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CHICAGO–The average Chicago police pension is worth three times that of Social Security and police can retire with six years less work, according to research by Taxpayers United of America (TUA).
“The maximum Social Security pension is $22,000 at age 62, with a minimum of 35 years of work,” said Jim Tobin, TUA President. “The average Chicago police pension (2009-10) is $62,000 at age 58 after 29 years.”
“For a person on Social Security age 62 getting $22,000 a year, the estimated total pension payout over a normal lifetime is $560,000. Compare this to an average Chicago police pension of $62,000 starting at age 58. In this case, the estimated total pension payout over a normal lifetime is $2,500,000.”
“The average Chicago police pension is worth three times that of Social Security with retirement four years earlier and with six years less work.”
“In other words, they retire four years earlier, work six years less, and get three times as much.”
“For the Top 100 Chicago Police Pensions, the average pension is over $110,000 a year.”
“Police contribute 9% to their pension fund. The total Social Security contribution by employee and employer is 12.4%. Employers in the private sector pay employees less to compensate for their mandated Social Security contribution. Self-employed individuals pay 13.3% into Social Security on incomes up to $106,800.”
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CHICAGO–A report just published by Taxpayers United of America (TUA) on the “Top 100” pensions of the State Employee Retirement System (SERS) revealed that 84 of the Top 100 are state troopers or corrections officers, and that 28 state troopers retired at age 50 and have pensions over $100,000.
“If you want to pull in a lot of cash and retire early, being a state trooper or corrections officer is a lot more lucrative than being a criminal,” said Jim Tobin, TUA President.
Click here to download the Top 100 SERS pension amounts (PDF).
“Trooper John Lofton gets an annual pension of $134,026 and already has collected $1,077,048 in total pension paid out to date.”
“Trooper Gene Marlin gets an annual pension of $129,268 and already has collected a very hefty $1,402,163 in total pension paid out to date.”
“Leading the pack of the SERS Top 100 is Sadashiv Parwatikar of Human Services, with an annual pension of $184,470 and a total pension paid out to date of $1,464,787.”
“Second place on the Top 100 is Kamal Modir of Human Services, with an annual pension of $166,732 and an astounding total pension paid out to date of $1,981,427.”
“George Welborn of Corrections, who retired at age 55, gets an annual pension of $124,866 and already has collected $1,027,364 in total pension paid out to date.”
“These lavish, gold-plated SERS pensions are clearly unsustainable, and are the reason that SERS is so underfunded.”
“The way to fix the broken pension system is to replace pensions for all new government hires with social security and 401(k)s, and increase current employee contributions. This is the only way to eliminate the unfunded liabilities that plague taxpayers.”
“Finally, voters should kick all Springfield Democrats out of office in 2012. They are the ones who approved the temporary 67% state income tax surcharge, all of which is being pumped into the state pension programs.”
This release is the second in a series. To see the first, click here: Pension Millionaires Draining Lifeblood from TRS Pension Fund.
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CHICAGO–Christina Tobin, Vice President of Taxpayers United of America (TUA), testified against Chicago’s proposed speed-camera ordinance on Wednesday, April 11. Speaking before the Committee on Pedestrian and Traffic Safety in City Council Chambers at City Hall, Tobin urged the committee “To kill the proposal to add speed-cameras all over the city.”
Tobin made the following points:
- Chicago politicians say speed-cameras will reduce juvenile pedestrian crashes and deaths, but, in reality, these speed-cameras would just be speed-trap cameras to fund city pensions. The proposal has nothing to do with safety. It’s all about money.
- The newspaper Towson Patch reported that when Baltimore County officials rolled out a network of 15 speed cameras in school zones in 2010, they said the program’s success would be measured in two ways: less speeding and fewer accidents. While speeding was reduced, the report showed no decline in accidents in those zones.
Tobin pointed out that as early as 2008, the head of Mayor Daley’s pension reform commission recommended a plan in which newly-hired employees would be put in 401(k) plans favored by private industry instead of unsustainable pension plans. Tobin stressed that Chicago residents need tax relief, not new fines or new taxes, adding, “There is no need to bleed Chicago residents to death.”
“80% of city spending is for salaries & benefits. Most of the Speed Camera revenue will ultimately be used to fund city pensions. Unfunded pensions are the #1 budgetary problem in the United States.”
Tobin’s testimony received coverage from news outlets covering the hearing. Of particular note is video from ABC 7 and WGN TV.
The committee approved the ordinance 7-3. The full City Council will take up the ordinance next week, where Mayor Emanuel will need 26 votes to pass it.
