Skip to comments.Reports: Growing number of $100,000-plus public pensions in Illinois cost taxpayers
Posted on 10/30/2018 7:02:10 AM PDT by AT7Saluki
Two recent studies of public sector pay and retirement benefits show tens of thousands of retired Illinois public employees making six-figures or more in all levels of government, dwarfing figures from states with more people.
Illinois has more than $130 billion in unfunded pension debt for its five state-run pension systems. Adding in other post employment benefits, that number climbs to more than $200 billion. Municipal governments in Illinois also are struggling with unfunded pension liability. Some report using most, if not all, of their share of property taxes to pay pension costs.
Taxpayers United of America said Illinois public sector pension plans are too expensive. To highlight the problem, its annual pension report of all public employees in Illinois shows nearly 19,500 government retirees getting a pension of $100,000 or more. Thats 2,500 more retirees than last year.
(Excerpt) Read more at ilnews.org ...
Socialism is a ponzi scheme.
Don’t blame all of Illinois. The rest of the state is held captive by Chicago....................
Every governor of Illinois has kicked this down the road since Jim Thompson (R) signed into law a provision prohibiting the State from tinkering with public employee pensions. There is no solution for this other than a total revamping of the Illinois statehouse and legislature and with Cook County having a good 40 percent of the statewide vote, that ain’t gonna happen.
No one should make more from a government job in retirement than they did while working. States that have made such outrageous deals with their employees should not expect to be bailed out by the fiscally saner states when they go under.
It's good to be at the top of the pyramid.
A good tutorial of the Chicago Halfrican and his crew's unfortunate sojurn in DC.
ITEM--- IN THE DC SWAMP Valerie Jarrett Received $36K Annual Pension For a Part-Time Chicago Transit job
dailycaller.com ^ | 2/17/2016 | Chuck Ross / FR Posted by rktman
EXCERPT--Chicago is known for its L-train but White House senior adviser Valerie Jarrett prefers to ride the gravy train. $173,922 Jarrett earned annual as President Obama's senior adviser,* plus getting paid an annual pension of $35,660 for her eight years as chairman of the Chicago Transit Authority - a part-time position - appointed in 1995 by then-mayor Richard Daley (brother, William Daley, served as Obama's COS). Jarrett served as the former mayor's deputy chief of staff and was appointed to numerous other well-paid positions during his term. *NOTE: In Chicago parlance, Senior Advisor means Wire-Transfer Artist.
That one Chicago pension check is what she'll admit to. Wonder how many transportation bonds were issued while Jarrett was at Chicago Transit? Her pension payout would pale against her hidden income from lucrative insider Chicago bond deals.
ITEM---VALERIE JARRETT IS THE KEEPER OF (smirk) "OBAMA'S FEDERAL INHERITANCE" Iran-born Valerie Jarrett held secret meetings with Iran that resulted in the US giving Iran $150 billion dollars......later additional millions and gold got handed over secretly. H.J.Ansari Zarif, the deputy for parliamentary and Iranian affairs within Irans Ministry of Foreign Affairs, said he would expose "everyone who allegedly accepted bribes" to facilitate Obama's nuke deal with Iran. "... we will reveal which western politicians received monies during nuclear negotiations to make #IranDeal happen, Mr. Zarif reportedly
Post-presidency Obama and the missus have mega dollars dancing in their heads. Two Clintonesque foundations and the Obama "presidential center" fund are all set to get BIG donations from his Muslim confreres.
We need to see solicitation letters Valerie sent out...should be good for a few laughs.
"Mr President, you are now in complete control of the US Treasury."
THE SMOKING GUN---WSJ REPORT--On Jan 20, 2009 Timothy Geithner was appointed Obama's Secy of the Treasury. But within three weeks, the Obama White House tightened its grip on Treasury. Obama put his COS, Rahm Emanuel, in charge of Treasury---Rahm Emanuel's dual role was an unusual move. When he got to Treasury, WH COS Rahm Emanuel was so involved in the inner workings that the phrase "Rahm wants it" had become an unofficial mantra among subservient govt staffers, prostrate in obeisance, scurrying to accede to Rahm's wishes, according to Treasury government officials. Reported by WSJ / 05/31/09
More here: http://online.wsj.com/article/SB124113406528875137.html
Someone just forgot the basic formula of supply and demand. But there are three ways to handle it:
1. Tell the taxpayers they will get an allowance from the fund and the rest will be invested for them.
2. Send out IOU’s like California did a few years ago and then didn’t honor them.
3. Do the standard thing libs do, print more money and pass it out.
It’s in the playbook. Course the cost of everything will skyrocket but the government will have covered their debt. After all, they get theirs first anyway as they pay it. They’ll be asking for a raise soon due to the inflation they created. And since taxes will increase, the money will be there for them as it is a priority fund and not a retirement fund. And if their raise isn’t there, they’ll just print more money. Perpetual motion.
Problem solved......for them. That’s the way they look at it. Job well done because they didn’t get tossed out. And the fault is on both sides of the aisle.
Yup, all those socialist programs to benefit “the poor” are really just lining the pockets of gov folks.
Illannoy government at all levels is majorly an incestuous patronage/connected people system where jobs/pensions require democrat votes. Chicago is outrageously so.
Unfortunately that’s not in the state constitution. The existing system is:
“From the Illinois Constitution: Membership in any pension or retirement system of the state, any unit of local government or school district, or any agency or instrumentality thereof, shall be an enforceable contractual relationship, the benefits of which shall not be diminished or impaired.
Many whose jobs are only seen as needful by so-called progressives are living off of the churn as they unproductively shuffle other people’s money around.
These are jobs that are a net cost to society — as with lawyers who often fit the bill too, especially when you need lawyers to just talk to lawyers because the lawyers in politics have so twisted the laws that it takes specialists to understand them — that only consume resources uselessly.
But unlike with lawyers (the only way out of our present trap is to extend the equivalent of a basic law degree to everyone as much as possible as part of basic education, thereby diluting the value of the skill set) the way to freedom from government is actually less government.
I know legal “bankruptcy” isn’t an possibility for states, but they WILL reach a point where they can’t pay their bills.
Illinois is screwed. Get out now. If you own a house, sell it before the state becomes another Detroit. Its coming.
Taxpayers will have the last laugh.
There’s just not enough money.
Bankruptcy is an option. Unless the state’s constitution prohibits it. Does IL’s, anyone know?
There is no solution to this until bankruptcy.
Here in Illinois we call it The Double Dip.
Retire with a full pension from one cushy government job after 20 years at 47 or so then grab another cushy government job and work 15 more.
Voila... $100k per year PLUS Lifetime medical benefits.
Yes. That's eventually going to hit people in the face.
The legal code is a pretty little thing -- "We cannot go bankrupt". How nice. How sweet. But can you pay your bills???
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