On average, to earn a full pension, a teacher must remain in the same state or district for 25 years — a condition that less than half of teachers nationally will meet. In Illinois, where the vesting period for the pension system is 10 years of employment, only half of new teachers will ever vest in the system. And only 1 out of 5 teachers in Illinois will ever break even from their pension plan.
The Chicago-area retired teachers that I know who retired in their 50s are enjoying lavish retirements due to huge pensions and free health care.
Freddy
6 years ago
I would like to ask teachers if they are willing to shift their pension contribution that they (taxpayers) have made so far into a 401K in exchange for a higher salary now. How many would take that offer. If I were a mathematician it would wager close to zero.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
The Chicago-area retired teachers that I know who retired in their 50s are enjoying lavish retirements due to huge pensions and free health care.
I would like to ask teachers if they are willing to shift their pension contribution that they (taxpayers) have made so far into a 401K in exchange for a higher salary now. How many would take that offer. If I were a mathematician it would wager close to zero.