The 1%: Illinois’ pension millionaires

[Geee]

The Center Square

Illinois is home to a small, powerful and protected class of wealth.

Their profits are immense. They bear little to no risk. And the state’s social safety net has been gutted to pay for their privileges, which are closely guarded by politicians.

Sound familiar?

 

These are Illinois’ pension millionaires.

Among the state’s 12.7 million residents, they constitute the 1%.

More than 129,000 Illinois public retirees will collect estimated payouts of more than $1 million each over the course of their retirements, according to new analysis from the Illinois Policy Institute.

No public-sector worker should be personally shamed for getting a great deal. Those who choose a life of public service deserve honor and praise.

 

At the same time, it’s crucial that Illinoisans understand these retirement benefits and call for reform. They have resulted in cuts to core services and constant calls for tax hikes across the state for more than two decades. They’re also pushing the pension funds toward insolvency.