Should We Be Creating Public Education Pension Millionaires? Open the Books and Find Out.
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How many pension millionaires are being created by the bloated public sector state pension system? Open the books on government spending at www.OpenTheBooks.com and find out.
Did you know that you have a greater chance of becoming a pension millionaire as a retired educator than you do if you work in the private sector?
Consider that you have to wait 35.2 years if you retire from the private sector at age 67 to collect $1 million, assuming the 2011 maximum social security payout of $28,392/year. At the ripe old age of 102 you can officially declare yourself a pension millionaire, unless of course you’re dead.
But 87 percent of Valley View School District (VVSD) retirees are on track to collect $1 million during retirement before their private sector counterparts. In fact, 50 percent will collect $1 million in less than 15 years. Don’t forget, educators can retire at age 55 (except for new teachers) and life expectancy is approaching 80.
Here is the breakdown (VVSD retiree annuity data from www.OpenTheBooks.com).
|
VVSD Retirees by Years to Collect $1 Million from State Pension System |
|||||||
|
Years |
≤10 years |
>10&≤15 |
>15&≤20 |
>20&≤25 |
>25&≤30 |
>30&≤35 |
>35 years |
|
# of Retirees |
16 |
289 |
119 |
56 |
30 |
22 |
82 |
|
% of Retirees |
3% |
47% |
19% |
9% |
5% |
4% |
13% |
Should the state pension system be creating pension millionaires while those in the private sector downsize to live within their means?
Sixty-six, or 11 percent , of VVSD retirees have already collected over $1 million as of Oct. 5. These 66 retired educators contributed $5,114,352 to the pension system over the course of their careers, yet they have collected a combined pension total of $85,519,865, almost 17 times what they put into the system!
These 66 will soon have company. There are 12 VVSD retirees who have collected pensions over $900,000 as of Oct. 5. Here are the numbers (VVSD retiree annuity data from www.OpenTheBooks.com).
|
Amount of Pension Collected as of 10/5/2011 |
# of Retirees |
Total Pension Collected as of 10/5/2011 |
Total Contributed to Pension System |
Total Pension Collected/Total Contributed to Pension System |
|
>$1 Million |
66 |
$85,519,865 |
$5,114,352 |
16.7 |
|
>900k&<1Million |
12 |
$11,431,441 |
$1,137,985 |
10.0 |
|
>800k&<900k |
25 |
$21,368,365 |
$2,242,473 |
9.5 |
|
>700k&<800k |
35 |
$26,218,494 |
$3,424,656 |
7.7 |
|
>600k&<700k |
71 |
$45,949,650 |
$6,944,107 |
6.6 |
|
>500k&<600k |
69 |
$37,848,218 |
$6,796,574 |
5.6 |
|
>400k&<500k |
67 |
$30,010,734 |
$6,429,271 |
4.7 |
|
>300k&<400k |
74 |
$25,506,469 |
$6,893,340 |
3.7 |
|
>200k&<300k |
59 |
$14,893,426 |
$5,349,942 |
2.8 |
|
>100k&<200k |
56 |
$7,998,952 |
$4,833,071 |
1.7 |
|
<100k |
80 |
$3,285,985 |
$5,671,241 |
0.6 |
|
Total |
614 |
$310,031,599 |
$54,837,011 |
5.7 |
How many times have you heard that “millionaires and billionaires” don’t pay their fair share? The next time someone says this, ask them two simple questions:
- Are you an educator?
- Are you retired?
If they answer yes to these questions, tell them they may be talking about themselves. The real question is, are educators paying their fair share…
- if they become millionaires in retirement while most in the private sector downsize to live within their means?
- if their pensions are multiples of the 2011 maximum social security payout of $28,394/year?
- if they contribute less than 24 months’ worth of payouts towards their own pension?
- if the other 95% of Illinois taxpayers who are not eligible for a state pension must contribute to their retirement fund?
- if they spike their salary during the 4 years before retirement, taking needed resources out of the classroom?
- if their union contract “negotiations” with school boards must be in secret?
- if their union is the biggest financial contributor to elected school board members?
- if they deplete the public educator pension system based on bloated salaries they had when they were not educators?
- if they spike their salary at one district and then transfer to another district where they are sure to spike their salary again?
- if their union leadership engages in and encourages financially destructive practices that would get a private company in legal trouble?
Cedra Crenshaw
11:29 am on Friday, October 21, 2011
Stay tuned for my next blog post titled: Why Don't Valley View School Teachers Pay Their Share of Pension Contributions?
Bolingbrook Resident
12:42 pm on Friday, October 21, 2011
Did you interview your husband for this article? He is/was a Teacher, correct? Are you saying he never made any contributions toward his pension?
tom
12:52 pm on Friday, October 21, 2011
In the spirit of full disclosure, you should have also mentioned that your husband, a public school teacher, is not paying his full share for his pention either. The taxpayers of Glenbard 87 are.
You can check the links that you provided if they would like verification.
Cedra Crenshaw
1:15 pm on Friday, October 21, 2011
tom, since you think Champion News is a credible news source be sure to read the dozens of commentaries by Bill Zettler.
“Bill Zettler is the owner of a computer-consulting firm in Illinois, and a contributor to Champion News. Bill was a self-professed “lifetime liberal” until he investigated his local school district in advance of a referendum. When he discovered that teacher salaries, contract terms and pensions were far beyond anything available in the private sector, he became a political conservative and supporter of school choice.”
Thanks for lending credibility to Bill Zettler, who became a convert to conservatism after learning the truth about educator gold plated pay, benefits and pensions.
You can start with this one:
Illinois Taxpayers Have No Obligation to Make Public Employees Millionaires
http://www.championnews.net/2010/05/10/illinois-taxpayers-have-no-obligation-to-make-public-employees-millionaires/
Nick Beam
12:16 pm on Friday, October 21, 2011
Cedra's nest article is also known as: "Check out this website! I'll pepper its name 5 times throughout the article so that you can go there and I can get kickbacks!"
Cedra Crenshaw
1:25 pm on Friday, October 21, 2011
Nick Beam, since tom thinks Champion News is a credible news source be sure to read the dozens of commentaries by Bill Zettler.
Bill Zettler, a self-professed "lifetime liberal", became a convert to conservatism after learning the truth about educator gold plated pay, benefits and pensions.
You can start with this one:
Educator Pension Payouts over $5 Million as of April 2011
http://www.championnews.net/2011/10/07/educator-pension-payouts-over-5-million-as-of-april-2011/
David Van Winkle who retired from Valley View School district in 1993 is on that list. Bill Zettler estimates he will collect pension payments totaling over $5.5 million over his lifetime. He's already collected over $1.4 million since retiring in 1993. He only contributed $187,662 into the pension system during his career. His yearly annuity is $179,929.
Did he pay his fair share?
Ken
12:54 pm on Friday, October 21, 2011
Your bio says "Wife and mother of 3 children who attend Valley View School District.".
My understanding is that our district is paying quite a bit in tuition and transportation costs to send one of your children out of Valley View School District.
Cedra Crenshaw
1:35 pm on Friday, October 21, 2011
Ken, since tom thinks Champion News is a credible news source be sure to read the dozens of commentaries by Bill Zettler.
Bill Zettler, a self-professed "lifetime liberal", became a convert to conservatism after learning the truth about educator gold plated pay, benefits and pensions.
You can start with this one:
$10 Million Pensions Are Here – Top 100 Will Payout over $700 Million
http://www.championnews.net/2011/10/07/10-million-pensions-are-here-%E2%80%93-top-100-will-payout-over-700-million/
Bill Zettler shares some very illuminating information like the fact that "As it stands right at this moment IL pensions are not taxable at the state level. If we just taxed these Top 100 pension millionaires we could raise $900,000/yr and reinstate the meals-on-wheels for poor seniors."
He also raises some other important questions/solutions like:
Why do state retirees get 3% Cost-of-living-adjustments when Soc. Sec. gets zero?
Why do state retirees get free health care?
Why do public employees get retirement pay for sick-leave?
Eliminate all salary spiking to rein in top end pensions.
Do you agree with Bill Zettler that we should tax pension millionaires, or should we just not be creating pension millionaires in the first place?
Jose A
1:03 pm on Friday, October 21, 2011
Cedras Unreal News Tales
Cedra Crenshaw
1:44 pm on Friday, October 21, 2011
Jose A, since tom thinks Champion News is a credible news source be sure to read the dozens of commentaries by Bill Zettler.
Bill Zettler, a self-professed "lifetime liberal", became a convert to conservatism after learning the truth about educator gold plated pay, benefits and pensions.
You can start with this one:
Should A Public Employee Have A Yearly Pension Greater Than His Career Pension Contributions?
http://www.championnews.net/2011/08/09/should-a-public-employee-have-a-yearly-pension-greater-than-his-career-pension-contributions-2/
Paul Swinford, #1 on the Valley View School district pension millionaire list, has collected pension benefits totaling over $2.1 million since retiring from Valley View School district in 1992. He only contributed $92,628 into the pension system during his career and has a yearly annuity of $110,469.
Did he pay his fair share? Should he be getting an annuity greater than his total contribution?
Harry
1:53 pm on Friday, October 21, 2011
LOL..... That acronym is dead on.
Cedra Crenshaw
2:09 pm on Friday, October 21, 2011
Harry, since tom thinks Champion News is a credible news source be sure to read the dozens of commentaries by Bill Zettler.
Bill Zettler, a self-professed "lifetime liberal", became a convert to conservatism after learning the truth about educator gold plated pay, benefits and pensions.
You can start with this one:
Retired teachers getting pensions for 157,700 years they never worked; Should this be guaranteed by the Constitution?
http://www.championnews.net/2011/07/15/retired-teachers-getting-pensions-for-157700-years-they-never-worked-should-this-be-guaranteed-by-the-constitution/
Bill Zettler illuminates two of the biggest public educator pension scams:
Service Credit scam 1: pensions paid on 75,000 years of sick leave never worked.
Service Credit scam 2: “Optional Service Purchase”: Pay $63,000 get $1.2 million.
Should teachers be getting pensions for years they never worked? Is that fair? How many Valley View retired educators are getting pensions for years they never worked?
John Eckman, #2 on the Valley View pension millionaire list, has collected a pension totaling over $1.8 million since retiring in 1993. He only contributed $75,609 into the pension system during his career and has a yearly annuity of $99,988.
Did he pay his fair share?
Harry
2:16 pm on Friday, October 21, 2011
mmmm I don't think Jose is in agreement with you. If you take a close look at his post: "Cedras Unreal News Tales", you will see that the acronym is how he truly feels about the newsperson.
tom
2:51 pm on Friday, October 21, 2011
Cedra,
You're doing a good job of posting the same reply to each person here.
Now, let's see if you can answer the questions that they asked.
Bolingbrook Resident asked
Did you interview your husband for this article? He is/was a Teacher, correct? Are you saying he never made any contributions toward his pension?
Ken commented
Your bio says "Wife and mother of 3 children who attend Valley View School District.".
My understanding is that our district is paying quite a bit in tuition and transportation costs to send one of your children out of Valley View School District.
Is that true? Do the taxpayers of VVSD really pay 10's of THOUSANDS of dollars in out of district tuition?
I'm not sure why my comment isn't showing here but only on the home page but I asked you
Do you think that as a teacher, your husband should also be paying his full portion of his pension contributions?
Can you answer these question or will you just continue to copy/paste the same post over and over?
Cedra Crenshaw
10:05 pm on Friday, October 21, 2011
tom, here are some of the solutions Bill Zettler of Champion News had in his article (Bill Zettler, a self-professed "lifetime liberal", became a convert to conservatism after learning the truth about educator gold plated pay, benefits and pensions):
Illinois Taxpayers Have No Obligation to Make Public Employees Millionaires
http://www.championnews.net/2010/05/10/illinois-taxpayers-have-no-obligation-to-make-public-employees-millionaires/
1. Change the constitution to limit pensions.
2. Legislate maximum annual increases for public employees that match public sector increases, currently about 3%.
3. Increase employee contributions for pensions and health care.
4. Institute a universal Education Tax Credit of $500.
5. All new public employees go on Social Security and 401K plan. No more open-ended taxpayer guarantees.
6. Consolidate school districts to minimize excessive administrator pay.
7. Outsource as many public functions as possible.
8. Open all employee contract negotiations to the public.
9. Add one classroom period a day to all teacher work schedules (K-University).
10. Place pension liability at the district level.
N/A
4:35 pm on Friday, October 21, 2011
Cedra, excellent article. Don't waste one minute defending your husband's salary or your childrens care at Valley View. Most of us have a pretty good grasp of the bigger issue. And that is the sweet deals negotiated by the teachers union, and forced on taxpayers by the VVSD school board. All in secret, at the expense of the cash-strapped taxpayers.
There are some great teachers employed at VVSD, no doubt. But the lopsided pensions, multi-year guaranteed raises and "pick-up" deals (negotiated by the teachers union and approved by elected officials) are simply wrong.
Excellent article, Cedra. Ignore the negative "chatter" and continue to report the facts. It's tough to hear, but the only way we can change government waste is to make people aware of it.
QUESTION: For those that voted for the "Friends of Valley View", the teachers union gave them $16k in campaign contributions. Are you comfortable with the multi-year guaranteed raises, and pension "pickups"? All absorbed by taxpayers.
They are scheduled to begin negotiations with the teachers union soon, in private. If you have any issue, better speak up before it's too late.
Cedra Crenshaw
10:29 pm on Friday, October 21, 2011
Rhonda, your point deserves repeating that there are some great teachers at VVSD. In fact, I believe that the overwhelming majority of people who go into teaching do it for the right reasons and do the best job they can.
Unfortunately, when having honest discussions about public education spending, teachers can feel under attack. It is my hope that through continued honest discussions about where the money actually ends up in the public education pipeline, teachers will see that I am on their side.
We all have a vested interest in making sure future generations are educated to face the challenges that lie ahead. And we should ensure that the pension system is strengthened to provide retirement security for future retirees.
Reporter
5:54 pm on Friday, October 21, 2011
POSTED ON THE BOLINGBROOK REPORT:
Cedra Crenshaw and lies on Experience
Cedra Crenshaw's campaign has been fraught with problems.
It started with her stating she was an accountant and a stay at home mother. We verified she was a mother, but could find no public proof of her being an accountant. There was no public accountant paperwork registered with the State of Illinois. Cedra back peddled and claimed it was so many years ago, back before she had children. She has refused to say for how long she held a job, right out of college. In our opinion, she holds and accounting degree, but is not an actual accountant.
Now we find out that this is not her background and experience. The MLSNI and State of Illinois shows she has been holding her realtor certifications for the past 7 years, until 2009. She has been a realtor. Well, why has that not been publicized? Why use a degree to say your an accountant but not show that you actually do real estate?
She also stated she was a Tea Party person, but accepted Will County Republican Chair Dick Kavinaugh's help to get on the ballot and full Republican support.
This is highly deceptive practices. It is eluding the truth. Now it comes into question if she is a stay at home mom, since she is practicing real estate. If she lied this much on her credentials alone, who would vote for her?
Cedra Crenshaw
10:11 pm on Friday, October 21, 2011
#3 on the Valley View pension millionaire list:
Everette Green
Retired: 1993
Pension collected: over $1.8 million
Career pension system contributions: $93,523
Yearly annuity: $99,057
Did he pay his fair share?
Reporter
6:14 pm on Friday, October 21, 2011
MORE STORIES ABOUT CEDRA ON THE BOLINGBROOK REPORT:
Cedra Crenshaw's View are... well... out there
By Heidi
Did anyone get the campaign literature in their mailbox today about Cedra?
If you did not, let me recap it for you.
Cedra calls public schools "Indoctrination centers" and support cutting educational funding, leading to larger class sizes, teacher layoffs, and leaving students less prepared for the future.
Crenshaw supports allowing big corporations to give money directly to politicians to influence elections.
Cedra supports cutting funds for local towns and cities, which will cause local property taxes to skyrocket and force cuts in schools and local police and fire departments.
Her ideas are reckless, irresponsible, and divisive, and they'd be downright dangerous for Illinois if she were elected.
Cedra Crenshaw
10:12 pm on Friday, October 21, 2011
#4 on the Valley View pension millionaire list:
Thomas Drake
Retired: 1994
Pension collected to date: over $1.7 million
Career pension system contributions: $76,184
Yearly annuity: $98,938
Did he pay his fair share?
jaskie1505
8:25 am on Saturday, October 22, 2011
So what is Cedra running for this time?
Pete Hambe
8:39 am on Saturday, October 22, 2011
She is running for Village Loud-Mouth - It's going to be a close race between Candice and Cedra. Pick your poison.
N/A
9:05 am on Saturday, October 22, 2011
Pete, who's Candice? If you people are calling her a "loud mouth", she must be saying something worth hearing. What's her last name? If she's got the courage and cojones to "buck the trend", and speak her truth, I want to learn more about her.
jaskie1505
8:48 am on Saturday, October 22, 2011
Thanks Pete. Hmmmm....apparently nobody is listening to either one.
N/A
8:59 am on Saturday, October 22, 2011
Cedra, like I said, ignore the "negative" background chatter. Keep publishing the facts, and sharing your fiscal conservative views. We support you.
Remember the BB Patch poll? Over 200 people voted, and the majority's NOT HAPPY with local government (with the exception of the Park District). If you follow the people voting on the BB Patch, fiscal conservatives have an audience.
Keep moving forward, Friend. You've got support.
jaskie1505
9:15 am on Saturday, October 22, 2011
peteee363, no one is ignoring the facts. Liberals, Moderates, Conservatives realize we are facing major problems not only when it comes to pension plans, but funding gov't services in general because of the economy and abuse of our financial systems over the years. Why do you believe fire departments and road repairs are a priority over other issues. We can save money by requiring each resident to fight their own fires and be responsible for repairing the road in front of their homes. Sounds reasonable to you I'm sure. Why can't you see that we need to look at the bigger picture and then restructure things so that the cure, whatever that may be, does the job on everything and not just pensions.
tom
2:11 pm on Saturday, October 22, 2011
Cedra,
Are you having problems reading/comprehending or are you avoiding the questions on purpose?
Do you think that it's fair that your husband is not paying his full share towards his pension?
Can you answer these question or will you just continue to copy/paste the same post over and over?
Cedra Crenshaw
4:04 pm on Saturday, October 22, 2011
tom, Bill Zettler, (a self-professed "lifetime liberal" who became a convert to conservatism after learning the truth about educator gold plated pay, benefits and pensions) points out a striking statistic in his article:
Illinois Taxpayers Have No Obligation to Make Public Employees Millionaires
http://www.championnews.net/2010/05/10/illinois-taxpayers-have-no-obligation-to-make-public-employees-millionaires/
"Taxpayers Pay The Lions Share of State Retiree Pensions and Health Care.
The breakdown for the $110 billion unfunded liability is as follows as percentage of payroll paid by employee and employer (we the taxpayers):
Taxpayer Pays Employee Pays"
Teachers Retirement 39% 8%
Bill Zettler goes on to say:
"So for a public employee making $100,000 salary, taxpayers are paying an additional $39,000 to $52,000/yr in retirement benefits. In the private sector the corresponding amount would be $12-14,000. This is why public employees retire millionaires and taxpayers retire paupers. Paupers because of the taxes they have to pay to support the millionaires."
#5 on the Valley View pension millionaire list:
Kenneth Kalina
Retired: 1988
Pension collected to date: over $1.6 million
Career pension system contributions: $56,777
Yearly annuity: $72,362
Did he pay his fair share?
N/A
4:13 pm on Saturday, October 22, 2011
Cedra, ignore Tom. He's only here to kick up dust, and confuse the issue. His question is silly.
tom
2:19 pm on Saturday, October 22, 2011
Rhonda.
You were wrong when you said "Remember the BB Patch poll? Over 200 people voted, and the majority's NOT HAPPY with local government (with the exception of the Park District)."?
The poll shows that majority voted yes in every category.
N/A
4:10 pm on Saturday, October 22, 2011
Last Friday, over 200 voted, and the results were against local government. Today, a whopping 8 days later, the numbers flipped. Could it be the First Pty et al spent their precious hours (last week) taking and retaking the poll? Hummmmmh
What does all of this really mean? Guess it all depends on which side of the street you stand. One thing we can all count on, the majority of the residents in BB do not give a crap.
just a long time resident
12:39 am on Tuesday, October 25, 2011
Cedra, you thoughtless, careless, insensitive angry woman, Ken Kalina passed away this Summer, let him rest in peace!
N/A
8:30 am on Tuesday, October 25, 2011
Excellent point Peteee363, if this person ever bothered to meet Cedra, and talk to her, he would see that she's a nice person. A nice person who has the courage to speak openly, and loudly about her truth - anti government waste. We need more people like her.
Joe
9:10 am on Tuesday, October 25, 2011
Rhonda Reed-Slaughter,
Have you changed your mind since you wrote this on your website?
CEDRA CRENSHAW (R)
State Senate Candidate, 43rd District
TOTAL CONTRIBUTIONS @ 10/12/10
$220,000
Cedra Crenshaw, republican candidate for State Senate, 43rd district is running against incumbent AJ Wilhelmi (D). She prides herself on being a stay at home mom, fighting hard against the Chicago machine, believes in strict conservative values (that's right, no gays), and promotes extreme anti-Obama rhetoric.
A proud Tea Party Candidate.
Well lets see how much money this "mom against the machine" collected in campaign contributions.
Largest Contributors
1. Kenneth Griffin, Citadel CEO
$30,000 (14%)
2. Citizens for Christine Radagno
$46,000 (21%)
3. For the Good of Illinois
$41,504 (19%)
4. Republican Renaissance PAC
$40,000 (18%)
N/A
10:13 am on Tuesday, October 25, 2011
Joe, absolutely. My opinion changed drastically once I took the time to get to know Cedra. She happens to be a fiscal and social conservative; whereas, I am a fiscal conservative, and social liberal.
We have a shared passion - fiscal conservatism.
As founder and editor of a community website, it's important to attract people with a variety of opinions and views. I feel lucky to have Cedra volunteering on the site. Hopefully, we can attract more liberals, tea partiers, no party volunteers.
We welcome all voices because every voice counts.
Al Czervik
9:12 am on Tuesday, October 25, 2011
peteee363
How do you feel about Cedra's husbands bloated teachers pension? Is it an oversight on her part to leave him off the list? Be a man and tell us how you feel about his pension and her oversight.
IMO: She is quick to throw everyone under the bus but her own.
Joe
11:38 am on Tuesday, October 25, 2011
Hey Peteee363,
Chill out!
I didn't say it. Rhonda did. That is a copy of the post that was made on her blog when Cedra Crenshaw was running last year.
Joe
11:40 am on Tuesday, October 25, 2011
Rhonda Reed-Slaughter,
Numbers don't lie. You were against her taking contributions from the people listed in your report but now that she's writing for your blog, you think it's ok?
N/A
12:05 pm on Tuesday, October 25, 2011
Petee, I love your statement "government contracts are love letters to the unions." I can't stop laughing. I've got to steal this phrase and use it in future articles.
Frimbo the clown
2:46 pm on Tuesday, October 25, 2011
pette363~"i is not actually funny, it's true, but i suppose laughing is the only way to deal with it, just remember to tip the waiters!!"
Where in the constitution does it say that I need to tip the waiters? Why do I have to pay 18-25% on service in the USA? Tipping is not common in most countries, why here? Most of these waiters don't even report the extra income, if they do it's only a fraction of what they bring in! I'm tired of these freeloaders!
poker face
8:32 pm on Friday, March 1, 2013
Don't let her fool you folks. She's racist, and I have proof. Since she had tried to be an Illinois Senator the Republican party made here give up her old web site that stated blacks are stupid! Every photo I see of her it appears to me she is black. Never the less the Republican party tried to clean her up & they failed. Previousley in her old blog she felt that the school district should not air a Presidents speech to our children. My own opinion is....I don't care what color or party.....children should be allowed to hear a speech from any President ofr this great country. Careful folks, she bragged about her favorite web site "The Black Sphere". Look into to it to see what she's realy into. Which is why she lost the election to be a Senator in Illinois.............Thank God the people have spoken!