Z-gram 04: Retired teachers don’t want to pay IL pension taxes either – 17,483 live elsewhere.

Who can blame them? I’m thinking about moving out of Illinois too. I mean it is obvious that the politicians in IL are not going to solve the real long-term pension problem which is an unfunded pension liability of $200 billion plus. In fact they aren’t going to solve a much smaller problem that does […]

Z-gram 03: Why does the worst teacher in every school get a 26% salary boost prior to retirement?

One item adding to the huge pension unfunded liability is automatic 6% salary increases for teachers four straight years prior to retirement. This 26% (compounded) increase goes to any teacher retiring with 30 years-service credit. And remember 30 years-service credit usually means 28 years work plus 2 years sick-leave credit so 28 years actually worked. […]

Pension reform: Who you gonna believe Madigan or Moodys?

Endorsed by Jack Roeser, Family Taxpayers Foundation Illinois is all-abuzz about the most recent “so-called” Pension reform coming from the King of Springfield, Michael Madigan. Basically Madigan is addressing an issue that probably doesn’t exist: a $95 billion unfunded pension liability. That is because Moodys says it is $230 billion and if Moodys is right […]

Z-gram 02: 10,801 Teacher Salaries over $100,000 means 10,801 pensions over $100,000 in the near future.

I am continuously amazed at how Illinois politicians of both parties studiously avoid talking about public salaries especially teachers and university employees. By avoiding the subject of salaries they avoid one of the largest drivers of pension costs: vastly overpaid employees result in vastly over paid pensions since pensions are directly related to the salaries […]

Z-Gram 01: Should any retired teacher have a pension of $399,652 per year?

Beverly Harvison retired in 2000 on a pension of $62,000/yr. after teaching at Du Page HSD 88 for 26 years. Somewhere along the way she married District 88’s Superintendent Robert Lopatka and he retired in 2004. Lopatka died shortly after retiring but before then he managed to set up what is called a “Reversionary” pension […]

Introducing the “Z-Gram”

Championnews publisher Jack Roeser recently asked me to begin a series of brief articles called “Z-Grams” that would be short and highlight one “factoid” on public pensions and salaries. These will be bite-sized items you can finish reading before you finish your donut in the morning. I will still be producing the longer articles outlining […]

2013 State Pensions: 9,954 over $100,000 Up 30% from 2012. Top 100 Average $242,000 – Ninety-nine are Educators.

Note: See Top 100 table in separate post titled: Top 100 State Pensions 2013. 10 Amazing Facts about Illinois State Pensions:  1. Based upon current rules more than 25,000 public employees will have $100K plus pensions by 2020. 2. Every one of these 9,954 public “Servants” is a taxpayer funded multi-millionaire. A $100,000 pension at […]

Top 100 State pensions for 2013

Top 100 State Pensions as of April 1, 2013 Name Employer Sys  Annual Pension Das Gupta, Tapas University of Illinois – Chicago SURS     439,672 Abraham, Edward University of Illinois – Chicago SURS     427,150 Barmada, Riad University of Illinois – Chicago SURS     409,852 Lopatka, Beverly DuPage  School District 88 TRS     399,652 Mafee, […]

Are TRS Trustees taking too many investment risks?

One of the consistent themes we have talked about on championnews over the last few years is the concept that Return On Investment (ROI) assumptions for all the state pension systems is too high. What we mean by this is we do not think that any investment style will allow 8% plus returns over a […]

Taxpayers have contributed $7 billion more to TRS than required by 1995 Pension funding law.

By Bill Zettler One of the more common myths surrounding pension funding is the claim that the state (i.e. taxpayers) has not done its part and in fact has not made required payments often “skipping” payments. This is patently not true as the following chart shows definitively. Per Senate Bill 533 (SB-533) August 1994 – […]