Another voice to be heard. As you read the comments below, know that approximately 50% of the private sector has no pension plan per se. Considering all the private sector layoffs and firing during this recession, I know of none actually laid off or fired from the burgeoning government sector. If a reader does, submit names and complete details under "comments" I appreciate the ones I have already received.
Here is what anonymous sent me today:
SPEND A FEW MINUTES AND YOU CAN BECOME A STATE OF ILLINOIS PENSION EXPERT....HERE GOES:
THIS EMAIL CONTAINS AN EASY WAY TO MAKE ANYONE AN EXPERT ON
THE ILLINOIS STATE PENSION SYSTEM...
THE STATE OF ILLINOIS DEFINED BENEFITS PENSION PLAN COST IS
27% BELOW THE NATIONAL AVERAGE
LETS REPEAT... THE PLAN IS
TWENTY-SEVEN PERCENT BELOW
THE NATIONAL AVERAGE.....!!!!
HERE ARE OTHER CRUCIAL STATE OF ILLINOIS PENSION MYTHS
....FOLLOW ALONG NOW:
Debunking Illinois Pension Myths!
Myth: Illinois has TOO MANY PUBLIC EMPLOYEES!
Reality: Illinois actually ranks 49th among the states, next to last in the nation,
in number of state employees per capita.
Historically, Illinois has not been a high public employee head count state.
Instead, Illinois is mostly a grant making state
- that is, rather than hire state employees to provide services; Illinois
disburses grants to independent providers such as
Lutheran Social Services or Catholic Charities, which in turn deliver the
service to the public
Myth: Public employee benefits areTOOO GENEROUS!
Reality: For most Illinois public employees, their pension is all they receive
NOT ONLY THAT- fully 78% are not covered by and do not receive Social
Security. This is unlike workers in the private sector, who receive both Social
Security and private retirement benefits!
4. Myth: Illinois' current defined benefit; THE SYSTEM IS TOO EXPENSIVE!
Reality: The 'normal cost' of a pension system is the contribution required
from an employer to fund the plan's benefits.
The weighted average 'NORMAL COST' across all five Illinois pension
systems, as a percentage of active members' payroll,
averages 9.13 percent.
The NATIONAL AVERAGE for state and local government is 12.5 PERCENT,
placing the normal cost of
ILLINOIS' current defined benefit program FAR BELOW THE NATIONAL
IT GETS CLEARER:
IL PENSION SYSTEM BENEFITS ARE ONLY ABOUT 49TH AS GOOD AS
OTHER STATE PENSIONS
STATE HAS A NUMBER OF EMPLOYEES FAR FAR BELOW OTHER STATES
PENSIONS ARE ONLY 18K A YEAR AVERAGE AND BECAUSE OF PENSION
SYSTEM RULES... 78 % HAVE NO SOCIAL SECURITY EITHER....
IT GETS EVEN CLEARER:
UNTIL RECENT YEARS.....STATE EMPLOYEE PENSION BENEFITS RANKED
SECOND TO LAST....IN BENEFITS....
SO FOR YEARS AND YEARS STATE EMPLOYEE BENEFITS WERE
HOPELESSLY BELOW PAR....AND... EVEN NOW.....IT RANKS ONLY
HERE'S A URL WITH A VIDEO:
THE Center for Tax and Budget Accountability executive director Ralph
Martire tells us the truth....i challenge YOU to view this video: