Teacher Pension Reform

The average teacher in Illinois and many other states, who retires after 34 years of working, retires with a pension worth well in excess of a million dollars cash. Geez, wouldn’t all we working stiffs love that?

Each Teacher’s 8-percent contribution over 34 working years compounded, at 6 percent, adds up to about 15 percent of their pension. The other 85 percent comes right out of our - the taxpayers’ pocket.

This means that we taxpayers are contributing about 40 percent of the teacher’s salary to their pension plan. How does that compare to your company’s 401(k) contribution?