Forbes: Outrageous Illinois Public Employee Salaries

[bone]

"Those retirement benefits are practically unheard of in the private sector." They forgot to add ... these days.

That's true. The utility that I started my Engineering career at ended pensions in the late 1980's and went over to 401K's and employer matching contributions.

But even with the old pension system - if you retired early, you gave up quite a bit of retirement pay for the privilege. And when you did retire, it was at a fraction of your full time pay - somewhere around 50 percent as I recall.

 

[SunTrader]

That's true. The utility that I started my Engineering career at ended pensions in the late 1980's and went over to 401K's and employer matching contributions.

But even with the old pension system - if you retired early, you gave up quite a bit of retirement pay for the privilege. And when you did retire, it was at a fraction of your full time pay - somewhere around 50 percent as I recall.

You do realize that linked piece is of the opinion variety? Short of exact details. But long on saying how much someone, who just retired, might collect if they live to age 95. Outrage much?

Anyone I don't live in the state so "C'est La Vie".

 

[bone]

You do realize that linked piece is of the opinion variety?

Yes, that’s why I posted (I highlight):

“To quote from a commentary piece that appeared in January in the Chicago Tribune:“

 

[apdxyk]

Here are some of them names:

https://www.forbes.com/sites/adaman...with-100000-paychecks-cost-taxpayers-14b/amp/

 

[SunTrader]

Yes, that’s why I posted (I highlight):

“To quote from a commentary piece that appeared in January in the Chicago Tribune:“

So you did.

The Trib OpEd writer Adam Schuster held position of Senior Policy Advisor for the State of Illinois previously.

 

[Illini Trader]

So you did.

The Trib OpEd writer Adam Schuster held position of Senior Policy Advisor for the State of Illinois previously.

I am a lifelong resident of Illinois and know first hand the abuse that goes on in this State. Four governors have gone to prison in my lifetime and the all powerful Mike Madigan controlling the Legislature for decades has run the state into the ground. The points in the article and in this threads are well taken however I would like to clear up one point of misconception.

There are five pension funds in the State and they are true segregated managed portfolios of investments and payments to pensioners are paid from the investment fund and not from the State coffers. Instead of participating in the Social Security System the comparable employer share and the employee share are placed into the specific pension fund for investment. I was an employee representative to the University Retirement System and saw first hand how it was operated. It was and still is a first class operation. The problem is that for decades the irresponsible Illinois politicians decided to forego the employer contribution to the fund choosing to spend the money on other "necessary" things. Auditors allowed this to happen as the State always said they would make good on the contributions at a later time.

Thus, the Pension Fund under-funding problem is caused by loss of four decades of compounded investment returns on the money what was not there. This is why pension problem is so great now. They have to make up for all the lost investment returns. The Pension Funds would be in great shape now if the money had been put in at the appropriate time. It was not a huge amount as it was approximately what all other employers HAVE to pay into the Soc Sec System.

Don't want to wax political in an investment thread but the President is right on this issue with his recent comments on State bail outs.

 

[SunTrader]

I am a lifelong resident of Illinois and know first hand the abuse that goes on in this State...

Don't want to wax political in an investment thread but the President is right on this issue with his recent comments on State bail outs.

I understand that to be the case as well. Funny though how that works. One party screws things up while the other does ... what exactly?

But it wasn't President Chumpie on bailouts. It was Senate Majority leader Bitch McConnell who said states should declare bankruptcy. While the fed gubmint has their books in such great shape. Right?

 

[Nobert]

TV Series - Pro Boyz

season one
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Episode #1- Bailout Illinois
Episode #2- Bailout Banks
Episode #3- Bailout Big Players
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