Reboot Illinois|TOP 50 BIGGEST ILLINOIS PENSION PAYOUTS IN TRS

Taxpayers United of America’s data from the most recent pension study was analyzed by Reboot Illinois.


Each year, Taxpayers United of America, a Chicago-based organization that advocates for pension reform and tax relief, releases a list of the Top 200 government pensions in Illinois, or those topping $200,000 annually.
Of the 200 individuals receiving the biggest pension payouts in the state, 81 are members of the Teachers’ Retirement System and receive a combined average annual pension of $229,256. For some context, the average pension in TRS is $51,288.
Using the most recent available data from TUA, which was obtained from TRS through the Freedom of Information Act, we’ve updated our previous list of the Top 50 biggest pensioners in TRS, most of whom are former school district superintendents.
We’ve included each pensioner’s former employer and the year in which they retired. The TUA’s calculation for estimated lifetime pension payout assumes a life expectancy of 85 and factors in the 3 percent compounded cost of living adjustment, which TRS previously has refuted.
Top 50 biggest Illinois pension payouts in TRS
1. Lawrence Wyllie
Title: District Superintendent
Employer: Lincoln-Way CHSD 210
Annual Pension: $302,991
Employee Contributions: $398,488
Age at Retirement: 75 (Retired June 2013)
Pension Paid to Date: $461,651
*Estimated Lifetime Pension Payout: $3.16 million
Percentage of Lifetime Estimate Paid by Employee: 12.6%
2. Henry Bangser
Title: District Superintendent
Employer: New Trier Township HSD 203
Annual Pension: $294,524
Employee Contributions: $275,366
Age at Retirement: 57 (Retired July 2006)
Pension Paid to Date: $2.16 million
*Estimated Lifetime Pension Payout: $9.55 million
Percentage of Lifetime Estimate Paid by Employee: 2.9%
3. Gary Catalani
Title: District Superintendent
Employer: CUSD 200
Annual Pension: $293,214
Employee Contributions: $289,151
Age at Retirement: 56 (Retired June 2011)
Pension Paid to Date: $1.89 million
*Estimated Lifetime Pension Payout: $10.23 million
Percentage of Lifetime Estimate Paid by Employee: 2.8%
4. Laura Murray
Title: District Superintendent
Employer: Homewood-Flossmoor CHSD 233
Annual Pension: $288,472
Employee Contributions: $298,591
Age at Retirement: 57 (Retired July 2008)
Pension Paid to Date: $1.68 million
*Estimated Lifetime Pension Payout: $9.95 million
Percentage of Lifetime Estimate Paid by Employee: 3.0%
5. Mary Curley
Title: District Superintendent
Employer: Hinsdale CCSD 181
Annual Pension: $280,172
Employee Contributions: $248,708
Age at Retirement: 55 (Retired June 2007)
Pension Paid to Date: $1.81 million
*Estimated Lifetime Pension Payout: $10.36 million
Percentage of Lifetime Estimate Paid by Employee: 2.4%
6. Henry Gmitro
Title: District Superintendent
Employer: CCSD 93
Annual Pension: $273,573
Employee Contributions: $282,750
Age at Retirement: 56 (Retired July 2009)
Pension Paid to Date: $1.31 million
*Estimated Lifetime Pension Payout: $10.19 million
Percentage of Lifetime Estimate Paid by Employee: 2.8%
7. Reginald Weaver
Title: President
Employer: Illinois chapter of the National Education Association (IEA)
Annual Pension: $273,113
Employee Contributions: $264,894
Age at Retirement: 69
Pension Paid to Date: $1.58 million
*Estimated Lifetime Pension Payout: $4.35 million
Percentage of Lifetime Estimate Paid by Employee: 6.1%
8. Maureen Hager
Title: District Superintendent
Employer: North Shore SD 112
Annual Pension: $271,653
Employee Contributions: $277,774
Age at Retirement: 58 (Retired June 2009)
Pension Paid to Date: $1.35 million
*Estimated Lifetime Pension Payout: $9.14 million
Percentage of Lifetime Estimate Paid by Employee: 3.0%
9. James Hintz
Title: District Superintendent
Employer: Adlai E. Stevenson HSD 125
Annual Pension: $264,280
Employee Contributions: $235,017
Age at Retirement: 55 (Retired June 2005)
Pension Paid to Date: $2.12 million
*Estimated Lifetime Pension Payout: $9.22 million
Percentage of Lifetime Estimate Paid by Employee: 2.5%
10. Jonathan Lamberson
Title: District Superintendent
Employer: Riverside SD 96
Annual Pension: $262,516
Employee Contributions: $370,166
Age at Retirement: 58 (Retired June 2013)
Pension Paid to Date: $437,527
*Estimated Lifetime Pension Payout: $10.01 million
Percentage of Lifetime Estimate Paid by Employee: 3.7%
11. Mohsin Dada
Title: Assistant District Superintendent & Treasurer
Currently the Chief Financial Officer & Treasurer at North Shore SD 112
Employer: Schaumburg CCSD 54
Annual Pension: $262,341
Employee Contributions: $299,494
Age at Retirement: 59
Pension Paid to Date: $868,662
*Estimated Lifetime Pension Payout: $8.88 million
Percentage of Lifetime Estimate Paid by Employee: 3.4%
12. John Conyers
Title: District Superintendent
Employer: Palatine CCSD 15
Annual Pension: $259,685
Employee Contributions: $217,805
Age at Retirement: 57 (Retired June 2003)
Pension Paid to Date: $2.47 million
*Estimated Lifetime Pension Payout: $7.71 million
Percentage of Lifetime Estimate Paid by Employee: 2.8%
13. Larry Fleming
Title: District Superintendent
Employer: Lincolnshire-Prairieview SD 103
Annual Pension: $258,163
Employee Contributions: $326,507
Age at Retirement: 55 (Retired June 2012)
Pension Paid to Date: $667,637
*Estimated Lifetime Pension Payout: $11.18 million
Percentage of Lifetime Estimate Paid by Employee: 2.9%
14. Kevin Burns
Title: District Superintendent
Employer: CHSD 218
Annual Pension: $254,208
Employee Contributions: $223,197
Age at Retirement: 55 (Retired June 2007)
Pension Paid to Date: $1.61 million
*Estimated Lifetime Pension Payout: $9.37 million
Percentage of Lifetime Estimate Paid by Employee: 2.4%
15. Dennis Kelly
Title: District Superintendent
Employer: Lyons Twp HSD 204
Annual Pension: $251,365
Employee Contributions: $289,587
Age at Retirement: 62 (Retired July 2009)
Pension Paid to Date: $806,838
*Estimated Lifetime Pension Payout: $6.28 million
Percentage of Lifetime Estimate Paid by Employee: 4.6%
16. Harry Griffith
Title: District Superintendent
Employer: Lake Forest SD 67
Annual Pension: $248,804
Employee Contributions: $337,364
Age at Retirement: 61 (Retired June 2012)
Pension Paid to Date: $590,130
*Estimated Lifetime Pension Payout: $7.72 million
Percentage of Lifetime Estimate Paid by Employee: 4.4%
17. Howard Bultinck
Title: District Superintendent
Employer: Sunset Ridge SD 29
Annual Pension: $247,225
Employee Contributions: $257,014
Age at Retirement: 57 (Retired June 2007)
Pension Paid to Date: $1.62 million
*Estimated Lifetime Pension Payout: $8.26 million
Percentage of Lifetime Estimate Paid by Employee: 3.1%
18. Norman Wetzel
Title: District Superintendent
Employer: CUSD 300
Annual Pension: $246,521
Employee Contributions: $179,203
Age at Retirement: 55 (Retired June 2002)
Pension Paid to Date: $2.50 million
*Estimated Lifetime Pension Payout: $7.87 million
Percentage of Lifetime Estimate Paid by Employee: 2.3%
19. Lawrence Baskin
Title: District Superintendent
Employer: CCSD 89
Annual Pension: $244,622
Employee Contributions: $216,134
Age at Retirement: 58 (Retired June 2005)
Pension Paid to Date: $1.99 million
*Estimated Lifetime Pension Payout: $7.32 million
Percentage of Lifetime Estimate Paid by Employee: 3.0%
20. Frances McTague
Title: District Superintendent
Employer: Skokie SD 68
Annual Pension: $243,160
Employee Contributions: $315,881
Age at Retirement: 59 (Retired June 2014)
Pension Paid to Date: $143,869
*Estimated Lifetime Pension Payout: $9.01 million
Percentage of Lifetime Estimate Paid by Employee: 3.5%
21. John Harper
Title: District Superintendent
Employer: Plainfield SD 202
Annual Pension: $239,019
Employee Contributions: $329,796
Age at Retirement: 54 (Retired July 2014)
Pension Paid to Date: $141,574
*Estimated Lifetime Pension Payout: $11.51 million
Percentage of Lifetime Estimate Paid by Employee: 2.9%
22. Ronald Patton
Title: District Superintendent
Employer: Bloom Twp HSD 206
Annual Pension: $238,964
Employee Contributions: $203,340
Age at Retirement: 58 (Retired July 2004)
Pension Paid to Date: $2.12 million
*Estimated Lifetime Pension Payout: $6.94 million
Percentage of Lifetime Estimate Paid by Employee: 2.9%
23. Marvin Edwards
Title: District Superintendent
Employer: SD U-46
Annual Pension: $238,185
Employee Contributions: $0
Age at Retirement: 58 (Retired July 2004)
Pension Paid to Date: $2.46 million
*Estimated Lifetime Pension Payout: $6.53 million
Percentage of Lifetime Estimate Paid by Employee: 0.0%
24. Timothy Kanold
Title: District Superintendent
Employer: Adlai E. Stevenson HSD 125
Annual Pension: $236,942
Employee Contributions: $213,978
Age at Retirement: 56 (Retired June 2007)
Pension Paid to Date: $1.53 million
*Estimated Lifetime Pension Payout: $8.32 million
Percentage of Lifetime Estimate Paid by Employee: 2.6%
25. Gerald Chapman
Title: District Superintendent
Employer: Township HSD 211
Annual Pension: $234,745
Employee Contributions: $196,925
Age at Retirement: 57 (Retired June 2007)
Pension Paid to Date: $2.58 million
*Estimated Lifetime Pension Payout: $6.59 million
Percentage of Lifetime Estimate Paid by Employee: 3.0%
26. Dennis Conti
Title: District Superintendent
Employer: Woodland CCSD 50
Annual Pension: $232,177
Employee Contributions: $220,399
Age at Retirement: 57 (Retired June 2005)
Pension Paid to Date: $1.89 million
*Estimated Lifetime Pension Payout: $7.33 million
Percentage of Lifetime Estimate Paid by Employee: 3.0%
27. Michael Johnson
Title: Executive Director
Employer: Illinois Association of School Boards
Annual Pension: $231,942
Employee Contributions: $229,060
Age at Retirement: 55 (Retired May 2007)
Pension Paid to Date: $1.47 million
*Estimated Lifetime Pension Payout: $8.99 million
Percentage of Lifetime Estimate Paid by Employee: 2.5%
28. James Gallagher
Title: District Superintendent
Employer: Evergreen Park CHSD 231
Annual Pension: $231,228
Employee Contributions: $249,906
Age at Retirement: 60 (Retired July 2008)
Pension Paid to Date: $1.36 million
*Estimated Lifetime Pension Payout: $6.78 million
Percentage of Lifetime Estimate Paid by Employee: 3.7%
29. Jack Barshinger
Title: District Superintendent
Employer: Batavia USD 101
Annual Pension: $229,963
Employee Contributions: $307,184
Age at Retirement: 59 (Retired June 2013)
Pension Paid to Date: $350,381
*Estimated Lifetime Pension Payout: $8.27 million
Percentage of Lifetime Estimate Paid by Employee: 3.7%
30. Glenn McGee
Title: District Superintendent
Employer: Wilmette SD 39
Annual Pension: $228,395
Employee Contributions: $260,525
Age at Retirement: 56 (Retired June 2007)
Pension Paid to Date: $1.49 million
*Estimated Lifetime Pension Payout: $8.03 million
Percentage of Lifetime Estimate Paid by Employee: 3.2%
31. Donald Weber
Title: District Superintendent
Employer: Naperville CUSD 203
Annual Pension: $228,108
Employee Contributions: $213,568
Age at Retirement: 61 (Retired July 2003)
Pension Paid to Date: $2.21 million
*Estimated Lifetime Pension Payout: $5.45 million
Percentage of Lifetime Estimate Paid by Employee: 3.9%
32. Susan Bridge
Title: District Superintendent
Employer: Oak Park-River Forest SD 200
Annual Pension: $227,458
Employee Contributions: $238,380
Age at Retirement: 60 (Retired June 2007)
Pension Paid to Date: $1.53 million
*Estimated Lifetime Pension Payout: $6.47 million
Percentage of Lifetime Estimate Paid by Employee: 3.7%
33. Linda Hanson
Title: District Superintendent
Employer: Township HSD 113
Annual Pension: $226,856
Employee Contributions: $183,720
Age at Retirement: 56 (Retired July 2003)
Pension Paid to Date: $2.16 million
*Estimated Lifetime Pension Payout: $7.10 million
Percentage of Lifetime Estimate Paid by Employee: 2.6%
34. John Rodgers
Title: District Superintendent
Employer: Crete Monee CUSD 201U
Annual Pension: $225,979
Employee Contributions: $275,268
Age at Retirement: 55 (Retired June 2014)
Pension Paid to Date: $131,821
*Estimated Lifetime Pension Payout: $10.35 million
Percentage of Lifetime Estimate Paid by Employee: 2.7%
35. Christopher Ward
Title: District Superintendent
Employer: Lockport Twp HSD 205
Annual Pension: $224,318
Employee Contributions: $199,728
Age at Retirement: 60 (Retired July 2004)
Pension Paid to Date: $2.01 million
*Estimated Lifetime Pension Payout: $5.84 million
Percentage of Lifetime Estimate Paid by Employee: 3.4%
36. Steve Humphrey
Title: District Superintendent
Employer: DuPage HSD 88
Annual Pension: $224,289
Employee Contributions: $346,253
Age at Retirement: 64 (Retired June 2012)
Pension Paid to Date: $549,531
*Estimated Lifetime Pension Payout: $5.80 million
Percentage of Lifetime Estimate Paid by Employee: 6.0%
37. James White
Title: District Superintendent
Employer: Queen Bee SD 16
Annual Pension: $223,595
Employee Contributions: $270,104
Age at Retirement: 62 (Retired June 2012)
Pension Paid to Date: $1.32 million
*Estimated Lifetime Pension Payout: $5.83 million
Percentage of Lifetime Estimate Paid by Employee: 4.6%
38. Jean McGrew
Title: District Superintendent
Employer: Northfield Twp HSD 225
Annual Pension: $223,493
Employee Contributions: $204,323
Age at Retirement: 64 (Retired July 1998)
Pension Paid to Date: $2.86 million
*Estimated Lifetime Pension Payout: $3.79 million
Percentage of Lifetime Estimate Paid by Employee: 5.4%
39. Bruce Lane
Title: District Superintendent
Employer: Mannheim SD 83
Annual Pension: $222,678
Employee Contributions: $285,661
Age at Retirement: 60 (Retired July 2011)
Pension Paid to Date: $745,895
*Estimated Lifetime Pension Payout: $7.13 million
Percentage of Lifetime Estimate Paid by Employee: 4.0%
40. Joseph Palermo
Title: District Superintendent
Employer: Berkeley SD 87
Annual Pension: $222,646
Employee Contributions: $260,911
Age at Retirement: 59 (Retired July 2009)
Pension Paid to Date: $1.13 million
*Estimated Lifetime Pension Payout: $7.11 million
Percentage of Lifetime Estimate Paid by Employee: 3.7%
41. Edward Rafferty
Title: District Superintendent
Employer: Schaumburg CCSD 54
Annual Pension: $221,083
Employee Contributions: $331,473
Age at Retirement: 58 (Retired June 2013)
Pension Paid to Date: $351,277
*Estimated Lifetime Pension Payout: $8.41 million
Percentage of Lifetime Estimate Paid by Employee: 3.9%
42. Robert Howard
Title: District Superintendent
Employer: Community Consolidated School District 59
Annual Pension: $220,041
Employee Contributions: $168,445
Age at Retirement: 59 (Retired July 2004)
Pension Paid to Date: $1.97 million
*Estimated Lifetime Pension Payout: $6.07 million
Percentage of Lifetime Estimate Paid by Employee: 2.8%
43. Jack Schoenholtz
Title: District Superintendent
Employer: Leyden CHSD 212
Annual Pension: $219,592
Employee Contributions: $176,716
Age at Retirement: 61 (Retired July 1999)
Pension Paid to Date: $2.73 million
*Estimated Lifetime Pension Payout: $4.68 million
Percentage of Lifetime Estimate Paid by Employee: 3.8%
44. Mark Van Clay
Title: District Superintendent
Employer: La Grange SD 102
Annual Pension: $219,374
Employee Contributions: $262,100
Age at Retirement: 61 (Retired July 2009)
Pension Paid to Date: $1.11 million
*Estimated Lifetime Pension Payout: $6.25 million
Percentage of Lifetime Estimate Paid by Employee: 4.2%
45. Richard Dufour
Title: District Superintendent
Employer: Adlai Stevenson High School District 125
Annual Pension: $219,121
Employee Contributions: $190,390
Age at Retirement: 54 (Retired June 2002)
Pension Paid to Date: $2.20 million
*Estimated Lifetime Pension Payout: $7.33 million
Percentage of Lifetime Estimate Paid by Employee: 2.6%
46. Roger Miller
Title: District Superintendent
Employer: Hinsdale Twp HSD 86
Annual Pension: $218,230
Employee Contributions: $228,301
Age at Retirement: 60 (Retired July 2005)
Pension Paid to Date: $1.80 million
*Estimated Lifetime Pension Payout: $5.86 million
Percentage of Lifetime Estimate Paid by Employee: 3.9%
47. Kathryn Robbins
Title: District Superintendent
Employer: Leyden CHSD 212
Annual Pension: $217,958
Employee Contributions: $315,660
Age at Retirement: 58 (Retired June 2013)
Pension Paid to Date: $346,311
*Estimated Lifetime Pension Payout: $8.29 million
Percentage of Lifetime Estimate Paid by Employee: 3.8%
48. Paul Swanstrom
Title: District Superintendent
Employer: Joliet Twp HSD 204
Annual Pension: $217,735
Employee Contributions: $273,560
Age at Retirement: 58 (Retired July 2011)
Pension Paid to Date: $721,096
*Estimated Lifetime Pension Payout: $7.79 million
Percentage of Lifetime Estimate Paid by Employee: 3.5%
49. Michael Smoot
Title: District Superintendent
Employer: Wood Dale SD 7
Annual Pension: $216,873
Employee Contributions: $215,265
Age at Retirement: 61 (Retired July 2004)
Pension Paid to Date: $1.95 million
*Estimated Lifetime Pension Payout: $5.33 million
Percentage of Lifetime Estimate Paid by Employee: 4.0%
50. Donna Joy
Title: District Superintendent
Employer: Flossmoor SD 161
Annual Pension: $216,135
Employee Contributions: $274,489
Age at Retirement: 64 (Retired July 2011)
Pension Paid to Date: $723,977
*Estimated Lifetime Pension Payout: $5.43 million
Percentage of Lifetime Estimate Paid by Employee: 5.1%

Journal Standard|Letter: Illinois state employees should be on the 401K system

Taxpayers United of America’s study was mentioned in a letter by Bill Dietz to the Journal Standard.


 

Illinois’ public unions need to join the private-sector-style pension system. Normally, we think of teachers, firemen and policeman, but Illinois has 13 public unions — 64,459 workers — that gave $48.5 million to political campaigns.
The individuals are not the main culprits, but the head unions and the politicians that they finance are. Hence, the reason the politicians do not insist on a 401K-style donation pension system rather than the one we have now. With a pension debt of over $100 billion, this must change or Illinois could be the first state to file bankruptcy. The monthly pension obligation is $560 million, which is 20 percent of Illinois spending. Taxpayers United of America study shows there are 12,154 Illinois government retirees collecting over $100,000 per year and 85,893 receiving over $50,000 per year with a 3 percent compounded cost-of-living adjustment increase every year. Most recipients get back all of their input cost between one and three years.
If we could have the state pension and health care reform that Gov. Bruce Rauner and Republicans want, then we would not constantly hear of Highland College’s, Stephenson County’s or Freeport’s needs for more taxes. Most of the private sector is on a 401K-style pension system. Is it too much to ask that new employees of the state be on the 401K system? With all things considered, we the people should now be called the public servants.
— Bill Dietz, Lena

Effingham and Jefferson County Gov. Pensions Consuming Taxpayers’ Dollars

View as PDF Effingham, IL—Taxpayers United of America (TUA) today released the results of their study of the government pensions for Effingham and Jefferson Counties, as well as Effingham and Mt. Vernon municipal and local government schools.
“Well over 500 government retirees in Effingham and Jefferson counties will receive multi-million dollar pension payouts over the course of their lifetime. Thirteen government retirees currently collect pensions in excess of $100,000 annually and 341 receive annual payouts greater than $50,000,” stated Jim Tobin, TUA president. “The pensioners’ average personal investment is only about 5.4% of the lifetime pension payouts.”
“While taxpayers work well beyond retirement age to keep their families afloat, these government pensioners enjoy lavish, gold-plated retirements beginning, on average, at the age of 58. In fact, according to our data, more than 500 of the government retirees in Effingham and Jefferson counties retired in their fifties, and in some cases, decades before average taxpayers can consider retirement.”
“The sheer number of government pensioners in Illinois, not to mention the amount of taxpayers’ dollars they collect, is staggering,” said Tobin. “Consider that the taxpayers who fund these government pensions receive Social Security benefits of only about $15,000 a year on average. This year, nearly a third of Illinois’ 100,689 retired government teachers collected pensions higher than their average highest pay while employed. Their pensions averaged $9,674 above the final average salaries of those retirees, totaling nearly $294 million.”
“House Speaker Mike Madigan (D) is once again calling for hiking Illinois’ personal and corporate income tax rates in an attempt to solve the state’s financial woes he created, but he and his aligned cronies won’t tell the truth about how your tax dollars are spent. Madigan and his partisans won’t tell you that their last 67% income tax increase was a complete failure. The 2011 income tax hike collected nearly $32 billion for the Illinois state government, but almost 90% of those funds went into the government pensions and the crisis is nowhere near averted. And to make matters worse, local governments are continuously seeking to raise property taxes – and it’s not ‘for the children!’ as we are incessantly told. In reality, nearly 80% of local taxes go to fund salaries and benefits of government employees. Between the state and local government revenue schemes, taxpayers have much to worry about financially.”
“There are now well over 12,154 Illinois government pensioners collecting more than $100,000 annually and 85,893 government pensioners collecting more than $50,000 annually! And these numbers only pertain to the state pension funds and don’t include any of the hundreds of local police and fire pension funds, so the financial trouble Illinois is facing is even more shocking.”
“Retired Mt. Vernon School District 80 government employee, Kevin L. Settle enjoys an annual taxpayer funded pension of $126,133. Over a normal lifetime, he will get about $4.8 million in pension payments. His personal investment in this rich pension is about 4.3% or $207,616.”
Gary D. Duncan retired from the Jefferson County government and his current annual pension is $131,953. He will collect about $3.5 million while he only put in $177,218 of his own money, slightly more than one year’s pension payout. That’s a 5% investment in his own multi-million dollar retirement payout!”
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“The best solution for government pension reform in Illinois, although difficult, would be the repeal of the Illinois Constitution’s pension provision protecting them from being ‘diminished or impaired.’ In the meantime, the Illinois General Assembly should increase individual government employee contributions to their own gold-plated pensions by 10 percentage points. This would save taxpayers about $150 billion over the next 35 years, or about $4.3 billion a year, and save Illinois from financial ruin.”
“Right now, most government school teachers don’t pay the 9.4% required contribution to their own pension, and taxpayers in those school districts pay a portion or all of the teachers’ pension contribution through higher property taxes. Having employees make the required contribution would save taxpayers roughly $500 million in property taxes annually. And if all else fails, there is always the option of moving forward with legislation to begin the process of allowing municipalities and government schools to file for Chapter 9. Taxpayers must pursue these paths forward and any other options that reverse the course toward disastrously higher taxes in the immediate future,” said Tobin.
“Rather than finding ways to perpetuate this horrible system that places copious amounts of cash in the hands of bureaucratic hacks, rank and file government pensioners should be calling for the complete reform and conversion to 401(k) style defined contribution pension funds that place employees in control of their own futures. How many times will we trust politicians to ‘do the right thing’ with the tax money collected for pensions?”
“The choice is clear: without sweeping, meaningful pension reform, residents of Effingham and Jefferson counties, and nearly every other part of Illinois, will have to choose between fully funding the pension systems to pay for past services rendered, or pay for the services we need today,” concluded Tobin.
*Lifetime estimated pension payout includes 3% compounded COLA and assumes life expectancy of 85 (IRS Form 590).