Pension Millionaires Draining Lifeblood from TRS Pension Fund

3 Responses

  1. Bob Dowd says:

    I saw Christina on WGN News last night..She made a comment about “Golden Pensions”..Christina..Im a retired Chicago cop, and I can tell you, there IS NO golden pension for cops..Politicians yes, but not for cops..Im sorry but you are misinformed. Im sure youre well intentioned, but to make that comment only made you look silly. The city, for years, has failed to fund their part of the pension, and that alone has left it short on cash..You should do some investigating before speaking next time…Bob

    • Christina says:

      Mr. Dowd, thank you for your comment.

      Our research shows that the top 100 Chicago Police pensions average over $110,000 a year. In contrast, the maximum Social Security pension is $22,000 at age 62 with a minimum of 35 years.

      The average police pension (2009-10) is $62,000 at age 58 after 29 years of employment.

      If one compares an estimated total Social Security payout of $780,000 (starting at age 62 at $22,000), with an estimated total police pension payout of $2,500,000 (starting at age 58 at $62,000), the police pension is worth three times that of Social Security, with retirement four years earlier and with six years less work.

      Our point is that it is difficult to argue that a pension worth three times that of Social Security is not a “golden” pension.

      Christina

  2. Mark says:

    Are Chicago Police exempted from Social Security? I know employees contributing to Teachers Retirement System of Illinois (TRS) are exempted from contributing to, and thus receiving, Social Security; although State Law changed for Teachers and Administrators hired 2011 of after and some claim that those employees may have to someday contribute to Social Security, although they currently don’t.

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