Registered: Oct 2006
Location: il.
Posts: 1743

It is solvent, but will not be in the future unless those paying in pay more, get less, and cannot retire early. The real problem in Illinois the fact that the state legislature has never pd. in as mandated by law, this is why problem exists, teachers pay 10%, of which 1% is survivor benefit, state would like to pass their portion to school districts and colleges, but just passing the buck. No doubt things must be done if pensions are to exist in the future, worst that can happen to me is the 3% annual increase if lowered or adjusted. I made 4800 a yr. when I started teaching, do get bit more than that in pension, did retire during peak earning years, but collected a few yrs. before actual retirement age, so a trade off. Currently educators can retire at age 55 with enough yrs., that may well bite the dust.. When I retired state promoted the early retirement option....

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Registered: Jun 2003
Location: Jacksonville FL
Posts: 4046

i forgot to answer your questions abut if my employer contributions are taxable, they go in preatx, pay the tax on the back end, unless you choose the roth 401k and then it works the other way around.

also on the question i asked, if it comes to it, do you think tax payers should be on the hook to bail out your pension if need be?

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the oldest ride in the park, but still the longest line.

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Registered: Oct 2006
Location: il.
Posts: 1743

Taxpayers will be on the hook to support pensions since they already are by the nature of taxes that help fund the systems... The state has the responsibility to maintain what is in place, thus taxpayers are on the hook and I support the fact that the state constitution adopted in 1970 states that pensions must be kept in tact, thus we are are all on the hook, I support the constitution thus I support the fact that taxpayers are on the hook, if the legislature had done what they have been legally bound to do the problem would not exist.... I did not support and do not many of the things the government spends money on, but still on the hook.... I do believe that future retirees will have to pay more and no doubt get less do to the reality of things. I did attend the 1970 state constitutional convention, but only as an observer.... I guess the real question is do I support taxes used for whatever purpose they may be used, I do support taxes, course disagree with many of the things they are used for,but in this case I support using taxes to keep the promises made....

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Registered: Jun 2003
Location: Jacksonville FL
Posts: 4046

lol, i guess fair share means paying for folks to retire in their 50s, get kush payouts, and then double dip by going back to work to collect more tax payers dollars all without any chance of getting fired due to tenure. an folks wonder why we want smaller government


btw your pension lost its protection when obama stole what was owed to the gm bondholders. read up on what happened to them.

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the oldest ride in the park, but still the longest line.

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Registered: Oct 2006
Location: il.
Posts: 1743

The state promoted-encouraged the early retirement option for educators, like I said I worked 30 yrs. and was offered the 5 yrs. experience-age to take the option, I paid in to make up the difference. I have also worked in the private sector which qualified me for social security, like I said I lose 60% of the benefit because of quirk in the way it works here. I have also taught many years in college and paid into that system thus eligible for an annuity which I do get. None of these are free rides as I have earned them all.
I never planned it this way, just way things happened, also have 401k which I will have to start drawing on before much longer. I assume that you are social security eligible, pay in and will accept the benefit in the future. I had mixed emotions about bank-gm etc. bailouts, still do, bond holders should not be penalized, but not on top of this situation. Agree that government at all levels should be smaller and spend less, course it is not a profit business and politics often negates common sense.

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