November 16th, 2020
WIFR TV | Survey Shows Local Retiree Pension Numbers
The list is the latest in examples by the organization saying that the cause of Illinois’ fiscal problems is due to excessive pension expenses. Pension liabilities have grown to $187 billion.
Jim Tobin, president of the UTA says, “These are shocking amounts for taxpayers to be on the hook. And while these represent the highest pensions, it does not
diminish the fact that every Rockford household owes about $3,858 to fund the local pensions alone. Illinois’ government employee pensions are in dire trouble with no end in sight. “
The taxpayer’s group does not say these pensions are illegal or not as proscribed by law, they believe the numbers illustrate why the state needs an immediate and major overhaul of its school and government pension system including, according to Tobin, “Pension reform must include raising retirement age to 67, increasing employee contributions by 10%, increasing
healthcare contributions to 50% for employees and retirees, eliminating all COLA’s, and replacing the defined benefit system with a defined contribution system for all new. It’s mathematically impossible to tax your way out of this problem. Illinois has more than 10,000 retirees collecting more than $100,000 in annual pensions; in 2020, that will be over
25,000 six figure pensioners.”
For the top local pensions released by the group, please see the attached documents in the related documents section.