tomato can Posted December 23, 2012 Share Posted December 23, 2012 http://www.suntimes.com/business/16999862-420/retired-state-workers-in-cross-hairs-of-illinois-pension-crisis.html# The former two-term Republican governor, a traditional ally of business interests when he oversaw state government in the 1990s, went so far as to deliver a tongue-lashing recently to some of the business leaders who have been the most strident in pushing for pension cuts. “I’ve told some of the CEOs in Chicago who are all for this, ‘Hey, I worked in state government. We never had profit-sharing. We never had stock options. We never had bonuses. All we really had was our retirement,” Edgar said. “I think people in the private sector don’t understand there were some limitations in the public sector they didn’t have. And they ought to be a little more understanding and not maybe quite as harsh on some state workers as they’ve been.” The pension system is Illinois is the worst in the nation. I mean its a 95 billion dollar crisis! How could you fix this? Politicians and Judges get by far the highest pensions. Retired state employees get about 34k on average, with retired university workers seeing $28k pensions. These retired workers are not eligable for social security either. Just curious what some thoughts are on this? Link to comment Share on other sites More sharing options...
3rdnlng Posted December 23, 2012 Share Posted December 23, 2012 (edited) http://www.suntimes....ion-crisis.html# The former two-term Republican governor, a traditional ally of business interests when he oversaw state government in the 1990s, went so far as to deliver a tongue-lashing recently to some of the business leaders who have been the most strident in pushing for pension cuts. “I’ve told some of the CEOs in Chicago who are all for this, ‘Hey, I worked in state government. We never had profit-sharing. We never had stock options. We never had bonuses. All we really had was our retirement,” Edgar said. “I think people in the private sector don’t understand there were some limitations in the public sector they didn’t have. And they ought to be a little more understanding and not maybe quite as harsh on some state workers as they’ve been.” The pension system is Illinois is the worst in the nation. I mean its a 95 billion dollar crisis! How could you fix this? Politicians and Judges get by far the highest pensions. Retired state employees get about 34k on average, with retired university workers seeing $28k pensions. These retired workers are not eligable for social security either. Just curious what some thoughts are on this? Google Illinois school administrator pensions. You'll find one due to get 600k per year in retirement. Many others getting more than a couple hundred grand per year in pensions. Illinois is not where you should choose to fight this battle. While you are at it, check out prison guard pensions in NY. Edited December 23, 2012 by 3rdnlng Link to comment Share on other sites More sharing options...
Nanker Posted December 23, 2012 Share Posted December 23, 2012 Just exactly how much does Social Security pay out to the average retiree? Currently it's about $1,230 per month or $14,760 per year which is about $300 per month above the current poverty level. Just curious how many retired public sector workers would like to switch pensions with an average private sector one. But hey, public pensioners have it bad. Got it. Link to comment Share on other sites More sharing options...
3rdnlng Posted December 23, 2012 Share Posted December 23, 2012 http://dailyreckoning.com/school-administrator-earns-pension-of-over-26-million/ As would be expected in a pension spread, the numbers are not evenly distributed. One listed administrator in particular is expected to require a pension of over $26 million during his 29 years of retirement. His student must have learned their curriculum especially well. Thanks to his serving many noble years as a public “servant” it only makes sense to reward that effort, and sacrifice, with about $1 million per year of retirement. Further, it’s a good thing President Obama is now also allocating $50 billion to bailout states’ teachers, police, and firefighters. There’s clearly a posh lifestyle for the top echelon that must be maintained at all costs. In fact, the President’s approach makes plenty of sense. Why bother with a traditional method like trimming the fat from state budgets? It could turn out to be far more innovative and effective to just inject more fat into the original fat this time around. We should definitely give this idea a shot as well… because you can’t knock it ‘til you’ve tried it. You can read more details at The Daily Bail, just in case you thought only California was out of contol. Best, Rocky Vega, The Daily Reckoning Read more: School Administrator Earns Pension of Over $26 Million http://dailyreckoning.com/school-administrator-earns-pension-of-over-26-million/#ixzz2FsvPgBPy Link to comment Share on other sites More sharing options...
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