Taxpayers United of America’s (TUA) recent State University Retirement pension data analysis was mentioned by Chicago Now.
Total up what you expect to receive from your private pension and social security and see if it matches the astonishing rich pensions that the state of Illinois (i.e. taxpayers) gives to its public university employees.
There’s a guy who, believe it, is expected to receive a $22.3 million lifetime state sponsored pension. He leads the pack. He is Leslie Heffez,, a Professor of Oral and Maxillofacial Surgery from the University of Illinois at Chicago, who retired at 55 and who collects a $564,298 annual pension. Okay, so maybe he deserves it because he’s some kind of unique expert. So, what do the “ordinary” state university employees get?
As Taxpayer United of America has reported, dollar sign
The average 2016 annual SURS [State Universities Retirement System] pension is $35,751.
The average amount that employees paid into their own pension fund is $48,764, or 5 percent of their estimated lifetime pension payout.
The average estimated lifetime payout is $947,211.
The average age at retirement is 61.
The average years of employment are 18.
If you can take it, here is some more from Taxpayers United of America:
Total number of 2016 SURS pension beneficiaries is approximately 62,792.
3,955 collect pensions in excess of $100,000.
15,628 collect pensions in excess of $50,000.
In fiscal year 2015, taxpayers were forced to pay $1,590,900,000 into the government pension fund.
In fiscal year 2015, SURS government employees paid $340,000,000 into their own pension fund.
At the end of fiscal year 2015, SURS had a 42.37% funded ratio with a $22.4 billion unfunded liability.
Sure, blame the politicians for robbing the state pension funds to pay for everyday state expenses (including state university subsidies), but there’s this: Since “2011, SURS has received the full annual statutory contribution from the state of Illinois.”
Gee, so how is your pension and social security looking now?