To the Editor:
Let me get this straight. Can anyone tell me how our state’s pension fund arrived at a $93 billion deficit? This didn’t just happen overnight! I’ve got a few clues about this ongoing mismanagement for many years, under many administrations.
I’ve heard details about how the amounts of some Illinois state pensions are calculated. More than a handful of retirees have told me their pensions are based on the final three years of service, where in those final three years salary is exponentially increased. Administrators to government and public agencies hold control over some of the evaluations of their own pensions, sometimes to their benefit. Fox in the hen house, anyone?
Most private sector pensions are based on that individual’s contribution, over the years, to his/her pension fund, which seems more than logical. You are entitled to what you paid in, not on an inflated wage for a specific time. In the private sector, the government monitors pensions to protect the contributors, to prevent exactly what has happened in the public pensions.
Where was the monitoring here? Who has overlooked this blatant padding of benefits? Seems to me that quite a few people have turned a blind eye for quite a few years.
Their golden parachute has turned into our lead balloon.
Randy Sinitean Sr.