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CHICAGO–The average Chicago police pension is worth three times that of Social Security and police can retire with six years less work, according to research by Taxpayers United of America (TUA).
“The maximum Social Security pension is $22,000 at age 62, with a minimum of 35 years of work,” said Jim Tobin, TUA President. “The average Chicago police pension (2009-10) is $62,000 at age 58 after 29 years.”
“For a person on Social Security age 62 getting $22,000 a year, the estimated total pension payout over a normal lifetime is $560,000. Compare this to an average Chicago police pension of $62,000 starting at age 58. In this case, the estimated total pension payout over a normal lifetime is $2,500,000.”
“The average Chicago police pension is worth three times that of Social Security with retirement four years earlier and with six years less work.”
“In other words, they retire four years earlier, work six years less, and get three times as much.”
“For the Top 100 Chicago Police Pensions, the average pension is over $110,000 a year.”
“Police contribute 9% to their pension fund. The total Social Security contribution by employee and employer is 12.4%. Employers in the private sector pay employees less to compensate for their mandated Social Security contribution. Self-employed individuals pay 13.3% into Social Security on incomes up to $106,800.”
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ROCHESTER—Taxpayers United of America (TUA) today revealed retired government employee pensions for Rochester and Olmsted County. Many Minnesota government employees are becoming pension millionaires when retired.
“Many government retirees make more in pension payments than private sector taxpayers make in salaries,” stated Christina Tobin, TUA Vice President and Founder and Chair of Free And Equal. “Both the economy and the pension system are in serious trouble. While taxpayers struggle to save for their own retirement and fund the pension system, government retirees have to be concerned that their pension payments will continue.”
“I have hand delivered a letter to Gov. Dayton and mailed the Legislature, calling for additional pension reform that will be both fair and sustainable. TUA is ready to work with legislators who want to do what’s in the best interest of their constituency and not the union bosses who fund their reelection.”
“Until pension plans eliminate the possibility of creative accounting practices and actuarial tricks that mask the critical level of unfunded liabilities, Minnesotans need to be very worried. The devastation of a system collapse will not discriminate between public and private sector citizens or party lines.”
“Dewayne Mattson, retired Olmsted County government employee, collects an annual pension of $141,357. His estimated lifetime payout is $5,483,238*.”
“Hazel Pearson, also retired from the Olmsted County government, has an annual pension of $121,639 with an estimated lifetime payout of $4,718,380*.”
“Retired Rochester employee, Anna Easley, has a lifetime estimated payout of $4,463,413* based on her actual annual pension of $115,066.”
“Minnesota’s government pension systems are crushing middle class Minnesotans. Replacing defined benefit pensions for all new government hires with social security and 401(k)s would eventually eliminate unfunded government pensions. If current government employees would just increase their pension contributions, they would preserve their pension benefits. We need a stable system that is fair to both taxpayers and beneficiaries or pension checks will just stop coming.”
“This is the time for political courage, to do what’s in the best interest of taxpayers, rather than the union bosses. Lawmakers seem to think they answer to unions and corporations. Let’s knock any politician out-of-office, who cuts deals with bad union bosses and bad corporations!
View letters to the governor and legislature below:
View pension amounts below:
- Olmsted County | download raw data
- Rochester Municipality | download raw data
- MN State Employees | download raw data
- MN Public Teachers | download raw data
- MN State Highway | download raw data
- MN State Judges | download raw data
- MN State Legislators | download raw data
*TUA submits FOIA requests for actual pensions. Since personal information is not available, lifetime pension payouts must be estimated based on retirement at 56, life expectancy of 85 (IRS Form 590), and 2% COLA.
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CHICAGO–A report just published by Taxpayers United of America (TUA) on the “Top 100” pensions of the State Employee Retirement System (SERS) revealed that 84 of the Top 100 are state troopers or corrections officers, and that 28 state troopers retired at age 50 and have pensions over $100,000.
“If you want to pull in a lot of cash and retire early, being a state trooper or corrections officer is a lot more lucrative than being a criminal,” said Jim Tobin, TUA President.
Click here to download the Top 100 SERS pension amounts (PDF).
“Trooper John Lofton gets an annual pension of $134,026 and already has collected $1,077,048 in total pension paid out to date.”
“Trooper Gene Marlin gets an annual pension of $129,268 and already has collected a very hefty $1,402,163 in total pension paid out to date.”
“Leading the pack of the SERS Top 100 is Sadashiv Parwatikar of Human Services, with an annual pension of $184,470 and a total pension paid out to date of $1,464,787.”
“Second place on the Top 100 is Kamal Modir of Human Services, with an annual pension of $166,732 and an astounding total pension paid out to date of $1,981,427.”
“George Welborn of Corrections, who retired at age 55, gets an annual pension of $124,866 and already has collected $1,027,364 in total pension paid out to date.”
“These lavish, gold-plated SERS pensions are clearly unsustainable, and are the reason that SERS is so underfunded.”
“The way to fix the broken pension system is to replace pensions for all new government hires with social security and 401(k)s, and increase current employee contributions. This is the only way to eliminate the unfunded liabilities that plague taxpayers.”
“Finally, voters should kick all Springfield Democrats out of office in 2012. They are the ones who approved the temporary 67% state income tax surcharge, all of which is being pumped into the state pension programs.”
This release is the second in a series. To see the first, click here: Pension Millionaires Draining Lifeblood from TRS Pension Fund.
