I attended yesterday’s TRS presentation at Normal Community High School.
Click here to see the presentation:
The presentation appears to over-inflate their actual investment earnings.
Click here to see results from their site:
While I can completely understand the promises made to teachers, similar promises were made to Social Security recipients, present and future. Many people realize Social Security must be reformed, along with Medicare, or both will not exist in the future. Congress stole the Social Security Trust fund and inserted IOU’s instead. Illinois failed to fully fund all pension plans. We are both in the same boat-and it’s sinking.
The general message last night was: “Call your legislators”. This is the same tactic unions have used for years to prevent changes from being made to the program. Teachers are told to call Springfield 3 times a day, elected officials are scared off, nothing is fixed. I believe TRS over-estimated how long the funds will be solvent. Other think-tanks have estimated they will be out of money in 7-10 years.
The entire tax increase of 67% was to pay into the pension system. It’s not nearly enough. People are leaving Illinois. Illinois remains ranked 48th by CEO’s as a good places to do business. http://illinoisteaparty.net/node/2724 Another tax increase is going to put Illinois closer to last place.
Teachers need to remember the pension program was put in place decades ago when life expectancy was much lower. Retiring in your 50’s and collecting a pension for decades is no longer an option. It’s also not an option for Social Security and Medicare. Again-we are in the same boat. Are you going to prevent any changes to save the fund, or are you going down with the ship?
Another thought: Maybe you shouldn’t listen to your union! Look up their pensions: openthebooks.com
Illinois TEA Party