Chicago

893+ Lake County and Waukegan Gov. Retirees Raking in Pensions Over $100,000!

View as PDF
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

 
“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?”

News Coverage of Chicago Police and Fire Pension Release

View as PDF
CHICAGO – Yesterday, Taxpayers United of America (TUA) released the results of a new study of more than twelve thousand Chicago Police and Fire Department pensions.
“There are thousands of retired Chicago police and firefighters receiving lavish pension payments, each exceeding the cost of hiring nearly three new employees for either department,” said Jim Tobin, president of TUA.
“Taxpayers are compensating police and firefighters for more years of retirement than years of actual employment; the pension system as currently structured is unsustainable.”
The press conference was covered by three Chicago television stations and Crain’s Chicago Business.
· Click here for yesterday’s CPD and CFD pension news release
· Click here to see the complete list of 9,192 CPD pensions
· Click here to see the complete list of 2, 822 CFD pensions
P__2000v3  P__8849v3

Chicago Police and Fire Pensions: FAIL

View as PDF
CHICAGO – Chicagoans aren’t getting their money’s worth for their police and fire departments, according to Illinois’s largest taxpayer organization, Taxpayers United of America (TUA).
“Our study of Chicago police and firefighter pensions shows that we are paying through the nose for a system that has failed us at every level,” said Jim Tobin, president of TUA.
“Chicago has some of the highest crime rates and most dangerous neighborhoods in the country, despite higher than average pay and benefits for its police officers. Being the second largest law enforcement agency in the United States, with some of the worst outcomes, it is a failure of epic proportions.”
“What are we getting for billions in unfunded pension liabilities? We are getting absolutely nothing but a huge property tax bill that pays for services rendered yesterday and leaves nothing for the services we need today.”
“We are paying cops and firefighters for more years of retirement than years of actual employment. This makes solvency of the pension system a mathematical impossibility.”
“These lavish pensions range as high as $150,000 annually, with an average police and firefighter retirement age of 57. The top 1,000 pensioners for the Chicago Police Department are collecting nearly $88 million from taxpayers annually and the top 1,000 Chicago Fire Department pensioners are collecting nearly $90 million from taxpayers annually. Reviewing this sampling of data underscores the unsustainability of these pension systems, and this economic crisis only gets worse as you factor in the entirety of our study of roughly 12,000 Chicago Police and Fire Department pensions.”
“There are thousands of retired Chicago cops getting more in pension payments than currently employed cops. It’s no mystery why the system is bust when you are paying people like retired CPD employee, Philip Cline, $158,932 per year to do absolutely nothing. This one pensioner makes more than three new hires.”
“Retired firefighter, James T. Joyce paid into his pension fund barely more than one year’s worth of pension benefits. His current annual pension payment of $151,814 could pay nearly three new hires for the fire department.”
· Click here to see the complete list of 9,192 CPD pensions
· Click here to see the complete list of 2, 822 CFD pensions
“The governments of Chicago and Illinois have failed us. Rank and file members would rally behind pension reform if their union bosses were honest with them about the bleak future of their pensions. 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.”
“The solution is straightforward: Chicago must immediately place all new police and fire department hires into 401(k) style retirement savings accounts, increase member contributions to the 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 plaguing the financial health of the city of Chicago and its taxpayers.”

BLOG POSTS

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.

ADDRESS

Chicago, IL 60606 205 W. Randolph Street, Suite 1305
Phone: (312) 427-5128
Fax: (312) 427-5139
Website: https://taxpayersunitedofamerica.org
Email: info@taxpayersunited.org

Donate