These are annual pensions. The workers are retired. They contribute little if anything to the state of Illinois at this point. And most of these folks probably retired in their 50s, some probably before that.
Plus these folks get a 3% compounded cost of living increase every year. Guaranteed. Illinois taxpayers fund this lavish retirement scheme.
Consider the pensions (most workers nowadays have never seen a pension, of their own anyway) in the above graphic. These are administrators and professors retired from the state university system. And one wonders why tuition keeps going up? How many Stafford loans went to pay for 1 year of Leslie Heffez’ salary?
I don’t begrudge anyone a retirement pension. But these people did work for the state, which is different – I am sorry- than working in the private sector. The private sector pays for the public sector. 8000 workers getting at least $100K a year plus a compounded 3% COLA? That’s really just unacceptable. There is a reason why Illinois is one of the Exodus States.