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QUESTION: What Will Illinois Pension Recipients Do When Their Automatic Deposits Quit Coming ?
Many different sources | June 22, 2017

Posted on 06/22/2017 2:11:43 AM PDT by Yosemitest



TOPICS: Business/Economy; Miscellaneous
KEYWORDS: cop; democrats; firefighter; illinois; patrolman; retirementincome; unions
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If I were in the pension receiver's position, and I COULD take all of my funds out lump sum today, and roll it over into a ROTH I.R.A, or just to keep the funds in my hand and get it away from the state's grasp and the Federal Government's reach, I WOULD DO IT RIGHT NOW !
I would DO IT THIS VERY SECOND !

1 posted on 06/22/2017 2:11:44 AM PDT by Yosemitest
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To: Yosemitest

Strum a guitar on a street corner and pass the hat?


2 posted on 06/22/2017 2:13:43 AM PDT by 2ndDivisionVet (You cannot invade the mainland US. There'd be a rifle behind every blade of grass.)
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To: Yosemitest

This isn’t really a problem in any way.
They will get honest jobs, as they should have done decades ago.


3 posted on 06/22/2017 2:15:00 AM PDT by MrEdd (MrEdd)
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To: MrEdd

Do you consider an Illinois Firefighter, or a State Highway Patrolman, or a city cop, an honest job?


4 posted on 06/22/2017 2:18:52 AM PDT by Yosemitest (It's SIMPLE ! ... Fight, ... or Die !)
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To: Yosemitest

Sometimes. I know some local cops and firemen here in North Louisiana who are Deadheads of the first order.


5 posted on 06/22/2017 2:20:52 AM PDT by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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To: abb

What about a school teacher ?


6 posted on 06/22/2017 2:26:44 AM PDT by Yosemitest (It's SIMPLE ! ... Fight, ... or Die !)
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To: Yosemitest

This is just setting the stage for a federal bailout. The question is whether the federal government bites.


7 posted on 06/22/2017 2:29:57 AM PDT by RKBA Democrat (No Illinois bailout)
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To: Yosemitest

Simple solution. Keep raising taxes until they get enough to pay their obligations.

Illinois should pay me for such advice!


8 posted on 06/22/2017 2:30:02 AM PDT by Ken H (Best election ever!)
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To: 2ndDivisionVet

No money busking on street corners with your guitar even if you are good.


9 posted on 06/22/2017 2:30:40 AM PDT by Jimmy The Snake
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To: Yosemitest

Here in Louisiana, the teacher’s union is as strong as anywhere. I attend all the monthly school board meetings and I’m quite familiar with that bureaucracy. Lots of deadheads at the central office. And they know how to use the kids as “human shields” to protect against any threat to their budget.

“It’s for the Kids!!!”

I’ve documented publicly how the local district spends almost double per student as the leading private school in the area - $14 thousand/student vs $8 thousand.


10 posted on 06/22/2017 2:34:55 AM PDT by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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To: Yosemitest
Not if they live in some fantasy world that pension money which was never put back in sufficient numbers will magically appear.

Everyone who paid attention at all has known this was going to happen since the sixties.

I joined the Marine Corps during the Iranian hostage crisis. I mustered out after the Soviet collapse. I understood that the federal pension system was underfunded, and I wouldn't get much out of it if I stayed in.

Yosemite, there are two (no more, no less) ways to work all these years in government and expect a pension as promised. Stupidity and self deception. That is it. That is the entire list. Even ignorance isn't on the list because people who learned third grade math have been pointing out that the system was insolvent for over fifty years.

Am I going to follow these people around so I can say “I told you so and you were too damned stupid to listen” over and over? No. But I will point it out when they or anyone else tries to make up some sob story about how they are victims of something outside of their own hubris.

11 posted on 06/22/2017 2:35:44 AM PDT by MrEdd (MrEdd)
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To: RKBA Democrat
If Trump is smart, he'll tell the DemocRATS and the UNIONS who created this disaster, "NO !".
12 posted on 06/22/2017 2:35:57 AM PDT by Yosemitest (It's SIMPLE ! ... Fight, ... or Die !)
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To: Yosemitest

https://lincolnparishnewsonline.wordpress.com/2016/01/21/its-for-the-children-isnt-it/

It’s for the Children, Isn’t it?
by Walter Abbott

More taxes, of every sort, local and state. Ruston Mayor Ronny Walker wants to raise sales taxes to pay mostly for a new recreation complex on South Farmerville. Our new Governor Edwards says you all have to sacrifice more for sales and income taxes to pay for the tens of thousands of state employees, their retirement, and their medical benefits.

But is the money now going to government efficiently used?

We decided to take a close look at what the costs are to educate children in Lincoln Parish Schools, compared to the cost of educating children at one of the premier private schools in North Louisiana, Cedar Creek.

According to the latest audit for Lincoln School District, the 2014 cost per pupil is $13,603, almost double the cost of 2005. Notice also that there were 20 fewer teachers in 2014 than in 2005.

See here the document.

See here the complete audit.

Compare those costs with the tuition costs at Cedar Creek of $6,290/yr or $6,570/yr, depending on grade level. Additional costs are a $650/yr student fee for books and supplies.

See here the document.

So where does the money go? It’s for the children, isn’t it?


13 posted on 06/22/2017 2:37:59 AM PDT by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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To: MrEdd

Here locally, some of the school district and city retireds have been getting “haircuts” to their taxpayer funded medical plans - increased deductibles, higher co-pays, etc. It took me a bit to figure out why they were singling out the retireds and not including those currently employed.

The retireds can’t quit and find another job with better bennies! They’re stuck.

If they start giving haircuts to those still active, they could move to greener pastures. Not so the retireds.


14 posted on 06/22/2017 2:44:36 AM PDT by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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To: Yosemitest
If Trump is smart, he'll tell the DemocRATS and the UNIONS who created this disaster, "NO !".

He is a deal maker. He should send some people who are bankruptcy experts to look at the assets of the state and privatize everything he can in a deal to pay back bond holders. He can take the school districts, privatize them and do an IPO. Take the money and pay down their debt. Illinois can then become one of the least socialized states. Do the same in Puerto Rico.

15 posted on 06/22/2017 2:47:23 AM PDT by Vince Ferrer
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To: MrEdd
I have a friend who retired out if the Navy, who worked 20+ years in submarines.
After that, he got a job with Delco, a subdivision of General Motors, and worked over 20 more years and then G.M. went into receivership.
The ILLEGAL ALIEN IN CHIEF made the deal to "Bail Out" G.M, but violated the bond and stock market laws, and had his CORRUPT Justice Department enforce his settlement with the Unions.
The employees who held G.M bond and preferred stock, who were suppose to get their settlement FIRST, according to law, got nothing under the ILLEGAL ALIEN IN CHIEF's settlement.
My friend who was then about 62 years old, lost over $100.000 in G.M. bonds and G.M. preferred stocks.
They robbed him of a part of his labor of more than 20 years.
But he had his enlisted Navy retirement to fall back on.
But now his wife and his health are an issue.
He's too old to get another job.
The Union sold him out !
But the Union Bosses and the politicians got their settlement !
    And the workers got screwed !

16 posted on 06/22/2017 2:50:25 AM PDT by Yosemitest (It's SIMPLE ! ... Fight, ... or Die !)
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To: abb

What are deadheads? I’m guessing you mean something other than avid Grateful Dead fans.


17 posted on 06/22/2017 2:54:09 AM PDT by Huntress ("Politicians exploit economic illiteracy." --Walter Williams)
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To: Yosemitest

Stinkling strawman arguement. The point is, Illinois unionized public employs have, and are, abusing the system of law, governance, and taxes. And yeah, the police are doing that. And yeah, the teachers are doing that. And yeah, the firefighters are doing that.


18 posted on 06/22/2017 2:56:57 AM PDT by RoadGumby (This is not where I belong, Take this world and give me Jesus.)
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To: Yosemitest

Devil is in the details.

If they are getting undeserved obscene gold-plated pensions after a small percentage of lifetime service at 90% last year of working pay, then NO! THEY ARE NOT HONEST JOBS! They are ripoffs!


19 posted on 06/22/2017 3:00:38 AM PDT by Hostage (Article V)
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To: MrEdd

I don’t understand why Illinois doesn’t just print more money. Works for the Feds./s


20 posted on 06/22/2017 3:00:42 AM PDT by Stand W (My Name is Tucker Carlson and I am going to destroy you.)
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