Revised “Top 100” IL Gov. Pensions Reveals Astronomical Monthly & Annual Payouts
CHICAGO–A just-released study by Taxpayers United of America (TUA) of the Top 100 pensions received by retired government employees in Illinois, funded by the state’s pension programs, reveals “absolutely astounding” cash payouts, according to the Vice President of TUA.
“Our study shows that as of April 1, 2011, not only has the number of retired Illinois government employees receiving pension benefits of over $100,000 a year climbed to 5,294, an increase of 22% from June 30, 2010, but that the pension payouts to the top 100 government retirees are astronomical by any standard,” said Christina Tobin, TUA Vice President.
“Once again the largest pension went to Tapas K. Das Gupta, formerly of the University of Illinois at Chicago. His pension is larger than the salary of many company presidents in the private sector. He received an annual pension of $414,471. That comes out to an astounding payment of $34,539 a month.”
“The top 10 recipients of this top 100 list are all former employees of the University of Illinois at Chicago,” said Tobin. Number two on the list, Edward Abraham, received an annual pension of $402,630 — $33,553 a month, and number three, Riad Barmada, pulled in an annual pension of $386,334 — $32,194 a month.”
“Number 11 on the list is a retired employee of a public high school, Henry S. Bangser, formerly of New Trier TWP HSD 203. His lavish, gold-plated annual pension was $261,681 — $21,807 each month.”
“Springfield Democrats and Gov. Patrick Quinn (D) pushed through a huge, temporary increase in the state personal income tax of 67%. Those hard-earned taxpayer dollars from the tax hike are being funneled into the state pension programs that are providing such luxurious lifestyles for these retired government employees.”
“The pension system for retired government employees in Illinois is broken and can’t be salvaged,” said Tobin. “Putting all new government hires into social security and 401(k)s would eventually eliminate unfunded government pensions.”
“In addition, requiring Illinois government employees and retirees to pay for one-half of their health care premiums would save an estimated $230 billion over the next 35 years. An average $6.6 billion income tax reduction would enable the expiration of the 67% temporary income tax surcharge.”