Breaking News Bar
posted: 12/15/2013 4:40 AM

Educators the losers in pension deal

hello
Success - Article sent! close
 

Educators the losers in pension deal

The new Illinois pension reform law was passed in the same cowardly manner that has become synonymous with Illinois politics. Lawmakers delayed voting on the measure until the day after the filing deadline for 2014 candidates; they rushed it to the floor before anyone had time to read or digest the complex bill, they allowed no opportunity for public hearings or input from those affected by the law, and they passed it with the barest of majorities.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

The law will have a devastating impact on teacher retirees in Illinois at every level from elementary through graduate school. The annual increase in the U.S. cost of living has averaged close to 3 percent since the time those statistics were first gathered, but Illinois has chosen to reduce the Cost of Living Adjustment from 3 down to 1 percent or less for most retirees. Consequently, the average teacher retiring with a $45,000 pension will lose more than $188,000 in payments over 25 years.

Principals and others fortunate enough to earn six figure salaries will see their pensions diminished by 25 to 30 percent. An administrator who retired with an $110,000 salary, and an annual pension of $82,500 would lose more than $650,000 in benefits over 25 years. That must be what Governor Quinn had in mind when he said that everyone will have to "give a little" to make pension reform work.

It won't take long for the best qualified teachers, administrators and professors to realize that if they want a dignified retirement, they should get out of Illinois. And if the legislature decides to seriously consider applying Illinois income tax to those reduced pensions, there will be no earthly reason for anyone associated with education to stay. Stupid is as stupid does.

William S. Hicks

Carpentersville

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.