“Rockford seems to be the only city of its size that decided to create a two-tiered system,” said Alderman Mark Bonne, who is among those not eligible to participate.
$166 pension for every $12,000 earned sounds fair to me. Based on that figure if a person made $96K per year for 10 years the pension would be $1,328 per month. After 20 years the pension would be $2,656 per month and after 30 years it would be $3,984.00 per month or more in line with social security per month. If everyone did this from the start there would be no pension deficit.
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.
$166 pension for every $12,000 earned sounds fair to me. Based on that figure if a person made $96K per year for 10 years the pension would be $1,328 per month. After 20 years the pension would be $2,656 per month and after 30 years it would be $3,984.00 per month or more in line with social security per month. If everyone did this from the start there would be no pension deficit.