Report: 36% of Illinois education spending funneled to teacher's pensions costs, 5 times more than 2000 (retirement, employees)
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It's a beautiful system isn't it? I did 34 years at 55 years of age, from the feds, then retired.
67 now, been collecting a 6 figure yearly pension for 12 years. if I could hold on until 90 I'll have collected well over 3 million in pension checks. That was the deal I signed onto many years ago.
Yet, we’re continually told teacher pay is too low. Congrats on taking the public for a ride!
It's a beautiful system isn't it? I did 34 years at 55 years of age, from the feds, then retired.
67 now, been collecting a 6 figure yearly pension for 12 years. if I could hold on until 90 I'll have collected well over 3 million in pension checks. That was the deal I signed onto many years ago.
Sounds criminal...wait since the people paying your pension never consented to it, it is criminal!
Last edited by Frank DeForrest; 08-15-2019 at 01:13 PM..
Illinois is one of 7 states with constitutions that protect public pension benefits, come what may. The benefit in place on your date of hire is the benefit you get. An amendment would not change accrued benefits.
41 states tax income. Of these states, Illinois is one of only three states that do not impose any tax on public or private pension income.
Seniors receive an extra homestead exemption on their property tax which reduces the burden, somewhat. Seniors with incomes of less than $55,000 are eligible for a senior tax freeze. No shortage of seniors who pay a fraction of what those under 65 pay for comparable property. Seniors have to prove they are still over 65 and alive, every year.
Play your cards right and you can winter somewhere with a better climate on what you saved compared to many states.
Compared to the private sector, these teachers live like kings and queens at the public trough. You could have a skilled professional making twice or more what a teacher does, and ultimately end up much worse off than the teacher at retirement.
It makes the blood boil.
Not really.
Just makes you kind of shake your head. Teachers here make around $90k in compensation. It's California so wages are just higher. It doesn't make my blood boil that say an attorney or whatnot makes $180,000 in compensation. If they choose to live paycheck to paycheck, not contribute to their 401k, and live off social security in retirement that's their decision.
Teachers are generally fairly well compensated but it's not excessive. Four-year + 1.5 year credential is pretty typical. Assistant city attorney II makes around $220k in compensation for example. Mean salary for an attorney in California is $170k-ish, but that's just salary not compensation and the Bay Area is more like $200k plus of course the benefits. Government attorneys make a bit less overall but more of the compensation is the benefits package and less the salary. If a private attorney chooses to live paycheck to paycheck it's none of my business.
Fire/Police are really the ones that boggle my mind a bit. Most of the local firefighters are making $200-250k. They get paid very well but it's not like they're responsible for the chronic understaffing and mandatory overtime hours that are driving the $200k+ compensation.
Compared to the private sector, these teachers live like kings and queens at the public trough. You could have a skilled professional making twice or more what a teacher does, and ultimately end up much worse off than the teacher at retirement.
It makes the blood boil.
If they are making twice the teacher's salary there is no excuse for them not to save for retirement and make investments. Id they fail to do that- their blood should boil. Only it should boil at their own lack of planning.
Someone mentioned federal pensions upthread- how frickin much money did you earn to bank a 6 figure retirement? Typically the drawback of a federal job is not having Social Security but for 6 figures at retirement I would gladly make due.
If they are making twice the teacher's salary there is no excuse for them not to save for retirement and make investments. Id they fail to do that- their blood should boil. Only it should boil at their own lack of planning.
Someone mentioned federal pensions upthread- how frickin much money did you earn to bank a 6 figure retirement? Typically the drawback of a federal job is not having Social Security but for 6 figures at retirement I would gladly make due.
Fire/Police are really the ones that boggle my mind a bit. Most of the local firefighters are making $200-250k. They get paid very well but it's not like they're responsible for the chronic understaffing and mandatory overtime hours that are driving the $200k+ compensation.
The real money is in the 3%/yr up to 30 year pension. It's like elected officials can't use an annuity calculator.
Not to mention the dreaded Chief's Disease.
Having said that, I don't blame anyone for going for the money. The fault lies with those who gave it to them.
Yet more proof of the power of small groups with highly targeted wishes, be it the NRA, $PLC, or the writers of the Sonny Bono Copyright Extension Act.
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