Pensions have become winning lottery tickets (tax, retirement, teacher)

[jasperhobbs]

I believe the tier 2 pension is not near as generous. Illinois is not the only state with under funded pension programs. All states either have a tier 2 pension program or have moved closer to a 401K program like most employers have.

[Jon998877]

Originally Posted by bobsell

3 out of 2,000.

I was talking mainly about the big gorilla - CPS.

The list I saw didn't include any CPS positions, mostly downstate but a few suburban

[Jon998877]

Originally Posted by jasperhobbs

I believe the tier 2 pension is not near as generous. Illinois is not the only state with under funded pension programs. All states either have a tier 2 pension program or have moved closer to a 401K program like most employers have.

Tier 2, you do not get a full pension until you are 67... In Tier 1, its possible to get a full pension as early as 55..

[jmgg]

Originally Posted by Jon998877

Tier 2, you do not get a full pension until you are 67... In Tier 1, its possible to get a full pension as early as 55..

If you can name one thing about government pension programs that grates on me, it's the part where they can retire at full pension at 50 or 55. The amount paid in by the worker in relation to 30+ years receiving the pension is minute. I have TWO brother in laws, both policemen, who retired at 50. Are you kidding me? Granted, this wasn't in Illinois, but it still illustrates the ridiculous monetary burden placed on state governments to try and fund this.

Pensions were established years ago to compensate for generally lower wages in the public sector. We all know that's not the case anymore. The rank and file government worker is not getting rich, but today's compensation for them is definitely on a par with the private sector unlike years ago. Time to put all new hires on the 401K system like everyone else.

[Genghis]

Originally Posted by jmgg

If you can name one thing about government pension programs that grates on me, it's the part where they can retire at full pension at 50 or 55. The amount paid in by the worker in relation to 30+ years receiving the pension is minute. I have TWO brother in laws, both policemen, who retired at 50. Are you kidding me? Granted, this wasn't in Illinois, but it still illustrates the ridiculous monetary burden placed on state governments to try and fund this.

Pensions were established years ago to compensate for generally lower wages in the public sector. We all know that's not the case anymore. The rank and file government worker is not getting rich, but today's compensation for them is definitely on a par with the private sector unlike years ago. Time to put all new hires on the 401K system like everyone else.

Pensions were established years ago when many companies also offered pensions. But over time companies started converting to defined contribution plans to save money, which is very hard for governments to do. Illinois would have to change their constitution in order to make any alterations to their pensions, as the state supreme court ruled when the state tried to make changes. Really Illinois didn't do anything that the private sector didn't do several decades ago (there were some pretty excessive private pensions too) but we're sort of stuck with what the state did back then.

[jmgg]

Originally Posted by Genghis

Pensions were established years ago when many companies also offered pensions. But over time companies started converting to defined contribution plans to save money, which is very hard for governments to do. Illinois would have to change their constitution in order to make any alterations to their pensions, as the state supreme court ruled when the state tried to make changes. Really Illinois didn't do anything that the private sector didn't do several decades ago (there were some pretty excessive private pensions too) but we're sort of stuck with what the state did back then.

Sadly, especially in Illinois' case, there is no hope of ever getting out from under the pension fiasco. Politically the whole state is a deep rich color of blue. Money grows on trees and debt is just something that shows up on paper and isn't really real.

[Jon998877]

Originally Posted by jmgg

If you can name one thing about government pension programs that grates on me, it's the part where they can retire at full pension at 50 or 55. The amount paid in by the worker in relation to 30+ years receiving the pension is minute. I have TWO brother in laws, both policemen, who retired at 50. Are you kidding me? Granted, this wasn't in Illinois, but it still illustrates the ridiculous monetary burden placed on state governments to try and fund this.

Pensions were established years ago to compensate for generally lower wages in the public sector. We all know that's not the case anymore. The rank and file government worker is not getting rich, but today's compensation for them is definitely on a par with the private sector unlike years ago. Time to put all new hires on the 401K system like everyone else.

I get a pension and I 100% agree, as we age longer many people will collect a pension longer than they work.. I can retire in a few years if I want when I turn 55, but my current plan is to go until I am 60..

[Genghis]

Originally Posted by jmgg

Sadly, especially in Illinois' case, there is no hope of ever getting out from under the pension fiasco. Politically the whole state is a deep rich color of blue. Money grows on trees and debt is just something that shows up on paper and isn't really real.

A few years the Democrats who were running the state did try to reduce the Tier 1 pensions and this is what got struck down by the high court. In order to change the pensions, you'd have to change the constitution, which requires 60 percent of both branches of the legislature to approve, as well as over half of the public in a vote. So it *might* be doable even in Illinois if things got bad enough. It's just too bad we have to wait for a calamity for anything to be done.

[MSchemist80]

If things get much worse with taxes we will have rioting, assignation of politicians, a housing collapse like 2008, an accelerating population loss and loss of businesses. Illinois will be like Venezuela.

[jasperhobbs]

Originally Posted by MSchemist80

If things get much worse with taxes we will have rioting, assignation of politicians, a housing collapse like 2008, an accelerating population loss and loss of businesses. Illinois will be like Venezuela.

uh huh