Normal Obligations to retirees

By: Diane Benjamin

The below information is from the Illinois Comptroller website: https://tinyurl.com/w25h7sk9

Start with the Total OPEB Liability. In TWO years it increased 42.86%. What is OPEB? Other Post Employment Benefits, in other word promises to retired employees other than a pension. The Town of Normal pays these costs as incurred. Unlike the private sector, government employees haven’t seen a benefits cut.

Now look at pensions:

IMRF is every employee that isn’t Police or Fire. Note the funding percentage of both Police and Fire is still below what it was two years ago.

Commas would make these numbers easier to read, maybe that’s why they aren’t there!

What is the total Normal is on the hook for paying to retirees?

Since Normal thinks property taxes need to fund pensions, it isn’t a problem for them. It will be for you, especially when the stock market crashes again. The 2020 funding level went down because the evaluation date was right when the Covid shutdowns hit and the stock market reacted to it.

Springfield refuses to fix the pension system. It will have to collapse before it is realigned with the private sector.

4 thoughts on “Normal Obligations to retirees

  1. Normal will never fix their pension problem or reduce the obscene benefits. First, the person who has to fix it, Pam Reece and she would be cutting her own pension and that of her long-time fleecing partners. Most of the staff, retired and working, don’t live in Normal so they don’t feel the tax burden anyway. NET – NET There is a negative financial interest for staff to try and fix this.

    Second, the mayor and council have no spine to say NO to the whims of the “professional staff” and actually put the taxpayers first. Calling staff “professional staff” was a fantastic marketing ploy that convinced the council nitwits that no one knows better than government staff.

    Third, as RINO Kathleen Lorenz puts it, it is only a small percentage of the overall budget.

    Liked by 1 person

  2. If only 100 percent of all property owners would not pay their property taxes on time wait 3 months pay the late fee because the cities are going to raise your taxes regardless but all will be sending a powerful message. I can’t believe that so many people are agreeable to continue to pay such inflated taxes.
    If only I was in a position to get out of this state and Bloomington,Normal maybe someday.

    Liked by 1 person

    1. Springfield refuses to fix the pension system.
      It will have to collapse
      before it is realigned with the private sector.
      I wonder WHEN that’s going to happen?

      Like

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