fell into place on Wednesday with final approval of a tax on water and sewer usage to save the largest of the cityâs four retirement systems from going broke.
The tax, passed in a 40-10 city council vote, is projected to raise an estimated $240 million a year once it is fully phased in over five years, helping Chicago gradually increase contributions to its municipal retirement system, which is projected to run out of cash within 10 years. âYour acts today changed the course of the cityâs finances from insolvency to solvency,â Mayor Rahm Emanuel said, praising aldermen for their âcollective courage.â
Credit ratings for the nationâs third-largest city have tumbled into the low investment grade to junk levels due largely to an unfundd pension liability that stood at $33.8 billion at the end of fiscal 2015 for the four retirement systems. Chicago has already authorized a phased – in $543 million property tax for its police and fire retirement systems and a telephone surcharge increase for its laborersâ pension fund.