What is going to happen with this pension debt in Illinois? (Chicago: spring break, mortgage)

[MSchemist80]

Originally Posted by pete6032

How the F do you have nearly 10,000 reputation making posts like this?

By resonating with the people who are sick of getting $10k property tax bills to pay for govt union hog worker pensions as evidenced by their exodus from the state and election of Bruce Rauner. Instead of having a govt that serves the people we have a people being forced to serve a govt that is parasitic and corrupt and bankrupts its residents to pay for grotesque salaries and benefits extorted by govt unions and given to them by political cronies.

The govt of this state is almost like a straw-man Republican attack ad only it is true. Don't vote for Democrats or they will do to this place what they did to Illinois, wreck it. If I were running for office that would be my spot since Illinois is now a national embarrassment.

My family has lived in the state for nearly a century and after 15 years of democrat control we are wanting to leave. For that the democratic party has my eternal hatred and contempt.

[Liledgy]

Ms, the medium salary for a teacher at CPS IS $74000? I can't believe any new teacher would even consider Chicago, especially if that is the medium salary, what do they start out at? Also, what state worker retires at 50? A teacher in Chicago, halfway thru there career (medium salary) with a minimum of a bachelor degree and more than likely more is over paid at $74000?

[MSchemist80]

http://chicago.cbslocal.com/2012/06/...teachers-make/

A Chicago Public Schools spokesperson said average pay for teachers, without benefits, is $76,000.

Median weekly earnings by educational attainment in 2014 : The Economics Daily: U.S. Bureau of Labor Statistics
median salary for all persons with a BS is a little under $59k and the serfs in the private sector don't get obscene pensions and work a lot more than 180 days a year. I also heard on the news yesterday Chicago police earn $70k after 6 months on the job and that only requires an associates or military experience. A lot of the paper pushers and semiskilled govt workers are also earning far higher pay than they would get in the private sector but the pensions are the real killer.

Even the Fed has moved away from pensions towards a 401k plan called the Thrift Savings Plan. Noone can afford to be paying workers for 20 plus years after they retire. That is just insane. Also bankrupting old people out of their homes to pay for that is horrible.

At least with GM people had a choice to not buy substandard and overpriced cars and chose not to forcing the auto industry to change and get real. Illinois uses the force of the law to take citizen's money and distribute it to these elite class workers in exchange for a corrupt substandard govt.

[Liledgy]

Ms, are you saying that they are over paid at 67k? If/when they move to a 401k style of deferred compensation,the state/city is going to have to start paying into social security. That will be another 6% on top of the 401k match. I don't see any saving for the state/city going to a 401k. But, people might get what there wishing for.

[MSchemist80]

At $76k definitely yes. And they still aren't satisfied and are threatening a strike! The govt will come out far ahead paying the employer portion of social security and a typical up to 5% match on the 401k. It is far better than paying > 1/2 their highest salary for 20+ years plus a smaller portion to a surviving spouse if they die. There is a reason pensions are going the way of the dodo bird.

A fair amount of engineers and programmers don't make $76k. Most state/local employees are significantly overpaid compared to private sector equivalents or even workers in other states. However it is the pensions that are really bankrupting the govts and driving the taxes up to intolerable levels. The pension was never going to work even if the govt paid into it as they should. It is just not viable to be paying a majority salary to retired workers for decades after they are no longer working. Many of the formula nuances make it even worse such as calculating the pension based on the highest salary ever earned even if it was for only the last year before retirement.

I have a hard time believing even the dummycraps couldn't figure out that it was inevitable that it would implode.

[jjjttt]

I have 8 years experience teaching in my field with a Master's, and I make $56k at CPS.

[chet everett]

Originally Posted by jjjttt

I have 8 years experience teaching in my field with a Master's, and I make $56k at CPS.

The standard teachers salary schedules are available from the CTU web site -- http://www.ctunet.com/for-members/te...-up-092412.pdf

Lane info is Lane Placement Following Receipt of Degree - CTU Contract

Eight years of CPS experience and and masters should be -- Base:$72,625 plus pension pick-up: $5,084 Total Compensation: $77,709

[thunderstruck666]

One of the things a lot of people missed from the rejected offer to CTU was that Rahm is going to raise property taxes a minimum of 200 million above what passed a few months ago. Don't know why a 33% tax increase isn't getting any notice.

[jjjttt]

Originally Posted by chet everett

The standard teachers salary schedules are available from the CTU web site -- http://www.ctunet.com/for-members/te...-up-092412.pdf

Lane info is Lane Placement Following Receipt of Degree - CTU Contract

Eight years of CPS experience and and masters should be -- Base:$72,625 plus pension pick-up: $5,084 Total Compensation: $77,709

Man, that would be amazing! My eight years weren't all in Chicago, sadly.

[LeotheOrangeCat]

Originally Posted by chet everett

The standard teachers salary schedules are available from the CTU web site -- http://www.ctunet.com/for-members/te...-up-092412.pdf

Lane info is Lane Placement Following Receipt of Degree - CTU Contract

Eight years of CPS experience and and masters should be -- Base:$72,625 plus pension pick-up: $5,084 Total Compensation: $77,709

That's not an outrageous amount. Teachers should be well paid. But they may be over playing their hand now. The finances are a mess and a willingness to be flexible would win a lot of goodwill from the public.