I almost missed the short article at the bottom right of page 6A of this morning's Northwest Herald.
"State records show that Rod Blagojevich could qualify for a pension of about $64,000."
NO WONDER PEOPLE WANT TO SERVE IN STATE GOVERNMENT!
Blago was a State representative from 1993 to 1996 and was Governor from 2003 until yesterday. Three years from now, when he is 55, he could, in eligible then, starting receiving an annual pension of $64,000.
In most businesss, retirement income starts at Age 65, not at Age 55. An male employee might, based on actuarial tables, live an average of 13 years. Benefits are substantially reduced when an employee begins receiving his pension early, because he is going to live a lot longer and receive his pension for more years.
Now, $64,000 at Age 55?????????????
No wonder Illinois is bankrupt!
Of course, the State Employee Retirement System might deny his request for pension. Who appoints them?
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3 comments:
And you can retire at 35 in the military. Why not skip the hardships of government and go straight for that?
Rod won't get a pension if he is convicted of a felony.
It's not just that Rod might get $64,000 at age 55 for a few years of public service, it's that ANYONE would get $64,000/year, starting at age 55, for - how many? - only 11 (or fewer) full years of employment!
The retirement plans of other public officials and government employees in Illinois (cops, teachers, clerks) will sink this state. The public doesn't really know the true cost of a defined-benefit pension plan.
When a benefit is guaranteed to an employee at a certain age, then the money has to come from somewhere. Investments have tanked; the only other source is addtional contributions to the retirement plan(s). And those contributions come from us, the taxpayersl. So, will taxes have to go up? Of course!
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