BookRix

Washington, DC

Pensions are funded by both employees and the employer. And yes, the
government, that is, taxpayers guarantee that pensions will be paid. However,
what's missing from the discussion is that the cost of providing the defined
benefit pensions have skyrocketed because people are living longer, salary
growth has exceeded assumptions and rates of return have declined. ALL of the
risk is on the taxpayers. Every retiree who works for 30 years will receive
75% of their salary for the rest of their life. And in Illinois there is a
COLA that guarantees a 3% increase per year. Each and every one of those
pensions cost taxpayers over $1,000,000 - yes that's 1 Million dollars! less
than half the people in our country don't even have a 401k plan and for those
that do have a 401k savings plan, by age 55 the average balance is about
$100,000. We need to wake up to reality.

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