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Rock Island Taxpayers: Enough Already!

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Rock Island, IL – Taxpayers in Rock Island County have had enough of greedy politicians’ lust for other people’s money.

“After the county board approved an 8.9% property tax increase for 2020, taxpayers resoundingly rejected an additional 1% sales tax increase. They let the money-grubbing bureaucrats know they’ve had enough,” said Jim Tobin, president of Taxpayers United of America (TUA).

“It’s no secret that all of the increase in taxes is used to prop up a failed government pension system. And as local governments raise property taxes to fund the Illinois Municipal Retirement Fund (IMRF), Democrat Governor Jay Robert “J. B.” Pritzker seeks to raise the state’s income tax to fund the other five failed pension funds.”

“Pritzker’s income-tax theft amendment will be on the November 3, 2020 ballot. If passed, this taxpayer robbery will hit the middle-class the hardest. And after the huge loss of jobs and income from the Covid-19 pandemic, Illinois’ middle-class will virtually disappear.”

“If ever there was a time to tell Pritzker and the rest of the blood-sucking politicians that we’ve had enough, it’s now!”

“As many of you have been struggling without a paycheck, or watching your business disintegrate, here’s what a few of the political elite in Rock Island County collected without a concern about you:

Marshall E. Douglas retired from Rock Island County government and his annual pension is a comfortable $158,956. His estimated lifetime payout is $2,866,238, but his own investment in that lucrative payout was only about 5.6%

Calvin D. Lee retired from Moline USD 40 and collects $229,335 in annual pension payments. His estimated lifetime payout is a stunning $7,328,284! He was able to retire at the age of 58 and only contributed about 5% of his own money into the Teachers Retirement System (TRS).

Bettie Truitt, Blackhawk College retiree, collects $137,575 a year from the State University Retirement System (SURS). Having retired at the age of 52, she will realize about $7,117,914 in lifetime pension payments.”

Click here to view top Rock Island IMRF pensions

Click here to view top Rock Island TRS pensions

Click here to view top Rock Island SURS pensions

“These government employees only work 20.1 years on average in order to collect these sky-high pensions. And for every dollar they deposit in their own pension fund, taxpayers are forced to fork over $4.74. Add to that a 3% cost of living adjustment and it doesn’t take a genius to understand why Illinois’ government pensions are insolvent.”

“Rather than put an income-tax theft amendment on the ballot, Pritzker should have pushed for a pension reform amendment because these outrageous pensions are protected by the state constitution. Enough is enough,” said Tobin.

148,654 Illinois Government Pension Millionaires!

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Pension Overview for 2020

Government pensions affect every taxpayer in Illinois. Now Pritzker’s pension madness threatens to reach across the state and ravage taxpayers with the most insidious effect of Covid-19: theft of taxpayer wealth. As businesses and workers across the country struggle to keep afloat during this pandemic, Pritzker promises to increase your taxes.

How does Pritzker expect to fund the untouchable government pensions if no commerce is allowed? He expects the entire country to bail out the bankrupt state of Illinois. However, he is playing a very dangerous game of chicken and the livelihood of every Illinoisan is at risk. Everyone except the government employees and retirees whose pensions are protected by the Illinois Constitution, that is.

And there are billions at stake. It doesn’t take a lot of pension millionaires to bankrupt the system. Not when there are more than 148,654 Illinois government pensioners who will receive more than a million dollars in pension payments. That only represents the six statewide pension funds. There are tens of thousands more government pension millionaires in the Chicago pension funds and the hundreds of local police and fire pension funds. That number will continually increase with the constitutionally protected 3% cost of living adjustment (COLA). For the six state-wide government-employee pension plans, the COLA is compounded, making new pension millionaires every day.

The average pensioner gets $1.5 million in lifetime pension payments, and for every $1 they deposit to their own pensions, taxpayers are forced to pay $4.74. Government employees don’t have to work very long to qualify for that $1.5 million; the average number of years employed is only 20.1 and the average age of retirement is about 61.

In thousands of cases from the State Employees Retirement System, (SERS) and the Illinois Municipal Retirement Fund (IMRF), pensioners also receive Social Security pensions.

There is currently an estimated $143.5 billion in unfunded pension liabilities across all six statewide Illinois government pension funds. Some of the funds like IMRF like to brag that they are in good shape. However, IMRF is only 90% funded because of the massive property tax burdens of taxpayers that subsidize it. Other funds, like the General Assembly Retirement System is barely solvent at 15.65% funded. It is for this reason that Pritzker is so determined to raise Illinoisans’ income tax with his “Nov. 3rd” Income Theft Amendment

If Pritzker continues this path, suffering taxpayers will find their incomes diverted to pension millionaires like Leslie Heffez. Currently, Heffez receives $635,123 a year from taxpayers, which he will receive regardless of the lockdown. Taxpayers cannot afford the lockdown or these pensions. The sooner Pritzker realizes this, the sooner Illinois can begin to truly recover.

All Illinois Government Pensions Over $100,00

Top 200 GARS Pensions

Top 200 TRS Pensions

Top 200 JRS Pensions

Top 200 SERS Pensions

Top 200 SURS Pensions

Top 200 IMRF Pensions

STATE PENSIONS FATTEN WALLETS OF RETIRED ILLINOIS POLITICIANS

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Top 200 GARS Pensions

Retired Illinois politicians have become pension millionaires and are getting richer by the day, while Illinois taxpayers lose their jobs, get behind on their mortgages and have trouble paying their bills, according to the most recent study of state pensions by the Taxpayer Education Foundation (TEF).

“These bloodsuckers that raised state taxes billions of dollars, and then retired, are getting lavish, gold-plated pensions and benefits,” said James L. Tobin, economist and TEF president. “Their functionally-bankrupt state pension plan, the General Assembly Retirement System (GARS), like the other state pension plans, has been kept on life-support with billion-dollar increases in the state income tax.”

“Thanks to the tax increases that many of these reprobates voted for, the state is economically dying and has lost population six years in a row.”

For 2019 and 2020, two GARS pensions exceed $200,000. From 2019 to 2020, the number of pensions exceeding $100,000 has gone from 62 to 71, and the number exceeding $50,000 has gone from 218 to 221.

The highest annual pension, $265,428, goes to retired legislator Arthur L. Berman (D), the author of the failed Berman Tax Increase Amendment, which we helped defeat years ago. Berman’s total pension paid to date is $3,670,815.

A central figure responsible for much of the pension crisis is former governor James R. Thompson (R), one of the worst tax-raisers in Illinois history. Thompson currently receives an annual pension of $165,987. He has received a total pension to date of $3,219,842. His estimated lifetime pension payout is $3,385,829.

Former governor, Patrick J. Quinn Jr. (D), the so-called “reform” governor, currently receives an annual pension of $149,882. He has received a total pension to date of $694,733. His estimated lifetime pension payout is $3,255,658.

Former legislator and governor, James R. Edgar (R), receives a current annual pension of $175,952. He has received a total pension to date of $2,502,093, and his estimated lifetime pension payout is $4,755,649.

Edgar signed into law Senate Bill 3 in 1998, the biggest government pension increase in the history of Illinois. SB3 gave retired government teachers 75% of their salary at retirement, with annual compounded increases of 3 percent. SB3 will cost taxpayers $4.5 billion in 2020, which is 12% of the Illinois state budget!

The taxes to support these outrageous Illinois government pensions are driving taxpayers out of Illinois. Almost all of the last $5 billion-dollar state income tax increase was used to prop up the state pension funds. This is why Illinois governor Jay Robert “J. B.” Pritzker (D) wants to pass his Nov. 3. 2020 Income Theft Amendment, a massive state income tax increase for Illinois taxpayers. Instead of seeking pension reform, Pritzker wants another massive income tax hike.

Pritzker is destroying the Illinois economy. He wants to place more taxes on the backs of the state’s taxpayers, while he stubbornly enforces the Soviet-style state shutdown. Pritzker should explore significant reforms to the state’s bankrupt pension plans for retired government employees. He wasn’t elected to declare war on the state’s middle class.

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DISCLAIMER

Taxpayers United Of America: (TUA). is a nonpartisan, 501(c)(4) taxpayer advocacy group. Founded June 27, 1976 in Chicago, Illinois by activist and economist Jim Tobin, TUA works on behalf of taxpayers to reduce local, state, and federal taxes. In the past forty years, TUA has saved taxpayers more than $200 billion n taxes and has become one of the largest taxpayer organizations in America. Check All posts. s.

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Website: https://taxpayersunitedofamerica.org
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