Peoria Plush Pension Panic

This story was featured in the Peoria Journal Star. Click Here to view their coverage.

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Peoria – Taxpayers United of America (TUA) today released its updated study on Peoria, Illinois government employee pensions, publishing the top 200 pensions for Peoria Illinois Municipal Retirement (IMRF) fund, the top 200 pensions of the Teachers’ Retirement Fund (TRS), and the top 200 pensions of State University Retirement System (SURS).

“Peoria is one of 20 cities in the USA that are still struggling with high foreclosure rates despite the robust national economic recovery,” stated Jim Tobin TUA’s president and former economist. “But the government hacks couldn’t care less about the people who fund their lavish salaries and pensions. When sluggish economic conditions are compounded by ever increasing property taxes you get a lot of foreclosures.”

“But the elected politicians worry only about securing votes and funding for their campaigns. They have no problem putting people out of their homes to deliver on the pension promises that keep them in office.”

  • Click here to see the top 200 Peoria TRS pensions
  • Click here to see the top 200 Peoria IMRF pensions
  • Click here to see the top 200 Peoria SURS pensions

“High taxes don’t scare gubernatorial candidate J. B. Pritzker out of increasing Illinois’ taxes. He openly supports an immediate income tax increase and will gladly help Illinois House Speaker, Michael J. Madigan usher in this assault on Peoria taxpayers.”

“Pritzker also supports the Income Tax Increase Amendment, which would change the current flat-rate state income tax to a graduated state income tax. He and his buddy Madigan plan on placing the amendment on the November 2020 statewide ballot.”

“If the amendment passes, you can expect the state’s middle class to be decimated. Here’s why: House Bill 3522, filed by state Rep. Robert Martwick, D-Chicago, would tax incomes between $7,500 and $15,000 at 5.84 percent. For incomes between $15,000 and $225,000, the rate would be 6.27 percent. And for incomes over $225,000, the rate would be 7.65 percent.”

“Illinois taxpayers would be defenseless. Some politicians are whispering about a maximum income tax rate as high as 9.85 percent,” added Tobin.

“The pension data speaks for itself. The average Peoria taxpayer’s Social Security pension is about $17,000 and is funded completely with private money from taxpayers and their employers. IMRF pensioners also collect Social Security on top of their very generous pensions so taxpayers are forced to shell out an additional 15% of the local government employee salaries.  IMRF pensions are funded by property taxes.”

“There are two government school employees in SD 150 whose current annual pensions exceed $200,000 each! Francis H. Hilton II gets $211,087. His lifetime payout is estimated at $4,809,075. Annette T. Smith rakes in $201,663 a year!”

“Of course, the Illinois Central College retiree, Thomas Thomas, tops our Peoria pensions at $218,517 this year. He will enjoy an estimated taxpayer funded lifetime payout of $4,838,752.”

“If Pritzker gets elected, he and Illinois tyrant Madigan will see to it that these lavish pensions are continued.  They bring in thousands of union and government employee votes. Taxes will increase at a devastating rate and more and more Illinoisans will leave the state, driving up the tax burden for those of us who stay.”

“It is just unreasonable to allow people to retire in their 50’s and early 60’s and expect taxpayers to foot the bill, but if Madigan gets his way and Pritzker wins the governor’s race, government pension reform won’t occur anytime soon,” concluded Tobin.


TUA In The News: Trump and Taxes

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Recently Jim Tobin, President of Taxpayers United of America was interviewed regarding President Donald Trump and his tax policies. This is what Mr. Tobin had to say on the recent tax cuts and the new tariffs:

“Businesses will be able to hire more employees, and use some of the tax relief to invest in capital stock,” Tobin said. “That’s a source of economic growth that benefits everyone.”

The economic stimulus the tax cuts provide is being watered down as a result of Trump’s actions regarding international trade, more specifically the imposition of import duties and tariffs, according to Tobin.

“Unfortunately, Trump’s support of import tariffs decreases the positive effects of the federal income tax cuts – by one-third, according to a Tax Foundation report released this week,” Tobin said.

Import duties and tariffs raise the costs of imported goods and raise consumer prices, he explained.

Taxpayers United supports the federal income tax cuts wholeheartedly, however, Tobin said.

“It has been good for the country – the stock market is booming, businesses are expanding and unemployment is down to record lows,” he said. “In fact, we need more workers to fill all the open positions available.”

The findings from Kotlikoff’s study aren’t surprising, Tobin continued.

WBBM Exclusive – Illinois’ Cushiest Government Pension Deal

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Jim Tobin, president of Taxpayers United of America (TUA) will discuss with Pam Zekman exclusively, the ‘Cushiest Illinois Government Pension Deal’.
10:00 p.m. news on Channel 2 WBBM TV Today, Monday, April 29
Be sure to tune in to hear Jim discuss the results of our latest government employee pension study – you will be stunned!