The Rich (public unions) Get Richer on the Backs of the People

October 11, 2013 06:30
The Rich (public unions) Get Richer on the Backs of the People

Dr. Leslie Heffez of the IL State Universities Retirement System, will receive a half-a-million-dollar pension in 2013 [and] more than $15,000 in an annual COLA.

 

By Ted Dabrowski Vice President of Policy Illinois Policy Institute

 

Illinois’ pension conference committee is once again rumored to be nearing a “fix” for the state’s pension mess.

But if the pension conference committee is serious about saving the pensions of state retirees and workers who have dedicated their careers to public work, they will put an end to cost-of-living-adjustments, or COLAs, for government retirees with six-figure pensions.

For example, annuitant Dr. Leslie Heffez of the State Universities Retirement System, or SURS, will receive a half-a-million-dollar pension in 2013. But on top of that Dr. Heffez will receive more than $15,000 in an annual COLA.

That annual COLA alone is more than the $14,000 average annual social security benefit received by private sector retirees.

By protecting the COLAs of the wealthiest state retirees, the committee is putting the retirements of the vast majority of state workers, including teachers, at risk. With the pension system suffering a shortfall of more than $0.60 for every $1 it owes, there is a real possibility that retirees may not get their pension checks in the near future.

The list of retirees from the five state-run pensions receiving more than six figures in pensions is long.

There are more than 8,000 government retirees who receive more than $100,000 in annual pension benefits and the COLAs that go with them.

The conference committee could dramatically improve the health of the state’s pension systems by means-testing COLAs of career state workers. But by doling out COLAs to some of the state’s wealthiest retirees, the committee continues to ask taxpayers and workers to subsidize gold-plated pensions.

COLAs are responsible for nearly one-third of the state’s nearly $100 billion official unfunded liability.

Today, state retirees get an automatic, compounded 3% cost-of-living increase every year, regardless of inflation, costing the state hundreds of millions of dollars each year.

The committee’s apparent proposal, which ties COLAs to half the annual rate of inflation, allows future COLAs to go as high as 4% — higher, even, than today’s 3% COLAs.

This isn’t good enough.

The state is bankrupt and workers retirements are at risk.

It’s time to means test COLAs for state workers.

 

Here’s a look at the Top 10 pensioners in each of Illinois’ five pension systems.

IL Assembly pensions

 

IL Judges pensions

 

IL state employees pensions

 

IL universities pensions

 

IL teachers pensions

 

Editor: Geesh! No wonder Illinois is so broke. This is a result of the perpetual money laundering scheme by Democrats and their unions. The Democrats continually pass legislation to up salaries and benefits of unions and union dues and workers are then used to perpetuate the power of the incumbent thieves. Damn the public, full thieving ahead!

Also please consider:

“Progressive” Detroit – The End Game – Is Chicago Next?

Blue State Blues – ILL Food Stamp Enrollment 4 x Job Growth

Extortionist Unions Against the Public Interest

Illinois Highlights Public Union Pension Death Spiral

Fleeing Liberal Utopia – Failed State of California a Vision of Obama’s America

Flashback: Obama says he will make union agenda America’s agenda

Public Unions Continue Killing California Cities

California Circles the Drain

California At The Breaking Point

Public Sector Unions Tarnish the Golden State

The best government money can buy -top 20 public sector union paid politicians

Union – Democrat Thug Alliance Slows Sandy Cleanup

ICYMI: Obama Resurrects Union Slush Fund ‘Investing’

What Margaret Thatcher Can Teach Us About Unions

Radical Racist Is Latest Obama Labor Nominee

Union Influence in IRS Harassment of Conservatives

Illinois Highlights Public Union Pension Death Spiral

Union Boss Directs Obama on Tax and Spend Plan

Like a Mafia Don, Dem lawmaker tells unions ‘Get a little bloody when necessary’

Shakedown: The Continuing Union Conspiracy Against the American Taxpayer

Post Traumatic American Syndrome

Two-Thirds of Wisconsin Public-School 8th Graders Can’t Read Proficiently—Despite Highest Per Pupil Spending in Midwest

White House collaborates with socialist union boss every day

Blasted Union Twinkie Killers!

Unions Turn Away Non-Union Storm Help – Jobs Data Stormy

Amtrak – The Cross-Country Union Jobs Program at Taxpayer Expense

Obama’s Education ‘Progress’ Is Only Union Hiring Not Improving Education

The best government money can buy -top 20 public sector union paid politicians

Obama’s tyrannical union board trying illegal ‘micro-unions’ again

Public Unions Continue Killing California Cities

Only Hope for Bankrupt Blue States is Bailout Paid by Red States

Chicago teachers personification of greedy, lazy, utterly unreasonable teacher’s unions

Useless, Costly Teacher’s Unions

Will Your Union Dues Buy Obama’s Victory?

Gov. Haley: Obama allies are bully union bosses

Union leaders are 1 percenters – using 99er’s as pawns

Obamacare to expand union influence by billion$

SEIU going all out for Obama

Don’t be fooled again – what a 2nd term looks like

The Union Difference: A Primer On What Unions Do To The Economy

Big Labor spends literally billions of dollars on politics

Obama’s false claims of auto bailout still costing taxpayers

Two-Thirds of Wisconsin Public-School 8th Graders Can’t Read Proficiently—Despite Highest Per Pupil Spending in Midwest

White House collaborates with socialist union boss every day

Wisconsin Teacher Backs Gov. Walker’s Plan

Losing the Brains Race

Herman Cain Takes on Obama’s Response to Wisconsin Protests

Michigan Carpenters Union Outsources Protesters

Get ready: SEIU’s Purple Army nationwide protest schedule; teachers’ unions pressure members to show “solidarity”

The American People Can’t Afford to Lose Wisconsin Union Showdown

Union protests to spread to more bankrupt states?

Obama And The Unions: A Lawless Alliance?

The best government money can buy -top 20 public sector union paid politicians

Teachers union promotes Alinsky radicals guide to revolution

DNC Caught Organizing Wisconsin Union Protests with Obama Campaign Group

White House, Democrats Encouraging Anarchy?

Wisconsin beginning of ‘Greek’ protests in US?

Unions vs the people in Wisconsin

Dems to get $18 million in campaign funds in TSA unionization plan

Wisconsin Gov. Gets Tough on Unions

Derailing at high speed

Obama announces $50+ billion 2012 campaign funding push

Unions using your tax dollars to campaign against you

A Bleak Day – Ben Stein

Rep. Nancy Pelosi (D-California) – best money can buy

Illinois school administrator to get $26 million pension!

Myths about the teacher layoff crisis

Why firing the desk-sleepers, burnouts, hotheads and other failed union teachers is all but impossible

Why Democrats are Pushing the $165 Billion Union Pension Bailout

SEIU union spends $500,000 in local election, may reach $1,000,000 – a sign of the times?

Cititzens wise up to high union costs

Unions get personal in protests for goodies

Finance bill favors interests of unions, activists

In the Tank for Big Labor

Unions plan to own your representative – step up the election heat

The Unionized States of America

More union disclosure woes

Violent leftists – Union Thugs Attack Non-Union Workers with Baseball Bats

Obama, leftist activists to push on immigration reform (amnesty)

Will Congress Kill Volunteer Fire Departments?

In Wake of Arizona Law, Labor Unites Behind Immigration Reform (amnesty)

Unions battle for public job benefits

Black hole of union benefits could see light in state bankruptcies

Bankruptcy by union extortion – its spreading

DISCLOSE Act shields Democrat-leaning groups from disclosure requirements

Five more ways Obama’s health-care law boosts unions

The best government money can buy -top 20 public sector union paid politicians

Democrats in Congress Want To Bail Out Union Pensions

No wonder unions will spend over $100 MILLION to keep Democrats in power

Obama asks congress to take $50 BILLION from taxpayers to bail out unions in failed cities and states

Unions using your tax dollars to campaign against you

Big Labor’s Payoff ( one of many)

Look who’s protecting incumbents

Union style terrorism ok when bankers are target?

Unions to spend $100 MILLION+ on saving Democrats -will want even more payback

Teachers Seek $23b- Lifeline or Bailout? or union payoff?

Taxpayer losses from bailing out Chrysler and General Motors may reach $34 billion

Union benefits already bailed out with taxpayer dollars in GM deal

Tide of PR battle turns against public employee unions

NJ Gov. Christie has the ‘tone’ the people want to hear

Another big union payoff without congress

Another big union payback for Obama election help

Warning! Card check isn’t dead

Obama Gives Unions a ‘Massive Payback’ with Executive Order, Contractors Claim

Fix Is On by Obama and Congress in Union Fight

Meet Andy Stern -SEIU President and Close Obama Ally – & learn about union influence

“New Jersey is the failed experiment”

NJ Governor Christie takes on the Teachers Union

Socialists and American Unions



Help Make A Difference By Sharing These Articles On Facebook, Twitter And Elsewhere: