.

ILLINOIS PENSION DEBACLE

ILLINOIS PENSION DEBACLE

“We who are members of the state retirement systems didn't create the horrific debt facing Illinois taxpayers.  It was created by our legislators and governors who continued to spend -- and promise -- more than their income (i.e., taxes) could afford.  They had the choice to cut spending or raise taxes.  Over and over, they chose to keep spending and promised to find the money later.  Now, it's later.  And their solution is to blame someone else and steal the money from their employees' retirement funds. Would you want someone taking your pension?"

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

McCloud January 30, 2013 at 08:24 PM
I think it is time for the public arena to move into the 1980s and pass out 401K brochures on the first day. No more pensions, like dinosaurs, they are long gone in the private world.
Marty Thompsen January 30, 2013 at 10:19 PM
If you have been paying into a pension for over 40 years ALL your money how dare anyone say move on ... We cannot move on without OUR MONEY ... McCloud not your money OUR MONEY! Agreed we need change and that should have been done years ago but our politicians keep spending, spending and spending. The State of Illinois and Chicago politicians have made the State of Illinois/Chicago the laughing stock of the nation with all their corruption and politicians going to prison. I refuse to pay for all their mistakes ... let our politicians dig into their own pockets!
McCloud January 31, 2013 at 05:12 PM
Not sure if you read my post.
McCloud January 31, 2013 at 05:27 PM
Also, we have no money, in case you didn't know. Pensions were unsustainable now we all feel the pain. Your conclusion is unclear, not sure how that would happen.
Earl Shumaker February 02, 2013 at 06:20 AM
For the last 30-40 years, Illinois politicians from both political parties have violated Illinois law by not placing money into its pension funds.. This is money that could have been earning interest over the years to the tune of billions of dollars. Instead, the money that should have gone into the pensions went to politician's pork projects, and to fund state programs. Instead of funding these programs through an adequate tax structure, the pensions were used as the state's credit card. During this same time, state employees consistently paid their required pension contributions. If the Illinois politicians had paid into these funds as required by law, these pensions would have been solvent today--even in spite of the recession created by Wall Street bankers. Also, by-the-way, the State of Illinois decided years ago not to participate in Social Security. This meant the state would not have to contribute into Social Security. This saved the state billions of dollars. So the state over these 30-40 years has not paid on behalf of its workers any money into Social Security and has likewise not on a consistent basis paid into its own pension funds. Now the politicians want to balance the budget on the backs of retirees who played by the rules by reducing benefits that are legally owed retirees
Marty Thompsen February 02, 2013 at 03:25 PM
Earl I could not have said it any better ...

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »