President of Taxpayers United of America, Jim Tobin, was quoted by Vermilion County First during the pension release of Vermilion County.
A government watchdog group is citing some Vermilion County government pensions as examples of what it calls over-inflated pensions. Taxpayers United of America President, Jim Tobin, says many Vermilion County government retirees are enjoying seven-figure life-time pension payouts. ‘’Well over 1,000 of Vermilion County area government pensioners receive million-dollar life-time pension pay-outs. The pensioners average personal investment is only about five-and-a-half percent of the life-time pay-outs,’’ says Tobin.
‘’While local taxpayers, whose average household income is about $41-thousand dollars, struggle to make their property tax payments – working well beyond retirement age – these government pensioners enjoy lavish, gold-plated retirements beginning, on average, at the age of 58,’’ says Jim Tobin. He is the president of Taxpayers United of America, which released the report. Taxpayers United of America is urging state lawmakers to do away with what it calls over-inflated pensions.
Tobin made his comments during a news conference in Urbana. He added the state will soon have to start reducing pension payments, due to a lack of funds. But he could not pinpoint when that is expected to happen.
Tobin thinks the pension payouts to many Illinois government retirees is outrageous. ‘’I think taxpayers should be outraged as I am that these people are retiring in their fifties and sixties and living the ‘Life of Riley’ on our dime. We have to keep working into our sixties and seventies, and in some cases we have to work until we drop – we taxpayers – so these people can retire in their fifties and live the ‘Life of Riley’ on our dime,’’ added Tobin.
More information on the study conducted by Taxpayers United of America on pensions in Vermilion and Champaign Counties can be found at http://www.taxpayersunited.org.