“The more you pay, the more they want, and they keep getting it.”

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4 years ago

Why can’t they fund their own retirements?

4 years ago

With an average salary of $200,000 over their final 4 years worked, a 35 year career results in a starting IMRF pension of $130,000. The pension increases 3% annually in retirement. The accrual rate is 1 2/3% for first 15 years of service (25%), and 2% for remaining years of service (40% for 20 years), for a total of 65%. $200,000 x .65 = $130,000. That is Tier I benefits for those beginning their career prior to January 1, 2011. The benefits are contractual and cannot be diminished or impaired per the Illinois State Constitution, voted into law December 15,… Read more »