The state employee pension systems should be shut down and the state should get out of the pension business. When government unions are allowed to run up the cost of paying state employees to the degree they have it’s time for push-back. The math has never worked. The promised pensions are often so high they’re really not pensions at all but a guaranteed lifetime paycheck even after someone retires.
If you’ve been following the writing of Bill Zettler on this issue as I have for the better part of a decade, you know that the level of dishonesty and corruption is very high when it comes to the pension funds. The employees should be dumped into the Social Security System like everyone else. Speaking of Social Security, get this:
Our government pays more money to its own retirees — who represent 20% of the active workforce — than it pays in Social Security retirement benefits to everybody else put together.
That excerpt comes from this article: Social Security is Healthy Compared to Public Sector Pensions. Talk about income inequality — this is retirement income inequality big time.
Here’s another excerpt I love — this one is about the Teachers Retirement System:
[T]he truth is taxpayers have contributed much more to TRS than its own members have.
Member contributions increased by 108% between 1998 and 2012. During the same time period, taxpayer contributions to teacher retirements increased by 409%.
In 2012 alone, Illinois taxpayers contributed $2.56 billion to TRS, almost three times more than what its members contributed.
That comes from this article: Illinois’ pension crisis keeps getting worse.
It’s time for another issue file dump. Here’s a sampling of some of what’s been posted lately on this topic: