Illinois is headed for disaster and I don't want to be here for it (Chicago: to rent, college)

[wase4711]

private companies are free to contribute and provide anything they want to their employees pension fund..
its when states and local governments, like Illinois, who dont have a pot to pee in, and have been stealing money from the pension funds for Madigans and his blow hards pet projects over the years, thats what infuriates so many residents..
I wouldn't care if Comm Ed or any other "private" employer was paying you 500k per year in pension, as long as me as a taxpayer isnt involved in funding it..
I guess using Comm Ed as an example is sort of a grey area, since residents indirectly do fund their pension plan ..

[chet everett]

Originally Posted by Liledgy

I’m comparing the states contribution to retirement to the that of a private sector employer. My former employer contributed far more on my behalf than what the state does. 6.2% for social security, dollar for dollar match up to 6% of your income (including overtime), plus a fully funded (by Com Ed) defined benefit pension. Unreduced at age 57, 3% reduction for every year you took it earlier than 57 (had to be 50 years old). A lineman/crewleader/troubleman retiring today at 57 with 35 years of service gets $87000 a year! We have a cola provision to but it isn’t automatic, Plus the 401k, retiree medical, etc.
You know better than I that many employers in the city take much better care of the here employees than com ed does. The states contribution (which all you right wingers think is to generous) doesn’t even come close to what major employers contribute to there own employees. Oh, and my pension was based on my high 3 years out of last 10, better than the states high 4 years. So your wrong on that too!

Aren't you just agreeing with me that there is NO WAY to sustain pensions that Illinois promises to pay out given the level of funding that is earmarked to support the doomed system?


It's not about it be "too generous" it's simply a fiction that they can pay out unlimited benefits when they've skipped putting money into the system.



SS is a TAX, there is no concept of it being portable or "growing" like an investment, it is frankly amazing that you don't understand the fundamental differences between it and the other sorts of true deferred compensation plans that you've richly been lucky enough to be part of...

[Liledgy]

No I don’t agree with you. The only thing I’m comparing is percentages (what employers pay into). And the state doesn’t pay much, it certainly isn’t generous (8.3%). It’s sustainable if the don’t skip paying it. The IMRF proves a defined benefit is sustainable.

[FalstaffBlues]

Originally Posted by Liledgy

No I don’t agree with you. The only thing I’m comparing is percentages (what employers pay into). And the state doesn’t pay much, it certainly isn’t generous (8.3%). It’s sustainable if the don’t skip paying it. The IMRF proves a defined benefit is sustainable.

Yeah but yearly 3% COL adjustment is killer

[Bellamouse]

Originally Posted by Liledgy

I’m comparing the states contribution to retirement to the that of a private sector employer. My former employer contributed far more on my behalf than what the state does. 6.2% for social security, dollar for dollar match up to 6% of your income (including overtime), plus a fully funded (by Com Ed) defined benefit pension. Unreduced at age 57, 3% reduction for every year you took it earlier than 57 (had to be 50 years old). A lineman/crewleader/troubleman retiring today at 57 with 35 years of service gets $87000 a year! We have a cola provision to but it isn’t automatic, Plus the 401k, retiree medical, etc.
You know better than I that many employers in the city take much better care of the here employees than com ed does. The states contribution (which all you right wingers think is to generous) doesn’t even come close to what major employers contribute to there own employees. Oh, and my pension was based on my high 3 years out of last 10, better than the states high 4 years. So your wrong on that too!

This may have been your experience at a "private sector" company (I don't call the monopoly utilities private sector), but that is NOT what the typical private sector companies offer. The days of 6% 401K match are LOOONG over. We haven't had that in 15-20 years. Neither my DH nor I receive ANY match to our 401Ks from our employers. Nothing. Nada. And my employer only contributes 25% of MY premium towards my health insurance. If others in my family were to be added to my policy, my company would contribute nothing. My DH's isn't much better, so we each are insured individually through our own respective companies. But you are dreaming if you think that private sector retirement packages are even REMOTELY close to what the government unions (and utility companies) offer.

We have to literally save everything we possibly can on our own and pray we make good investments if we plan to retire at all. Gov union employees are so out of touch with REALITY it makes me CRAZY.

[Liledgy]

Originally Posted by wase4711

private companies are free to contribute and provide anything they want to their employees pension fund..
its when states and local governments, like Illinois, who dont have a pot to pee in, and have been stealing money from the pension funds for Madigans and his blow hards pet projects over the years, thats what infuriates so many residents..
I wouldn't care if Comm Ed or any other "private" employer was paying you 500k per year in pension, as long as me as a taxpayer isnt involved in funding it..
I guess using Comm Ed as an example is sort of a grey area, since residents indirectly do fund their pension plan ..

Give me your number, what should the state contribute?
Do you honestly believe that the states current 8.3% is to generous? Yes, they are in a huge hole because they didn’t even contribute that paltry sum in years past and compound interest is killing them (especially the last 3 years with Rauner).

[wase4711]

illinois doesnt have 2 nickles to rub together right now, so there should be ZERO contributions made by the state..
Sorry, but state funded pensions in Illinois have to go away; state workers should deal with Social Security retirement benefits just like most of the country now does..

[wase4711]

here's another sad story..

https://www.illinoispolicy.org/repor...t-in-illinois/

[Maintainschaos]

Originally Posted by wase4711

here's another sad story..

https://www.illinoispolicy.org/repor...t-in-illinois/

Well it is the IPI...most of their stories are sad more because they are incredibly partisan and (typically) poorly-written.

[wase4711]

so, are you saying their facts are made up?

sometimes the truth is a bitter pill to swallow..