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BLOOMINGTON–Taxpayer Education Foundation (TEF) today
released its updated study on Bloomington-Normal municipal pensions, McLean County
government pensions, including the top 200 pensions in the Teachers Retirement
System (TRS), Illinois Municipal Retirement Fund (IMRF), and the State
University Retirement System (SURS). Taxpayers United of America (TUA) issued
the following statement based on the TEF pension study:
“Bloomington area taxpayers have been bludgeoned by
government bureaucrats and their lust for taxpayers’ money,” stated Jim Tobin,
president of TUA.
“I guess the Bloomington
government hacks admired Gov. Jay Robert “J. B.” Pritzker’s doubling of the gas
tax so much they decided to follow suit. Bloomington’s
gas tax was doubled from $0.04 per gallon to $0.08 per gallon.”
“These gas taxes are particularly hard on the working class
as they have less, if any, discretionary income than the elite political class
that imposes these taxes.”
“McLean County Unit 5 school district is piling on with a
huge tax increase of its own. Property taxes in the Unit 5 district increased
9.21% this year alone. That means an increase in property taxes of about $200 a
year on a home valued at $175,000.”
“Let’s be clear: this is not about the children or the
roads. This is about pay and pensions. This money may be ‘earmarked’ for
buildings or whatever, but in reality it only frees up pre-increase tax
revenues for pensions.”
“The IMRF pension fund, which gives lavish, gold-plated
pension benefits to retired municipal employees, is funded largely by property
taxes. If that isn’t bad enough, IMRF pensioners, for the most part, also
receive Social Security pensions.”
- Click
here to see the top 200 Bloomington-Normal area TRS pensions.
- Click
here to see the top 200 Bloomington-Normal area municipal, and McLean
County IMRF pensions
- Click
here to see the top Bloomington area SURS pensions
“The entire local and statewide pension system in Illinois is unsustainable.
The other five statewide pension funds are funded by the state income tax. Democrat
Governor Pritzker and his tax-raising cronies want to stick it to middle class
taxpayers by increasing the income tax under the guise of a ‘more fair’
graduated income tax, so they can make it through the next election cycle. When
the state goes under, they will be enjoying their retirements in Arizona or Florida.”
“Middle-class
McLean County
taxpayers would be decimated by the Pritzker Income Tax Increase Amendment if
it passes. There is nothing fair about his ‘fair tax’ that will, by design,
siphon even more wealth out of the pockets of the middle-class. And his tax
increases won’t stop there as we’ve seen with Pritzker’s recent gargantuan gasoline
tax hike.”
“When you look at what the individual government retirees
are actually collecting in taxpayer-funded pensions, you get a better idea of
why this theft of taxpayer wealth is so egregious. Keep in mind that the
average taxpayer will collect only about $17,500 a year from Social Security,
and that most IMRF pensioners are also eligible for a Social Security pension.”
Clarence Bowman retired from Illinois State
University at the age of
60. His current annual pension is $409,747. He paid $410,284 into his own
retirement fund, SURS. His taxpayer funded pension will accumulate to a
stunning $11,381,414 over a normal lifetime.
Robert S. Nielsen retired from SD 87 at the age of 58. His
current annual pension is $204,027. His personal payments into TRS total $267,783.
Having retired so young, his pension payments will accumulate to about
$6,296,748.
Mark R. Peterson retired from his position at the Town of
Normal at the age of 59. His current annual pension is $149,003. He Paid
$213,818 into the IMRF. His pension payments will accumulate to about
$3,886,516 over a normal lifetime. Mark is also eligible
for a social security pension.
Illinois is functionally bankrupt, and the cause is runaway
government employee pensions with unfunded liabilities so huge that it is
mathematically impossible for the state to tax their way out of this financial
black hole.
“All Illinois
government new hires should be placed in a 401(k) style retirement savings
account, beginning immediately, and the retirement age should be increased to
65. These measures would at least slow the bleeding until comprehensive pension
reform can be enacted,” said Tobin.