Even the first step towards fairness in pension reform is ignored in Illinois – WirePoints Original

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10 years ago

I don’t hear anyone complaining about their 401K pensions. When the private sector was getting big contributions into their private pension plans the public sector employees were told, you’re public employees, you don’t get a piece of that. You make it sound like all of you will be living off of Social Security, we all know that’s not true. They can try and make any changes they want to Illinois pensions, they will lose in court, if you don’t believe me just look at Arizona. What they should do is take money from other parts of the State budget and… Read more »

RedRaspberry
10 years ago

The last two 401k plans I was in were terrible. The fees would take most of the gains and if you made 2% that was good. Employer match is only good if you are vested, usually 5 years. I quit the 401ks and went to IRAs. But then you are at the mercy of the stock market. I am not on SS but that is what mine will pay out n a few years. And there are a lot of people who’s only income is SS. My Illinois property taxes will eat up nearly a 1/3 of my SS alone… Read more »

RedRaspberry
10 years ago

$30-40K pension on a 9% contribution rate? My SS with my 7% and my employers 7% is around $15k a year.

Mark Glennon
10 years ago
Reply to  RedRaspberry

RedRasberry- Good point. And with evermore workers being self-employed, they frequently have to pay both halfs of the the SS contribution.

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A statewide concern: Illinois’ population decline outpaces neighboring states – Wirepoints on ABC20 Champaign

“We are not in good shape” Wirepoints’ Ted Dabrowski told ABC 20 Champaign during a segment on Illinois’ latest population losses. Illinois was one of just three states to shrink in the 2010-2020 period and has lost another 300,000 people since then. Ted says things need to change. “It’s too expensive to live here, there aren’t enough good jobs and nobody trusts the government anymore. There’s just other places to go where you can be more satisfied.”

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