Total Pension Liability for ONE School District, D300, sheet 2 of 3

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District 300 Carpentersville, IL = (Sheet 2 of 3)

Pension Liability for 2005 Salaries = $5,007,298,037

Pension Liability for 2005 Salaries $67,030 to $50,434 (Sheet 2 of 3) = $1,830,045,861

Assumption 1:   Retirement after 34 years at age 56

Assumption 2:   29 year life expectancy per IRS Tables

Assumption 3:   5% per year salary increase until retirement

Source: Teachers Service Record of the Illinois State Board of Education

COMPARE THESE CHARTS TO THE SOCIAL SECURITY RECIPIENT’S EXPERIENCE:

Social Security retiree age 62, Life expectancy is 24 years.

Salary at retirement: Doesn’t Matter

20% bump for last year: You’re kidding right?

Estimated Year 1 Pension = $17,300

Estimated Year 29 Pension = $35,167

TOTAL PENSION  $589,572