Comparing pension debt to the state’s gross domestic product helps measure the state’s ability to pay based on the local tax base. By that measure, Illinois ranks as the nation’s worst: unfunded obligations equal 19.02 percent of state GDP, up from 18.52 percent a year ago. In other words, roughly one-fifth of everything produced in the state would be required just to erase the shortfall.
This would be a crisis if the taxpayers of Illinois actually owed the ‘pensioners’ this money. The reality is that most of this money is criminally ill gotten gains from the Politicians and their Union Thugs trying to rob the citizenry. The taxpayers owe these grifters jack squat. Little baggies of Gravy Train are the future for these parasitic scum.
You—and others thinking likewise—have yet to win that argument legally. Meantime your opinion only counts in your own household. It’s an amusing award winning rant, though!
Deb
9 months ago
IL public pensions need reform. These are not sustainable. Public pensions should be similar to private pensions. They should require minimum length of active working in that union to be vested. Raise age of retirement. And only the highest pension earned, not every pension, should be allowed to be collected. To earn a public pension, elected officials need to complete a full term to qualify for
Gee, what brilliance; nobody has ever thought of those things!
David F
9 months ago
This is what happens when you have absolute Democrat rule for decades.
earthling
9 months ago
there is one public pension plan in IL which is doing great because there is no state contribution and the benefits are not over promised- as of 12/31/24 IMRF had an actuarial funded status of 96.4%.
Amazing what happens when you are required to 100% actuarially fund pensions each year. Just proves the funding issue is solely the responsibility of the state and not the employees. Employees made their contribution each and every time. If the state/city had done the same thing we wouldn’t have all this debt.
What’s the statute of limitations on broken promises (or contract breaches)? Lots of what was “required” are probably expired uncollectable “obligations.”. Thanks for keeping such careful track of the broken promises spanning so many decades. Similarly, there’s a statute of limitation on larceny … ByeBye to pension theft responsibility. Suggest suits for legal malpractice and fiduciary breach by union officers. sorry for all caps – a kindle glitch.
that is part of it-the other part is that IMRF benefits are in line with actuarial projections mainly because IMRF retirees get a flat CPI increase instead of a compounded CPI like TRS. pension spiking by giving 6% increases the final 4 years is also a major red flag and helps to further break the system by giving retirees a far larger pension than what they contributed to over their career.
Well, except for the pension pickup scam. The taxpayers were on the hook for that contribution too. Maybe if public employees had actually made their own payments, we wouldn’t have all this debt.
Leaving Soon, just not soon enough
9 months ago
And the public sector wants even more. The taxpayer is busted, and they now want to take your gold teeth. PPF should be proud of stealing from unborn generations to come
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
This would be a crisis if the taxpayers of Illinois actually owed the ‘pensioners’ this money. The reality is that most of this money is criminally ill gotten gains from the Politicians and their Union Thugs trying to rob the citizenry. The taxpayers owe these grifters jack squat. Little baggies of Gravy Train are the future for these parasitic scum.
You—and others thinking likewise—have yet to win that argument legally. Meantime your opinion only counts in your own household. It’s an amusing award winning rant, though!
IL public pensions need reform. These are not sustainable. Public pensions should be similar to private pensions. They should require minimum length of active working in that union to be vested. Raise age of retirement. And only the highest pension earned, not every pension, should be allowed to be collected. To earn a public pension, elected officials need to complete a full term to qualify for
Gee, what brilliance; nobody has ever thought of those things!
This is what happens when you have absolute Democrat rule for decades.
there is one public pension plan in IL which is doing great because there is no state contribution and the benefits are not over promised- as of 12/31/24 IMRF had an actuarial funded status of 96.4%.
Amazing what happens when you are required to 100% actuarially fund pensions each year. Just proves the funding issue is solely the responsibility of the state and not the employees. Employees made their contribution each and every time. If the state/city had done the same thing we wouldn’t have all this debt.
that is part of it-the other part is that IMRF benefits are in line with actuarial projections mainly because IMRF retirees get a flat CPI increase instead of a compounded CPI like TRS. pension spiking by giving 6% increases the final 4 years is also a major red flag and helps to further break the system by giving retirees a far larger pension than what they contributed to over their career.
Well, except for the pension pickup scam. The taxpayers were on the hook for that contribution too. Maybe if public employees had actually made their own payments, we wouldn’t have all this debt.
And the public sector wants even more. The taxpayer is busted, and they now want to take your gold teeth. PPF should be proud of stealing from unborn generations to come
PPF is a typical Illinois public sector union grifter.
Glad I voted with my feet over 20 years ago and left Taxistan.
My bank account is $250,000 fatter because of my smart financial decision!!
Gee, ya think?