The Motley Fool Discussion Boards

Previous Page

Politics & Current Events / Retire Early CampFIRE


Subject:  Re: California vs Texas Date:  2/13/2013  7:57 PM
Author:  2828 Number:  671481 of 876033

You can find the same exotic stories about large pensions in Illinois that you do in California; but it seems to me the pension for rank-and-file teachers is not overly generous, considering that they pay 9.5% of their salary into the pension fund, while the state is supposed to fund less than 10% of that amount and then doesn’t even manage to do that. Putting the teachers on Social Security would cost the state a lot more (6.2% in matching funds).
I would agree that Illinois is the dumbest. California at least made minor reforms to their pensions, to date i don't think Illinois has done a damn thing. I quoted the above because it says teachers pay 9.5% of their salaries inot a pension fund, this is mostly untrue, in most situations the taxpayer kicks in the teachers portion.......and then the government wastes it on buying votes with the tax payers own money.
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us