Posted on 06/16/2023 9:15:23 AM PDT by DUMBGRUNT
It’s good to be in the top 10 of an Illinois state pension plan: median contribution, $165,852; median lifetime payout, $5.5 million.
The top 10 pensioners in each of its five statewide systems has already received a median state pension worth $3.88 million since retiring. They are predicted to each collect about $1.62 million more during their lifetimes.
Workers who spend their careers working for Illinois collect the third-most generous retirement benefits in the nation. But the top 10 pensioners in each system earn more than double the median lifetime payout of these career pensioners.
Former Elgin School District 46 Superintendent Marvin Edwards contributed just $63,527 to his retirement. He’s collected $4.5 million since 2002.
(Excerpt) Read more at illinoispolicy.org ...
FREE MONEY!
Never let the government unionize against the people.
Government unions are a unified massive voting block that elects the government officials who then are the ones who negotiate against the union.
And the Illinois Supreme Court has already ruled that the state constitution does not allow any diminishment of a government employee’s pension. So unless the state amends the constitution (and that ain’t happening with Democrats in total control) there is no ability to reduce any of these outrageous pensions by a single cent.
Isn’t that haw it is supposed to work in a banana republic. Government workers have the best of everything. and the government workers at the top have the best of the best of everything. At the top of that particular food chain you find names like Barack Obama, Bill Clinton, Joe 81millionvotes Biden & George Bush.
Unbelievable. Plus they probably get full medical, dental and life insurance, to boot.
with all these huge wages nowadays and huge pensions, I feel that our once upper middle class income, now that we are retired, puts us lower and lower into the low income group.....
well at least maybe I can get some free cheese somewhere...
Yeah that’s adorable until the citizens realize that living in IL and bailing out its public pensions is strictly voluntary.
Once enough people leave the state in disgust, I have a feeling that the ISC will take another look at their constitution and discover that, hey, after all, it’s OK to reduce pensions after all.
When I signed up, I picked the investment option that paid 8% regardless of what bonds and stocks did. If they returned more than 8%, then I would participate in a portion of that good experience. I never could understand how they could wipe out all those bad years and find a way to get 8% anyway. But I had only an MBA in Finance and obviously these people were a lot smarter.
For comparison, if beginning at age 22 you invested $360/month until age 58, you would have invested a total of $164,000. If your investments averaged 10% annual ROI, then the balance at age 58 would be $1,560,000. And if at that point you retired and withdrew 4% annually (a popular retirement investment withdrawal strategy) it'd start out at $57,000 the first year, then $60,000 the next year, etc. Only if you lived to be 90 would your total withdrawals be $5.5 million. However, your heirs would inherit something (unlike a pension).
The point being, even the families of people in government jobs that get pensions would be better off if they didn't put into a pension but instead invested that money.
Even the socialist FDR was opposed to public employee unions. Public employee unions are antithetical to a nation of free people.
I don’t understand the disgust over this. Every person in the United States chose a career they wanted. For those who chose a different path, are you unhappy? Why didn’t you chose this path???? Every single person in the country could have done this.
And those of us who work in the private sector, not only get to pay for these lavish pensions, but do not get ANY pensions ourselves. The 401k largely replaced pensions in the private sector decades ago.
So, every single person in the country can be employed by the government?
The disgust is this: Any private company that provided lavish benefits like this would either change or would have gone under long ago.
But a government entity? Not responsible to shareholders, no need to make a profit, just address revenue shortfall by raising taxes using the votes of the very people whose benefits are so lavish. It’s a vicious circle.
As noted above even FDR was opposed to public sector unions as anyone can see where things will eventually end up.
You’re actually defending this corrupt bull s**t.
Then again, considering your comments on this site, I not surprised.
Nope, they are going to expect the Feds to bail them out of this mess.
“””Workers who spend their careers working for Illinois collect the third-most generous retirement benefits in the nation.”””
And the Illinois government bureaucrats are upset that they only get the third-most generous retirement benefits in the nation.
“there is no ability to reduce any of these outrageous pensions by a single cent.”
Sure there is.
Once all of the paying people leave, there won’t be anything left to give out.
Atlas has Shrugged.
It’s happening already. Illinois is losing the population of productive citizens. Even the greedy base-turds with the pensions are leaving because they know exactly what they did, and want to get out while they still can.
“ I don’t understand the disgust over this. Every person in the United States chose a career they wanted. For those who chose a different path, are you unhappy? Why didn’t you chose this path???? Every single person in the country could have done this.”
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You a government employee/retiree? The difference between Illinois government retirees and everybody else in the country is that it LITERALLY UNCONSTITUTIONAL TO REDUCE THE ILLINOIS PENSION SCHEME.
And IT IS A SCHEME IN THE NEGATIVE SENSE.
Ok. So the people of illinois deals with it. The rest of the country this is moot.
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