Senger remarks on pensions miss mark

The irony and hypocrisy of state Rep. Darlene Senger’s recent Fence Post contribution concerning pension cuts was stunning. Doesn’t she realize that the reason the state pension systems are underfunded is that her legislative predecessors shirked their responsibilities and failed to make required contributions to the system over decades, and instead spent the money elsewhere?

Her solution is to repeat this practice? The reason the required payments are so high is not due to the benefits retirees receive, but rather that we are paying for our lawmakers’ past mistakes. Over 50 percent of the money in the retirement systems comes from investment gains. For example, over the past 35 years TRS has earned a 9 percent annualized return. The $4 billion Ms. Senger refers to isn’t just to cover current payments. It also includes past payments and compensation for the investment returns that were lost.

There has been a concerted effort by various groups to shift the blame and convince the public that the problem is caused by pensions being “overly generous” or “unsustainable.” The reality is that Illinois ranks in the bottom one fifth of states for retirement benefits paid to the average worker, according to the Illinois State Comptroller. At least 40 other states offer better retirement benefits to their employees and have done a better job funding their retirement systems.

Illinois currently ranks 50th in keeping its promises to employees by funding the pensions. There are five Illinois retirement systems, and outside of judges, the most generous pension benefit goes to Darlene Senger and her colleagues in Springfield. On average, police officers, firemen, teachers and other state workers get a lesser pension, yet work twice as many years to receive it in comparison to our elected officials.

Don Young

Naperville