September 8th, 2020
Village of Mount Prospect Government Retirees 2018 Pensions
Taxpayer Education Foundation (TEF) has released its report on Illinois Government Pensions, which revealed that despite a booming stock market, the six largest Illinois pension funds owe $141,481,548,163 that the funds do not have. TEF finds this statistic alarming, and many of the proposed solutions to this problem just as disturbing.
Last year Illinois government passed a $5 Billion state income tax increase in an attempt to reduce the skyrocketing Illinois government pension costs. A graduated state income tax increase will soon be proposed in a desperate attempt to pay over promised pensions. The big lie is that this tax increase will be spent on improving “education.” Further expanding the Illinois school system despite a declining Illinois population will only worsen these problems. The Teachers Retirement System (TRS) is already at its breaking point, only being 39.30% funded.
TEF, as the leader in Illinois pension research, cannot abide this deception. In response, the foundation will be releasing the full 2018 pension fund information of all pensioners in the largest Illinois pension funds. Our mission is to educate taxpayers on government spending, and to provide complete transparency. Below is the Village of Mount Prospect IMRF (Illinois Municipal Retirement Fund) pensions and a helpful flyer you can print and share with friends. Please note that most retired government employees who receive IMRF pensions also receive Social Security benefits. This fund is primarily subsidized by property taxes. Illinois has some of the highest property taxes in the United States.