Thursday, June 30, 2011

How's this for a deal: contribute $193K to your pension over your entire career, receive $130K pension salary for life. Welcome to Illinois!

When it comes to Illinois teachers' pensions, does the term ludicrous ring a bell? can a 54 year-old Music teacher retire on a pension of $130,000 after working only 33 years and contributing only $193,000? Since he retired in 2009 he has already received more than he contributed ($225,000). That does not seem reasonable to the 95% of IL workers who are not in the state pension system. The cash value of his pension is 8 times what Social Security would be for the same salary and years worked. Why does any public employee deserve more than 8 times Social Security?

In fact, when you see the union hacks protesting, please consider the following:

Pensions four to seven times Social Security are not “modest”.

Here are the stats for the “average” retired teacher:
1. Average TRS [Teachers' Retirement System] pension – $46,000.
2. Average age at retirement – 58.
3. Average years worked – 25.
4. Average salary final year $61,000.

Mark Levin has a funny and uncannily accurate catch-phrase: "Liberalism is the philosophy of the stupid."

And every day we seem to gather more confirming evidence.

No comments: