Jim Tobin, President of National Taxpayers United of Illinois, (NTUI), held a news conference at 11am today to present the latest list of retired government employees receiving the “Top 100” pensions.
“The number of pension payouts over $100,000-a-year for retired government employees rose a staggering 20 percent in a single year to 4,352,” said Tobin. “These pension millionaires are quickly draining the state’s pension funds. The financial burden is clearly unsustainable.”
“The retired government employee with the largest pension receives over $400,000-a-year. That’s not a salary -- that’s his pension. Almost all of these millionaire pension recipients are retired government educators," notes Tobin.
Some solutions NTU suggests:
- Ending pensions for all new government hires will eventually eliminate unfunded government pensions.
- If each government employee were required to contribute an additional 5% toward his or her pension, taxpayers would save over $75 billion over the next 35 years.
- Contributing 10% would result in twice the savings, or $150 billion.
- Requiring public employees to pay for one-half of their health care premiums would save even more—an estimated $230 billion over current projections.
See list of Top 100 state pensioners here: Download Pensionshandout