Unsustainable: 3,597 Illinois “Public Servants” Receive $100,000 Plus.
Pensions In 2009 Up 12% From 2008.
Three “Servants” Pull Down $1,000 Per Day.
Six Amazing Facts About Illinois State Pensions:
1. Almost All of These Multi-millionaire “Servants” Are Educators.
An amazing 96 of the Top 100 are educators and the Top 13 come from the state universities.
2. Every One of These “Servants” Are Tax Funded Multi-millionaires.
A $100,000 pension at age 55 is worth $2.4 million in cash. That’s based upon the cost of an equivalent pre-paid annuity providing the same income over the assumed life expectancy of a 55 year-old.
3. Illinois Taxpayers On The Hook For At Least A Trillion Dollars in Taxes to Pay For State Retirements.
That’s about $200,000 per Illinois household over next 36 years (see here). That’s $200,000 of your money for other people’s retirement, money you will not have available for your own retirement.
4. Sixty-three State Employees Had Pensions Greater Than President Clinton’s Pension.
Simply put there is no justification for any public employee having a pension greater than the President’s pension. Next year we will have a pension greater than President Obama’s $400,000 salary.
5. Average Years Worked In University System for $100,000 Pension: 29 Years.
In 2009 sixty-four SURS (State University Retirement System) employees retired with pensions in excess of $100,000. Average years spent working? Twenty-nine and many of those would have been 9-month work years with tenure. Compare that to 44 years of 12-month work to retire with the $27,876 maximum Social Security pension.
6. Average Pension For 35 Years Worked In University System: $160,444.
In 2009 thirteen SURS employees retired after 35 years of work (36 years using 1 year sick-leave credit) thus earning the maximum 80% pension. Average pension? Over $13,000 per month.
The Unsustainable Must Be Made Sustainable: Social Security For All Public Employees
Illinois provides a great example of how public sector workers retire earlier and with greater pensions than private sector workers. Why should public sector employees pay 8% to retire with a superior pension at age 55 when private sector employees pay 11% (Soc. Sec. + 401K) to retire with an inferior pension at age 66?
The excessive tax burden placed on the private sector worker requires him to work longer and accept less in retirement benefits. This is an inherently unfair and unsustainable approach and must be rectified to the benefit of the private sector worker.
Social Security and 401K for all workers, public and private is the only fair answer.
What’s good for the goose is good for the gander.
Illinois Top 100 State Pensions for 2009