Skip to comments.You Thought California State Pensions Were Out Of Control? Wait Until You See This from IL...
Posted on 06/14/2010 3:01:20 PM PDT by St. Louis Conservative
Meet Neil Codell an Illinois educator with a $26 million state pension. Just to drive the point further -- if Obama gets his way on his newly proposed bailout for State Public Unions, that means you will be paying a portion of Gary and Neil's out of control pensions.
Make sure you notice 'Codell, Neil C.' who is 4th from the top of the list.
Career pension of $26,661,604.
That's almost $27 million for a single administrator within just one local Illinois school system (Niles, to be exact).
Should you have to bailout the state of Illinois?
(Excerpt) Read more at dailybail.com ...
Looks like I chose the wrong line of work.
The majority of professional athletes probably don’t see that kind of money during their career.
Look at their salaries when they retired. I bet most company execs don’t average that much.
The message from the Tea Parties: “We’re coming to take our government back!”
I’m in Chicago, and I read that Illiois has a pension problem because of many former school employees. The state’s average salary of school superintendents is about $120,000, per year, and many teachers are paid about $80,000, per year. After they retire, their pension is usually more than half of their last salary.
while it’s possible to cherry pick these things .....
here’s the lowdown on the il. state pension system..
SPEND A FEW MINUTES AND YOU CAN BECOME A STATE OF ILLINOIS PENSION EXPERT....
THIS EMAIL CONTAINS AN EASY WAY TO MAKE ANYONE AN EXPERT ON
THE ILLINOIS STATE PENSION SYSTEM...
THE STATE OF ILLINOIS DEFINED BENEFITS PENSION PLAN COST IS
27% BELOW THE NATIONAL AVERAGE
LETS REPEAT... THE PLAN IS
TWENTY-SEVEN PERCENT BELOW
THE NATIONAL AVERAGE.....!!!!
HERE ARE OTHER CRUCIAL STATE OF ILLINOIS PENSION MYTHS
....FOLLOW ALONG NOW:
Debunking Illinois Pension Myths!
Myth: Illinois has TOO MANY PUBLIC EMPLOYEES!
Reality: Illinois actually ranks 49th among the states, next to last in the nation,
in number of state employees per capita.
Historically, Illinois has not been a high public employee head count state.
Instead, Illinois is mostly a grant making state
- that is, rather than hire state employees to provide services; Illinois
disburses grants to independent providers such as
Lutheran Social Services or Catholic Charities, which in turn deliver the
service to the public
Myth: Public employee benefits areTOOO GENEROUS!
Reality: For most Illinois public employees, their pension is all they receive
NOT ONLY THAT- fully 78% are not covered by and do not receive Social
Security. This is unlike workers in the private sector, who receive both Social
Security and private retirement benefits!
4. Myth: Illinois’ current defined benefit; THE SYSTEM IS TOO EXPENSIVE!
Reality: The ‘normal cost’ of a pension system is the contribution required
from an employer to fund the plan’s benefits.
The weighted average ‘NORMAL COST’ across all five Illinois pension
systems, as a percentage of active members’ payroll,
averages 9.13 percent.
The NATIONAL AVERAGE for state and local government is 12.5 PERCENT,
placing the normal cost of
ILLINOIS’ current defined benefit program FAR BELOW THE NATIONAL
IT GETS CLEARER:
IL PENSION SYSTEM BENEFITS ARE ONLY ABOUT 49TH AS GOOD AS
OTHER STATE PENSIONS
STATE HAS A NUMBER OF EMPLOYEES FAR FAR BELOW OTHER STATES
PENSIONS ARE ONLY 18K A YEAR AVERAGE AND BECAUSE OF PENSION
SYSTEM RULES... 78 % HAVE NO SOCIAL SECURITY EITHER....
IT GETS EVEN CLEARER:
UNTIL RECENT YEARS.....STATE EMPLOYEE PENSION BENEFITS RANKED
SECOND TO LAST....IN BENEFITS....
SO FOR YEARS AND YEARS STATE EMPLOYEE BENEFITS WERE
HOPELESSLY BELOW PAR....AND... EVEN NOW.....IT RANKS ONLY
HERE’S A URL WITH A VIDEO:
THE Center for Tax and Budget Accountability executive director Ralph
Martire tells us the truth....i challenge YOU to view this video:
The data make it clear that the state’s unfunded pension liability accrued to date was not caused by overly
generous benefits, high head counts, excessive costs or even poor investment returns. Instead, the real
culprit has been, and continues to be, the repeated failure of the state to make its full, annual employer
contribution to the systems. *
*READ THE ENTIRE Illinois Retirement Security Initiative
A Project of the Center for Tax and Budget Accountability
Pension crisis scares off businesses: group
Commercial Club says loans, service cuts not enough
June 16, 2010
BY KIM JANSSEN Staff Reporter firstname.lastname@example.org
Illinois’ pension crisis is “the sun that blocks out the moon — it eclipses everything in sight,” a business group warned Tuesday, hours after the state’s credit rating was downgraded again.
The Commercial Club of Chicago says the huge hole in Illinois’ finances is scaring off new businesses and threatens vital public services.
But it warns that the $150 billion state debt — $130 billion of which relates to unfunded pension and retiree benefit obligations — will keep growing until voters hold legislators accountable.
“The goal is . . . getting the information out there so that every time a candidate goes to McDonald’s [voters] are saying, ‘What are you doing with the budget?’ “ said Cordelia Meyer, a member of the club’s civic committee.
The state’s $13 billion budget shortfall for 2010 alone has yet to be resolved, with Gov. Quinn’s bid to borrow $3.7 billion to meet a required pension payment stalled in the state Senate.
But the club says loans, service cuts and tax increases won’t solve the problem.
Pension cuts brought in for new hires earlier this year need to be extended to existing employees, it says — a move fiercely opposed by unions.