Illinois Legislature Sucks Hens Teeth

Admittedly I have a big bias (my wife is a teacher) in the discussion about public employee pensions, the current shortfall, and what should be done to solve the problem. I propose that every legislature member and governor that caused the problem should have their pensions reduced / eliminated to restore the public employee retirement funds to their proper levels.  

Consider the facts . . . 

Teachers do not get Social Security.  The get TRS - Teachers Retirement Service.

Private Sector Employees contribution of gross income into Social Security: 6.5%

Teachers contribution of gross income into TRS:  9.4%

State of ILL (old school abbreviation on purpose) gross income contribution match for each teacher is: 6.5%

Employers gross income contribution match for each employee: 6.2%

TRS was set up to never run out of funds.

State of ILL has NOT made a full payment to TRS in 40 years.

IMAGINE if a private sector employer did not make full payment to Social Security.

The State of ILL, on several occasions, has "borrowed" from TRS to fund projects and cover budget shortfalls.

The "borrowed" money has never been paid back.
IMAGINE if a private sector employer plundered employees retirement accounts.

The Illinois legislature and governors are the cause of the current problem.

They failed to make required contributions. They stole from the TRS fund.

PS: When a teacher works in the private sector they contribute 6.5% of their private sector income into SSN just like everyone else.  HOWEVER, when they draw SSN benefits, the benefit is cut by 67% due to the income received from their TRS.