Look at the numbers on teacher pensions

This topic has been flogged like a dead horse but I needed to speak my mind.

Pension envy and the real facts.

I have to thank and take issue with the comments on June 13 by Bruce Illingworth. He points to the 3 percent COLA for the teachers pensions versus Social Security.

First off, let's call it what it really is: a taxpayer funded retirement system that excludes many paying for it. All the facts he points to are correct. So now let us take the facts he states and put those into numbers.

This website, www.familytaxpayers.org/ftf/ftf_salaries.php, shows what each district pays their teachers and administrators. Search by district or name. Click on the top 200 salaries for interesting reading.

While many have stated the average pension is around $35,000, which is grossly understated, you can see that those with 22-30 years and which are now nearing retirement are in the $85,000 to $118,000 range. Keep in mind that this data is from 2012.

A $90,000 pension with a 3 percent guaranteed COLA compounded is over $218,000 per year at year 30 in a retirement lifespan. Thirty years is not unrealistic if you retire at 55 and live till 85. The rest of us would need to save $4.5 million to equal that. If you take the 9 percent contribution rate over a starting salary range of $35,000 and ending at $110,000 with average returns it is possible the employee could have saved around $380,000. That means $4,120,000 is spplemented by taxpayers.

How is this sustainable? It isn't. Can you say Detroit? A start is with an Illinois income tax on TRS pensions. Not people still working. That does not constitute a benefit reduction since the benefit would still be paid at the same exorbitant rate.

Jim Schwab

Elgin