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URL:  http://boards.fool.com/you-can-find-the-same-exotic-stories-about-large-30541171.aspx

Subject:  Re: California vs Texas Date:  2/13/2013  7:57 PM
Author:  2828 Number:  671481 of 744333

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).
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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.
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