How is it that the top 100 pensions in the state are making more money in a year than most of us can only dream about when we're working a regular full-time job?
If the discussion about pension reform in Illinois is boring and abstract, maybe you should look at this and see just how ridiculous things are. For example:
1. Almost All of These Multi-millionaire "Servants" Are Educators.
An amazing 96 of the Top 100 are educators and the Top 13 come from the state universities.
2. Every One of These "Servants" Are Tax Funded Multi-millionaires.
A $100,000 pension at age 55 is worth $2.4 million in cash. That's
based upon the cost of an equivalent pre-paid annuity providing the
same income over the assumed life expectancy of a 55 year-old.
3. Illinois Taxpayers On The Hook For At Least A Trillion Dollars in Taxes to Pay For State Retirements.
That's about $200,000 per Illinois household over next 36 years (see here). That's $200,000 of your money for other people's retirement, money you will not have available for your own retirement.
4. Sixty-three State Employees Had Pensions Greater Than President Clinton's Pension.
Simply put there is no justification for any public employee having
a pension greater than the President's pension. Next year we will have
a pension greater than President Obama's $400,000 salary.