Easy to see pensions as the problem

I am a retired teacher.

In 1970, fresh out of college, I took my first teaching job. I was so excited when my first paycheck arrived, but was surprised with all those deductions — taxes, insurance, and this thing labeled TRS. One of the seasoned teachers told me that TRS was my retirement plan as I did not have a 401(k) employer plan like my friends in the private sector.

With the thousands of teachers in the state each making our TRS payments, this fund soon became very large. One year the governor and the state legislators devised a plan to “borrow” from the TRS fund to balance the state budget. Over time, the irresponsible borrowing and empty promises of the legislators put the state of Illinois in a financial mess.

Most of you probably have an escrow account for your taxes. Each month you make a payment into the escrow account. Now your lending institution decides to “borrow” some of your escrow money for its operating funds and pay it back before the tax payment is due, but never makes that payment. For several years this happens and then one day the taxman says the fix to the problem is to restructure your mortgage so the lender does not have the burden of paying your escrow. You have continued to make all of your required payments but due to the fiscal irresponsibility of those in charge of your funds you are about to suffer.

It’s easy to look at pensions as the problem. All teachers, from yours or your children’s school days, are that pension system. Take away those pension payments. After all, I am only your public servant. I am a retired teacher.

Bill Gommel

Naperville