Problem is spending

The writer of a recent letter stated the public pension is not a "giveaway," to which I would agree, as the employee has worked for this retirement benefit. It concluded with "Like Social Security, which they don't get, it is not a gift."

Simply put, teachers do not receive Social Security benefits as they have not paid into that retirement system as private sector employees do. But let's review a few facts about a public teacher pension versus SSA benefits.

The spouse worked 30 years teaching paying about 9% into a pension benefit system. An Illinois teacher meeting full retirement credits would receive 75% of a final average salary, a yearly 3% compounding COLA and extensive health insurance benefits. All of which is currently not subject to change according to the courts.

Working in the private sector 40-plus years, I have paid into the Social Security system and for us this also is not "a gift." Currently the government collects about 6% from my pay and at the full retirement age of 66½, I will collect a benefit representing about 30% of my annual salary. Where does the remainder of my retirement fund come from? A 401(k) plan funded through additional payroll deductions. etween my SSA and 401(k) payroll deductions this represents more that double the 9% teachers' pay into a pension plan.

For many years Illinois public officials, most backed by public sector unions have misdirected pension funds for other uses and it's time to pay the piper. However, Illinois being one of the highest taxed states in the U.S., don't foresee a way the legislature can tax their way out of this unfunded pension liability issue. The state of Illinois does not have a money problem, it has a spending problem.

Richard Plegge

Palatine