My takeaway from the Feb. 5th meeting is about facts versus propaganda. Fact: Illinois is NOT too broke to pay teacher pensions.
Illinois Retired Teachers Association President Bob Pinkerton, Executive Director Jim Bachman, and Lobbyist Andrew Bodewes distributed five sheets of facts that demonstrate the reality of what was covered in parts 1 & 2 of this report. Here are a few of those facts.
* The proposed Fiscal Year 2015 state’s contribution to the retirement fund is scheduled as
* If the generally accepted actuarial methods were used, the state’s contribution would be
(Well, so much for legislative honesty in SB1’s legal assurances for the state to “pay its fair share” of pension contributions.)
– Current Pension Funding Status –
* Member Contributions = $921,442,657
* Employer Contributions = $2,860,491,456
* Investment Income = $4,561,768,383
* Benefits Paid = $4,893,084,234
* (Other expenses = $208,655,102)
* Total Expenses = $5,001,739,336
You do the math. Putting over $2 billion more into a system than is being taken out seems like a pretty good situation. This is certainly not the math behind a pension fund headed for imminent bankruptcy that will drag the entire state into death, doom and destruction.
By the way, since so many mega-corporations in Illinois pay no taxes at all, “tax breaks” doesn’t really mean tax breaks.
Giving away all that money still doesn’t seem to be enough for some legislators. Speaker Mike Madigan will introduce a bill this year to cut all corporate taxes (if any) in half. Read it HERE.
Bob Pinkerton ended the meeting by promising that any future cuts or diminishment of our pensions will result in another IRTA lawsuit to stop these legislators. Any cuts.
Keep up with the SB1 pension lawsuit at the IRTA site HERE.