Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The sole issue with all public pension plans is the States stopped making their contributions. They generally ran 1-2% of the budget. Stop making a payment for 20 years and you have a problem.
No matter what you say they are not union plans. They existed before unions and they have a significant number of non-union members.
Illinois has $167,000,000.00 in unfunded state employee benefits (pension + healthcare).
Illinois spends 1 out of every 4 of its tax dollars collected on retired employees.
Illinois passed a law to help alleviate (but not solve) this pension nightmare by making younger workers collect a bit less in retirement, capping the max yearly pension at $110,600 a year (with a few exceptions), and yearly increases tied to inflation not a standard minimum 3% a year.
And workers get to contribute less into the pension by 1%!
And a court said that this was illegal for the state to have done -- so Illinois is back on their disastrous course.
Reminds me of the Detroit Pension, which was bailed out with $1,400,000,000.00 in 2004, while allowing to keep the same union leaders in charge of the pension running the same crappy policies and high management fees that drove it in to the ground to begin with and a decade later it needed to be saved again.
" America needs to be an Adult:"
I don 't understand your title.
What does the rest of America have to do with corrupt Illinois?
Corporates did it decades ago. Sure you'll have people on pensions but the number will be dwindling as opposed to growing like it is now in the public sector.
Second class workers ? Really ? Joe Private Sector has been working for decades with no pension in his future..just his 401K, IRA and his own savings.
You want to keep public sector pensions then be prepared to pay for their retirement.
You'll be paying their pensions while you struggle yourself to live in retirement.
The federal gov't did it back in '86. They stopped the entire CSRS and started a totally new FERS, a 401 style system
Employees under CSRS had the option to stay in the old or convert into the new.
All new employees ONLY have FERS.
Last edited by Quick Enough; 12-01-2014 at 06:17 AM..
All state and federal workers need to go to the social security system just like the rest of us working fat slobs who are third class workers if they are second.
Social security includes members of congress and all the rest right up to president. Social security is good enough for me it is good enough for you.
As far as Illinois workers go they are doomed to get 20 cents on the dollar.
The uninformed comments on here NEVER cease to amaze.
"All state and federal workers need to go to the social security system
As of 1986 ALL NEW FEDERAL EMPLOYEES, WHICH INCLUDES ALL ELECTED OFFICIALS AS WELL, ARE REQUIRED TO BE PART OF THE SOCIAL SECURITY SYSTEM.
The results of an audit would send the public into a panic and point fingers at every single POTUS because not one of them has ever addressed the deficit.
I thought this thread was about a state. What does any POTUS and the U.S deficit have to do with it?
Location: Democratic Peoples Republic of Redneckistan
11,078 posts, read 15,080,865 times
Reputation: 3937
Quote:
Originally Posted by Rakin
No wonder companies like State Farm, Caterpiller and other IL companies are moving their operations south.
Yes...along with good doctors moving out of state,less state services(such as mowing the highways) etc and now we just elected another rich butthole out of the Chicago area.
I live in the farthest south area in the state and the only thing on the rise here is more methheads/pill poppers and Chicagoans retiring and moving here...nothing else to report
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
