More than 129,000 Illinois public pensioners will see expected payouts of $1 million or more during retirement.
Illinois is home to a small, powerful and protected class of wealth.
Their profits are immense. They bear little to no risk. And the state’s social safety net has been gutted to pay for their privileges, which are closely guarded by politicians.
Sound familiar?
These are Illinois’ pension millionaires.
Among the state’s 12.7 million residents, they constitute the 1%.
More than 129,000 Illinois public retirees will collect estimated payouts of more than $1 million each over the course of their retirements, according to new analysis from the Illinois Policy Institute.
No public-sector worker should be personally shamed for getting a great deal. Those who choose a life of public service deserve honor and praise.
At the same time, it’s crucial that Illinoisans understand these retirement benefits and call for reform. They have resulted in cuts to core services and constant calls for tax hikes across the state for more than two decades. They’re also pushing the pension funds toward insolvency.
Extreme payouts and early retirements are the norm across Illinois’ five state-run retirement systems:
- More than 22,000 retirees in the State Universities Retirement System (43%) will receive an expected lifetime payout of more than $1 million, with 42% retiring before their 60th birthday.
- More than 31,000 retirees in the State Employees’ Retirement System (51%) will receive an expected lifetime payout of more than $1 million, with half retiring before age 60.
- Nearly 75,000 retirees in the Teachers’ Retirement System (68%) will receive an expected lifetime payout of more than $1 million, with more than half retiring before age 60.
- The remaining pension millionaires at the state level are spread across the Judges’ Retirement System (nearly 900, or 94%) and the General Assembly Retirement System (more than 200, or 67%).
Meanwhile, the average 401(k) balance nationwide for people aged 60 to 69 is $195,500, according to CNBC.
