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Chicago – Taxpayers United of America (TUA) reveals in their latest government pension study that over 893 Lake County and Waukegan government retirees are collecting annual pension payments over $100,000.
“It’s unconscionable that taxpayers are still on the hook for such outrageous pensions,” stated TUA’s operations director, Jared Labell. “Across the state pension funds, there are 11,054 government pensioners collecting six-figure pensions and over 78,526 pensioners collecting more than $50,000 where the per-capita income is slightly higher than $34,000.”
“Lake County taxpayers struggle to make ends meet with 6.2% unemployment and bank-owned homes on the rise, but are forced to pay for these outrageous pensions rather than save for their own retirement, much less afford to hang on to their own homes.”
“It is time to preserve the future of the taxpayers who have been scammed by politicians and union thugs into going along with a system that creates and constitutionally protects a special class of government elite.”
“It’s also time for union leadership to have a frank discussion with the rank and file, educating them on the inevitable collapse of an unsustainable crony system designed to siphon money from taxpayers for the benefit of the few. The unions should use those dues forced from members to bail out the pension system rather than use those funds to elect political cronies who keep them in power.”
“Those of us in the private sector must reduce our spending if our income decreases; we can’t just go to our employer and demand more money to fund irresponsible spending. Mercifully, Waukegan has staved off a property tax increase for at least this year.”
“Consider the annual pension of $258,163 being paid to retired government teacher, Larry K. Fleming from Lincolnshire-Prairie View 103. His estimated lifetime payout is $11.2 million! Retiring at the ripe old age of 55, his personal investment in that gold-plated payout was a mere $326,507, or 2.9%.”
“Then there is Peter Krupczak, retired from the College of Lake County. He gets $216,287 in annual pension payments and because he retired at only 57, those payments with compounded annual cost of living adjustments will accumulate to more than $6.3 million! His personal investment was only about 3.6% or $228,997.”
Click to view pensions for
- Lake County Government
- Lake County Government Schools
- Waukegan Municipal Government
- College of Lake County
“The average Social Security ‘pension’ is only about $15,000 a year and taxpayers pay 15% of every penny they earn for that modest payout.”
“This pension system is the single cause of Illinois’ critical financial situation and it is mathematically impossible to tax our way out of this situation.”
“This financial squeeze of paying for yesterday’s services with today’s tax dollars is only going to get worse as yesterday’s services rendered compete for today’s tax dollars tendered.”
“The Illinois government has failed us; local governments have failed us. It is in everyone’s best interest to solve the pension problem before the system completely collapses. It is no longer a matter of ‘if’ it will collapse, but when.”
“Immediately place all new hires into 401(k) style retirement savings accounts, increase member contributions to their retirement fund, increase retirement age for full benefits, and increase member contributions to 50% of health care premiums. Anything short of these reforms will do nothing to permanently solve the problem. If it takes a Constitutional Amendment, then what are we waiting for?”
