Monday, October 24, 2011

How to Get a State Pension with Only One Day's Work

Just another example of how corrupt Big Labor sticks it to the taxpayer. Think about this before you support another Obama "jobs" bill that benefits public sector unions!
2 teachers union lobbyists teach for a day to qualify for hefty pensions
By Ray Long and Jason Grotto
Chicago Tribune
October 22, 2011

SPRINGFIELD — — Two lobbyists with no prior teaching experience were allowed to count their years as union employees toward a state teacher pension once they served a single day of subbing in 2007, a Tribune/WGN-TV investigation has found.
Preckwinkle's one day of subbing qualified him to become a participant in the state teachers pension fund, allowing him to pick up 16 years of previous union work and nearly five more years since he joined. He's 59, and at age 60 he'll be eligible for a state pension based on the four-highest consecutive years of his last 10 years of work.

His paycheck fluctuates as a union lobbyist, but pension records show his earnings in the last school year were at least $245,000. Based on his salary history so far, he could earn a pension of about $108,000 a year, more than double what the average teacher receives.

His pay for one day as a substitute was $93, according to records of the Illinois Teachers Retirement System.

Over the course of their lifetimes, both men stand to receive more than a million dollars each from a state pension fund that has less than half of the assets it needs to cover promises made to tens of thousands of public school teachers. With billions of dollars in unfunded liabilities, the Illinois Teachers' Retirement System, which serves public school teachers outside of Chicago, is one of several pension plans that are in debt as state government reels in a fiscal crisis.
The revelation that one day of substitute teaching allowed officials from a state teachers union to tap into an ailing public pension fund is yet another example of how the Illinois pension system has been manipulated for political purposes and personal gain. A series of reports by the Tribune and WGN-TV have documented these pension games and how insiders have benefited.

Although the bill received bipartisan support, the benefit to union officials was sponsored by Springfield Democrats showered by IFT campaign contributions during the 2006 elections.
Note that last paragraph. Legislation that benefitted Big Labor was passed by DEMOCRATS who received large campaign donations from the union. Is it any wonder why Obama and the Dems are pushing billions for another bailout of public sector unions?

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