How much was wasted allowing employees to spike pensions?

By: Diane Benjamin

The law was changed in 2012 to require additional contributions to IMRF retirement fund if employees received large payouts that increased their pension at retirement. (accelerated payments) That law was badly needed because cities and employees never contributed to the higher payouts.

Since the spiking practice should now be over in Bloomington I FOIA’d IMRF for the final totals. It appears to not be over in Normal.

Normal:

Bloomington:

Yes, it took Bloomington EIGHT YEARS to fix Sick Leave Buy Back. Imagine what could have been done with that much money and what was spent on the Never Used Fire Station and Water Tower.

Now you know why the roads can’t get fixed.

5 thoughts on “How much was wasted allowing employees to spike pensions?

  1. Can we really expect government to fix this problem when we have someone like Laurie Wollrab, former compensation and benefit manager for the City of Bloomington spiking her own pension over $64,000 and now serving on the McLean Co. Board?

    Liked by 1 person

Leave a Reply to Diane Benjamin - editor Cancel reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s