67% State Income Tax Hike Finances Retired Gov. Employee Pension Millionaires of Williamson and Jackson County
MARION–A new report by Taxpayers United of America (TUA) reveals that many retired government employees of Williamson and Jackson County receive lavish, gold-plated pensions that far exceed average annual wages of workers in the private sector.
“These outrageous government-employee pensions are bankrupting the state,” said Jim Tobin, TUA President. “Springfield House and Senate Democrats just temporarily raised the state personal income tax 67%, all $6.8 billion taxpayer dollars of which is being used to fund the state’s lavish retired government employee pension programs.”
“Those receiving the largest annual pensions are retired government-school educators and administrators,” said Tobin. “Heading the list of Williamson County’s Top 25 Pensions of the Teachers Retirement System as of 03/01/2011 is Thomas K. Oates, formerly of Marion CUSD 2, who received an annual pension of $117,925 — $9,827 a month. Oates already has collected a total pension payout of $892,465. Another retiree, Albert C. Storme, formerly of Marion CUSD 2, already has collected a sky-high total pension payout of $1,696,873.”
“Heading the list of Jackson County’s top 100 Pensions of College teachers as of 7/1/2010 is John Folse, a retiree of SIU-Carbondale, who received an annual pension of $241,274 ($20,106 a month). Folse has already collected a pension payout of $2,108,401! Richard Moy, another retiree of SIU-Carbondale, has raked in a overwhelming $2,022,967 in pension payout, that’s $147,139 annually!”
“The four-year state income tax surcharge can be allowed to expire without cutting government services. Three crucial reforms can save the system and spare Illinois taxpayers. First, new government hires should be put into social security and required to fund their own retirements with 401(k) plans. Ending pensions for new government hires will eventually eliminate unfunded government pensions.”
“Second, in Illinois, if each current state pension fund employee were required to contribute an additional 10% to his or her pension, taxpayers would save over $150 billion over the next 35 years. And finally, requiring Illinois public employees to pay for one-half of their health care premiums would save even more – an estimated $230 billion over current projections.”