Illinois Policy: Large pension payouts in the face of flat incomes for taxpayers raise questions of fairness.
Public records from Illinois’ municipal retirement fund show especially high payouts for a select group of former library employees in Illinois.
Six current retirees from Illinois libraries have each taken home more than $1 million in benefits over the course of their retirements, according to data from the Illinois Municipal Retirement Fund. This data excludes Chicago Public Library retirees.
Taken alone, these extraordinarily high payouts are not the primary driver of Illinois’ pension crisis. And retirees themselves are not to blame for the growing costs to taxpayers. But these benefits do illustrate the unfairness inherent in Illinois’ defined-benefit pension scheme.
Nearly 20,000 retirees enrolled in Illinois’ six state pension systems currently receive six-figure pensions, according to data from the Taxpayer Education Foundation. And most of these former workers receive automatic, compounding 3 percent increases in their payout each year. more here
“How sweet it is” to be on the DemoncRAT gravy train in Illinois! All Aboard-please pass go and please collect 1 million dollars!!!!!”
Wonder how many moved when they retired.
This is what happens when Democrats lock permanent increases into the state constitution. Economy tanks? Too bad, it’s got to be paid, it’s the law. Answer: rape the taxpayers in perpetuity.
Don’t care how much it is- that isn’t enough to get me to live there long enough to be eligible for a pension. I won’t even drive through the place.
I don’t know if they are out of other peoples money yet but they are certainly out of mine!
Very few businesses will provide a Defined Retirement Plan any longer. It’s too expensive, draining and dangerous to a company. It’s generally government with unions that have these plan designs because as far as the unions are concerned the plan will never tun out because the taxpayer is there to bail them out. Back during the big bailout a pile of the stimulus money went not to creating jobs but went to making these municipal and State plans whole thus preventing renegotiation with the unions. One of the stupidest things the Feds allowed during that time.
These are the same people who have voted consistently for the politician who promised to give them the most in pensions and kept the perks pouring in from the everyday workers (also known as deplorable’s) who get much less from their civilian pensions, if any. And the courts say its just fine to keep the unfair system up and running.
Every government defined-benefit retirement plan in Illinois is going to face painful haircuts. Unions too. Those fools are not worried because they think the bankrupt, to the tune of 23 trillion, Uncle Sugar is going to bail them out. Uh, yeah. Really think 98 other senators are going to vote for that? Democrats do not understand you cannot spend your way out of bankruptcy.