Bloated Illinois public pensions

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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.

Comments

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  • A 401k with no matching funds for these weasels ,then they will get back what they put in.

  • Another case where bloggers and newspapers take easy aim at a complex target. I happen to be one of those targets, as a retired Illinois teacher. However, no big bucks here, no padded packages as brandished in the headlines. Simply a modest pension after 40 good years trying to serve the kids of our state. The point here is self-evident. The media -- in whatever form -- has an obligation to balance fact with frenzy, the fat pensioners and the everyday ones just trying to live with what they put their own money into all these years, whether they chose to or not

  • In reply to jackspatafora:

    Maybe, jackspat, you and your teachers' union colleagues would help your situation if you campaigned against those abusing the system, like the administrators who get big raises their last few years (now the local district has to pay the pension hit, but some taxpayer does), or the state officials that are double and triple dipping, as exposed by the Sun-Times. Since your pensions are guaranteed by the state, while many of us are lucky to have 401ks or SEPPs, you aren't getting our sympathy.

  • In reply to jack:

    Jack, you're absolutely right of course! I guess that's what I was trying to say by saying newspapers "take easy aim at a complex target." The fat cats and double dippers DO make us all look greedy. Maybe that's where the ideal of responsible journalism could help. Instead of the flashy headline accusations, the reporters could do the job they're supposedly paid for -- reporting not sensationalizing. If you have any suggestions for our unions -- other than get out of town! -- let me know.

  • In reply to jackspatafora:

    It was the one I made earlier to lobby for pension reform. Let me know when the teachers' union does that.

  • In reply to jackspatafora:

    There are two teacher unions -- the city and the state. Can't speak for the city, but the state pension system has never contested the need for pension reform. Of course that's like no one contesting the need for health reform. After such easy initial agreement,everyone's details become devilish. My argument is that the media (old & new) usually goes for the grabber headlines more than the gritty facts. Facts which I assure you make very few CLASSROOM educators rich...but then that does make a juicy headline

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