Retired College Teacher With $152,000 Pension Claims Pension Reform is Theft (Illinois)

Champion News ^ | Apr 27, 2012 | Bill Zettler

[KeyLargo]

Retired College Teacher With $152,000 Pension Claims Pension Reform is Theft

April 27, 2012 By Bill Zettler

Michael Corn, a retired college teacher, recently wrote a letter-to-the-editor at the Daily Herald equating the unfunded Illinois pension system with theft. And I agree it is theft but I would argue the thief is the public employee not the legislature or taxpayer as Mr. Horn claims.

Mr. Corn laments that he paid 8% for his pension and for that unholy contribution he feels he has earned his $12,707.59 monthly pension or $152,490.84 per year. Mr. Corn paid his 8% for all of 31 years too. Wow that’s impressive. The rest of us have to work 40 or 45 year careers in order to get our pension (Social Security) at age 62 or 67 respectively. But then again teachers are special.

Now the greedy private sector taxpayers, the weirdo 95% of citizens without state pensions, who are responsible for paying for Mr. Corn’s $152,490.84 annual pension, contribute 6.2% to their own pension (called Social Security) and at age 62 after 40 years of contributions can take down a huge maximum pension of $22,260 annually or about one-seventh of Mr. Corn’s annual pension. So Mr. Corn contributes at a rate 22% higher but for 9 fewer years but receives 7 times the pension. And Mr. Corn retired earlier too at age 59. What a terrible deal for Mr. Corn. No wonder he is complaining.

[RFEngineer]

“WTF is wrong with you ? They passed the law. They are responsible to back it up. I’m getting tired of dealing with all the pseudo conservatives on this site.Grow up.Quit whining.”

Bankruptcy is law too, my friend, and it was passed too for just this reason.

They (Illinois retirees) won’t get what they expect, not because someone is not conservative enough in your opinion, but because mathematics is an exact science and there is not enough money from taxpayers to provide services for which taxes are paid, and simultaneously pay lucrative pensions.

Illinois hasn’t hit the debt wall yet, but they will be among the first, if not the first (a race with California).

This will be repeated in many, if not most states, and municipalities. It will probably be repeated at the federal level before it’s all over.

You can have services, or you can pay retirees with the tax money. You can’t have both.

Now who’s whining?

[Renegade]

So I guess they should renounce their citizenship, move to Mexico, come back to the US, and get $$ for free like the illegals do?

http://www.wthr.com/video?clipId=7054149&topVideoCatNo=103348&autoStart=true

[RFEngineer]

“So I guess they should renounce their citizenship, move to Mexico, come back to the US, and get $$ for free like the illegals do?”

Different issue (but you knew that), same result.

The financial reality will be stark for anyone who thinks taxpayers are willing and able to finance their chosen way of life in perpetuity - by paying taxes so that welfare recipients and government retirees can retire in the style they have become accustomed.

The founding fathers observed that individuals have the God-given right to life, liberty, and the pursuit of happiness. This trumps any agreements reached by union members, government employees, or welfare recipients.