http://davidstockmanscontracorner.com/why-illinois-is-bankrupt-6000-teachers-get-pensions-of-100000/.Fat cat school administrators are the major problem, not the rank and file. Many other other government agencies are as feeding troughs to well-connected political piggie insiders.
Only one of two things can happen here. The pension system goes bankrupt along with Chicago and the State and everybody in the system takes gas or there will be massive tax increases which will decimate the state for years to come. We won’t need many teachers and government officials because people are moving out and the state’s population is dropping. This will accelerate with huge tax increases and of course business will desert because they won’t want to pay the taxes. It is clearly a death spiral that cannot end well unless there is some serious compromise. We have an over the top, ridiculously generous pension system that needs to change. I would trade my pension from a major electronic company where I worked in a responsible position for decades sight unseen with about any teaches pension. I would end up with two or three times as much money and cost of living increases to boot.
We seem to have very poor judgement in electing politicianswho continually are unable to fund pensions as promised and do not recognize excesses, " … Something has to change. The Bellwether report indicates that a 25 year old female who starts teaching now in a public school in Maine as a 1.8% chance of reaching normal retirement age and collecting her full pension benefits."http://www.forbes.com/sites/maureensullivan/2015/01/29/gold-plated-public-school-pension-plans-most-teachers-never-see-the-cash/#678ae0791060
Legislation cuts the modest pensions of retired City of Chicago employees and required active employees to pay more only to receive a diminished benefit when they retire.
The real herd of rhinos is the theft of thousands of pension accounts by corporations stealing from their long-term employees, to give to their CEOs. Thanks very much there Repubicans in the Congress and White House.
When I taught in Illinois, I made a lot less money than I did as an industrial chemist, but there was this pension plan which made teaching not quite so financially ruinous. I was forced to pay into the pension system every single paycheck for decades. The Illinois General Assembly legally required itself to contribute to the pension system every year. For decades, the legislature sounded like Cubs fans—“Wait till next year.” After not making the promised contribution for all those years, they are crying about greedy teachers. If you don’t pay your Visa bill for decades, you would be in deep doo-doo. The Illinois General Assembly now blames greedy teachers for the problem that they have spent years creating for themselves.
superposition about 8 years ago
http://www.bloomberg.com/news/articles/2015-10-13/state-pension-funding-levels-in-u-s-improve-for-a-second-year
emptc12 about 8 years ago
http://davidstockmanscontracorner.com/why-illinois-is-bankrupt-6000-teachers-get-pensions-of-100000/.Fat cat school administrators are the major problem, not the rank and file. Many other other government agencies are as feeding troughs to well-connected political piggie insiders.
Theodore E. Lind Premium Member about 8 years ago
Only one of two things can happen here. The pension system goes bankrupt along with Chicago and the State and everybody in the system takes gas or there will be massive tax increases which will decimate the state for years to come. We won’t need many teachers and government officials because people are moving out and the state’s population is dropping. This will accelerate with huge tax increases and of course business will desert because they won’t want to pay the taxes. It is clearly a death spiral that cannot end well unless there is some serious compromise. We have an over the top, ridiculously generous pension system that needs to change. I would trade my pension from a major electronic company where I worked in a responsible position for decades sight unseen with about any teaches pension. I would end up with two or three times as much money and cost of living increases to boot.
superposition about 8 years ago
We seem to have very poor judgement in electing politicianswho continually are unable to fund pensions as promised and do not recognize excesses, " … Something has to change. The Bellwether report indicates that a 25 year old female who starts teaching now in a public school in Maine as a 1.8% chance of reaching normal retirement age and collecting her full pension benefits."http://www.forbes.com/sites/maureensullivan/2015/01/29/gold-plated-public-school-pension-plans-most-teachers-never-see-the-cash/#678ae0791060
Mr. Blawt about 8 years ago
Legislation cuts the modest pensions of retired City of Chicago employees and required active employees to pay more only to receive a diminished benefit when they retire.
Dtroutma about 8 years ago
The real herd of rhinos is the theft of thousands of pension accounts by corporations stealing from their long-term employees, to give to their CEOs. Thanks very much there Repubicans in the Congress and White House.
eepatt about 8 years ago
When I taught in Illinois, I made a lot less money than I did as an industrial chemist, but there was this pension plan which made teaching not quite so financially ruinous. I was forced to pay into the pension system every single paycheck for decades. The Illinois General Assembly legally required itself to contribute to the pension system every year. For decades, the legislature sounded like Cubs fans—“Wait till next year.” After not making the promised contribution for all those years, they are crying about greedy teachers. If you don’t pay your Visa bill for decades, you would be in deep doo-doo. The Illinois General Assembly now blames greedy teachers for the problem that they have spent years creating for themselves.