401(k)s better for us than pensions

In the Aug. 9 Fence Post, Mr. Kosiba of the Illinois Municipal Retirement Fund says that the current Illinois pension system is fine the way it is and should be paid for gladly by the taxpayers of Illinois.

Kosiba would also have us worry that our fictional 80-year-old aunt or uncle have a "reasonable pension benefit."

What worries me is whether Illinois retirees like Dr. Alon P. Winnie, former anesthesiology chairman of U of I's Medical Center and Cook County Hospital, can live on $447,233 a year - $162,293 a year state pension and $284,940 a year county pension. So far, Dr. Winnie has been able to survive on $3 million from taxpayers since retiring in 1998.

Another retiree I worry about making ends meet is James R. Thompson, former governor of Illinois. Since 1991 after retiring at 55, has managed to live on $1.7 million from taxpayers. He does manage to supplement his retirement income as CEO of Winston & Strawn law firm. His pension has risen 50 percent since he retired, thanks to mandated 3-percent annual cost-of-living increases.

Kosiba and supporters of this failed system believe that the $77.8 billion pension shortfall will just solve itself before Illinois goes bankrupt. I'm sure Kosiba will be able to sleep easy at night knowing Henry Bangser, former New Trier High School superintendent and current CEO of Hazard, Young, Attea & Associates, will be able to retire comfortably at age 80 with $8 million of taxpayer money in his pocket.

The Illinois pension fund is a scam. Individually managed 401(k) programs are infinitely better, less expensive and certainly less ripe for corruption than our current pension system. We will never get true pension reform while elected officials are participants and administrators of the same system.

David Ropinski

East Dundee