Bill Zettler on WGN news discussing huge pension mistake

Bill Zettler, Director of Research for the Family Taxpayers Foundation was interviewed on WGN’s 9 o’clock news by anchor Lourdes Duarte. Duarte reported on a huge mistake in pension calculation for a former Quinn employee.

Here’s the video.

And
here are more facts on the issue from the Family Taxpayers website.

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Comments

  1. The “defined” Public Sector Pension Fund is a total fraud and crime on the taxpayers of this state and nation from inception. Start with the Public Sector Labor Agreements that have compensation levels 50% higher than the comparable private sector and absurd cost of living increases but the essence of the crime here is seen in the 25% to 40% increase of the final pay at the retirement point. The investment is based at a 8% return rate with no risk which is an outright fraud. There are no guaranteed investments of any kind in the real World. The Public Sector basic contribution levels is around 18% of the inflated pay (9% by the worker and 9% match by the company) compared to Social Security (6.2% by the worker and 6.2% by the company of a capped salary limit). The Public Sector plan pays out 80% or more of the final salary for life with very lucrative COLAs while the Social Security Program should be able to payout $11K to $26K for life with possible COLAs when the Public Sector decides. Based on the contribution levels of Public Sector Pension Plans and a conservative investment plan not a defined plan like here the payouts should be $44K annually maximum instead of the $100K plus payouts that are common today. The fraud in the Public Sector here demonstrates again that all Public Sector Labor Agreements should be approved at the Ballot Box for starters. The entire Public Sector Pension Scam should be restructured and reformed for the existing members and all those under 30 years should be put into a self-managed 401K system and Social Security & Medicare like the private sector. The crime here by the Public Sector is the greatest fraud in World history.

  2. concerned taxpayer says:

    I can’t believe this woman didn’t know that the pension amount was erroneous. Her pension is higher than her actual salary when she was working!

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