bills_fan Posted June 15, 2010 Share Posted June 15, 2010 Wow. Some of the number in this link are simply mind-blowing. This link estimates that the total pension liability for the top 100 school administrators in Illinois is $887 million. Yes, almost a billion dollars in pension costs for 100 people. Man, I am in the wrong field. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted June 15, 2010 Share Posted June 15, 2010 I know it is ridiculous... The community that I live is working class and fairly poor... Teachers start out in the 30's and only work into the 50's... Yet the superintendent makes about 150k... 150k! I noticed Chicago Heights is in there... Borders on one of the poorest communities in the country an services it... 250k! Most there houses are under a 100k. EDIT: There is residency clause in Chicago Heights... What a dump of a town. My guess that admin has a bang up vaction home in say Michigan. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted June 15, 2010 Share Posted June 15, 2010 Oh... I forgot to mention... I noticed all seemed to be Chicago area... And north and northwest... A few are in the south with Flossmoor, Orland Park (SW), and Chicago Heights. Thanks for posting! Link to comment Share on other sites More sharing options...
keepthefaith Posted June 15, 2010 Share Posted June 15, 2010 Wow. Some of the number in this link are simply mind-blowing. This link estimates that the total pension liability for the top 100 school administrators in Illinois is $887 million. Yes, almost a billion dollars in pension costs for 100 people. Man, I am in the wrong field. They are outrageous numbers. If we look at expenditures in all areas of government (local, state and federal) we'd probably easily find 33% or more that could be cut. Link to comment Share on other sites More sharing options...
DC Tom Posted June 15, 2010 Share Posted June 15, 2010 One important point: that's an annualized thirty million a year, which is 4% of the state's entire annual pension budget. While those individual numbers are insane (the state paying someone $1.4 million a year, thirty years AFTER they retire? ), they're also not the whole story. Those hundred people are probably not the biggest drag on the state budget. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted June 15, 2010 Share Posted June 15, 2010 Those hundred people are probably not the biggest drag on the state budget. What may be than? Link to comment Share on other sites More sharing options...
Keukasmallies Posted June 15, 2010 Share Posted June 15, 2010 No knowledge of IL, but I am a retired Sup't of Schools in NYS. When I started teaching in 1963, I couldn't believe the retirement plan as it was explained to me at that time. I retired in 1997, I'm receiving the pension and I still can't believe it. It is truly generous. I agree there are changes to be made and NYS has made them in terms of public school teacher retirement plans. However, there is another side to the coin: How many people want to move their family fourteen times chasing jobs, deal with just plain awful student situations almost weekly--from guns to dead pigs hoisted on the high school flag pole, be directed by Boards of Education w/ their heads up their collective a$$e$, suffer the humiliation of parent attacks in public, deal with unions that couldn't care less about their members primary work responsibilities, juggle mind-boggling educational and social missions just because they are the current rage.... The macro view of pension plans in NYS presents fuel for outrage; the micro view is something else again.... Whew...., I'll leave it there. Link to comment Share on other sites More sharing options...
DC Tom Posted June 15, 2010 Share Posted June 15, 2010 What may be than? Probably the civil servants that waste time on the internet when they should be monitoring the locks. Link to comment Share on other sites More sharing options...
KD in CA Posted June 15, 2010 Share Posted June 15, 2010 Wow. Some of the number in this link are simply mind-blowing. This link estimates that the total pension liability for the top 100 school administrators in Illinois is $887 million. Yes, almost a billion dollars in pension costs for 100 people. Man, I am in the wrong field. Oh sure, just more union bashing. This is the exception, not the rule. Blah, blah, blah, blah. [/pBills] Link to comment Share on other sites More sharing options...
3rdnlng Posted June 15, 2010 Share Posted June 15, 2010 No knowledge of IL, but I am a retired Sup't of Schools in NYS. When I started teaching in 1963, I couldn't believe the retirement plan as it was explained to me at that time. I retired in 1997, I'm receiving the pension and I still can't believe it. It is truly generous. I agree there are changes to be made and NYS has made them in terms of public school teacher retirement plans. However, there is another side to the coin: How many people want to move their family fourteen times chasing jobs, deal with just plain awful student situations almost weekly--from guns to dead pigs hoisted on the high school flag pole, be directed by Boards of Education w/ their heads up their collective a$$e$, suffer the humiliation of parent attacks in public, deal with unions that couldn't care less about their members primary work responsibilities, juggle mind-boggling educational and social missions just because they are the current rage.... The macro view of pension plans in NYS presents fuel for outrage; the micro view is something else again.... Whew...., I'll leave it there. Sorta like a lot of private sector jobs, eh? Link to comment Share on other sites More sharing options...
bills_fan Posted June 15, 2010 Author Share Posted June 15, 2010 No knowledge of IL, but I am a retired Sup't of Schools in NYS. When I started teaching in 1963, I couldn't believe the retirement plan as it was explained to me at that time. I retired in 1997, I'm receiving the pension and I still can't believe it. It is truly generous. I agree there are changes to be made and NYS has made them in terms of public school teacher retirement plans. However, there is another side to the coin: How many people want to move their family fourteen times chasing jobs, deal with just plain awful student situations almost weekly--from guns to dead pigs hoisted on the high school flag pole, be directed by Boards of Education w/ their heads up their collective a$$e$, suffer the humiliation of parent attacks in public, deal with unions that couldn't care less about their members primary work responsibilities, juggle mind-boggling educational and social missions just because they are the current rage.... The macro view of pension plans in NYS presents fuel for outrage; the micro view is something else again.... Whew...., I'll leave it there. NYS has not made the changes necessary to fix itself in this respect. Once NYS offers a defined contribution plan (401k) vs. a defined benefit plan (pension) then NYS will have fixed itself. As far as dealing with crap...well, you signed up for it and could quit at any time. We all deal with crap in our jobs. For the most part, we knew what we signed up for and are willing to deal with the BS because the expected benefit outweighed the cost. So, forgive me if I break out the violin... Link to comment Share on other sites More sharing options...
Pine Barrens Mafia Posted June 15, 2010 Share Posted June 15, 2010 Not a surprise. Outside of defense, there's no governmental function more ripe with corruption and waste than education. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 15, 2010 Share Posted June 15, 2010 NYS has not made the changes necessary to fix itself in this respect. Once NYS offers a defined contribution plan (401k) vs. a defined benefit plan (pension) then NYS will have fixed itself. As far as dealing with crap...well, you signed up for it and could quit at any time. We all deal with crap in our jobs. For the most part, we knew what we signed up for and are willing to deal with the BS because the expected benefit outweighed the cost. So, forgive me if I break out the violin... Most government employees have defined contribution plans already. The pensions are just added gravy. Link to comment Share on other sites More sharing options...
bills_fan Posted June 15, 2010 Author Share Posted June 15, 2010 Most government employees have defined contribution plans already. The pensions are just added gravy. You are right, the 457. I meant in lieu of. Link to comment Share on other sites More sharing options...
bills_fan Posted June 15, 2010 Author Share Posted June 15, 2010 It even gets better. The pension is now underfunded by $44.5 billion, or 60.9 percent “TRS basically sold insurance and now it has an enormous short volatility position,” Helluva position to be in when we are talking the stability of nations. TRS is selling OTC derivatives because, Rauh said, it needs the money today and hopes economic events don’t occur that would force the fund to pay out to the buyers on the other side of the contracts, a strategy one derivatives trader dubbed “collecting nickels ahead of the bulldozer.” State pensions are usually protected by the state constitution, so get ready to bend over Illinois taxpayers...your neighbor school administrator needs his $400k per year. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 15, 2010 Share Posted June 15, 2010 You are right, the 457. I meant in lieu of. And most teachers have 403b plans. And I agree with you. I've been saying all along we do away with defined benefit plans in CA (the only state I'm concerned about right now) we'd solve our problems in one generation. Gone. Link to comment Share on other sites More sharing options...
Pine Barrens Mafia Posted June 15, 2010 Share Posted June 15, 2010 And most teachers have 403b plans. And I agree with you. I've been saying all along we do away with defined benefit plans in CA (the only state I'm concerned about right now) we'd solve our problems in one generation. Gone. I'm not anti-defined-benefit plans. I'm anti peaying these people too much. Teachers and administrators earn full-year salaries for part-year work. In most districts, it's 180 days of work negotiated into the contract. Make teachers and students go year-round. Make them EARN pensions. If you're not supporting pensions, would you agree to retirement insurance? Problem with contributory plans as a primary method of funding retirement is that most people are idiots and can't manage the investments on their own, and can, consequently experience disasters on par with 2008. Link to comment Share on other sites More sharing options...
PearlHowardman Posted June 15, 2010 Share Posted June 15, 2010 School is closed during the summer (except summer school), every holiday off, many vacations during the school year. Tenure. Retirement at age 55. = Made in the shade. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 15, 2010 Share Posted June 15, 2010 School is closed during the summer (except summer school), every holiday off, many vacations during the school year. Tenure. Retirement at age 55. = Made in the shade. Dealing with your children.....could never pay me enough. Link to comment Share on other sites More sharing options...
DC Tom Posted June 16, 2010 Share Posted June 16, 2010 Dealing with your children.....could never pay me enough. And their asshat parents who just can't understand why little Johnny is a maniacal little hellion with the attention span of a mayfly, but are sure it's the teacher's fault. Link to comment Share on other sites More sharing options...
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