dmarc117 Posted September 20, 2010 Share Posted September 20, 2010 Today, Bloomberg's Jon Erlichman settles the debate, by focusing on the Illinois State Board of Investment in a special video report, where he confirms that absent state funding "the $9.6 billion fund, in less than 10 years, could have no money left. If they get no state funding and they just have to rely on employee contributions, there you go, you could go from $10 billion to zero in less than ten years." Quote Link to comment Share on other sites More sharing options...
whomper Posted September 20, 2010 Share Posted September 20, 2010 . Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 20, 2010 Author Share Posted September 20, 2010 Quote Link to comment Share on other sites More sharing options...
The Holy Roller Posted September 20, 2010 Share Posted September 20, 2010 Which is why, when I retire, I'm taking ALL my retirement out of the Missouri Public teachers retirement fund in one lump sum. Â Â Then I'm going to the nearest casino and put it all on Red for one spin. Yee-haa. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted September 20, 2010 Share Posted September 20, 2010 Which is why, when I retire, I'm taking ALL my retirement out of the Missouri Public teachers retirement fund in one lump sum.  Then I'm going to the nearest casino and put it all on Red for one spin. Yee-haa.  This is who is teaching our children and you wonder why we're screwed...                            Quote Link to comment Share on other sites More sharing options...
Jimmy Neutron Posted September 20, 2010 Share Posted September 20, 2010 HR - I hope a healthy lump sum is waiting for you when you retire. Â Empty pensions funds are going to be a real problem for a lot of people. Corruption and ineptitude have become a social phenomenon in American government. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 21, 2010 Author Share Posted September 21, 2010 HR - I hope a healthy lump sum is waiting for you when you retire. Empty pensions funds are going to be a real problem for a lot of people. Corruption and ineptitude have become a social phenomenon in American government.  +1  whats gonna happen when the teachers, cops, and fireman realize there is nothing in those funds for them. yea, i cant wait for those response times and schools grades. Quote Link to comment Share on other sites More sharing options...
The Holy Roller Posted September 21, 2010 Share Posted September 21, 2010 HR - I hope a healthy lump sum is waiting for you when you retire. Empty pensions funds are going to be a real problem for a lot of people. Corruption and ineptitude have become a social phenomenon in American government.  I don't actually "fear" the pension fund being gone when I retire but I certainly have my concerns about it. Every six months we get a news letter from the Missouri State Teacher's Retirement office and they usually paid a realistic account of what kind of shape the fund is in. Two years ago we were told they had lost several billion dollars but not to worry, most other retirement funds had done much worse. I have my doubts but it falls under one of those categories of things I don't lose sleep over. Do I trust the elected officers that oversee my reitrement. I guess so. I don't have much choice. They get 14% of my paycheck every month (which is matched by the school district), so they should have no cash flow problems for a while.  Am I serious about taking it ALL out when I retire? I really don't know yet. Quote Link to comment Share on other sites More sharing options...
rocknrobn26 Posted September 21, 2010 Share Posted September 21, 2010 DM: I think you are almost glad that the system is failing. First of all you have no comprehension on how it works or supposed to have worked. (The pension system) Do you even know where the money comes from? Second you'd be pleased as hell if it failed. Why... I don't know. Thirdly you have no idea on how the system works. You only see retired admins making a gazillion dollars/ year. Please tell me what you know of the system. Fourthly and maybe a side bar...when will you post some positive stuff. God I'd hate to live in your little world. Quote Link to comment Share on other sites More sharing options...
Pope Flick Posted September 21, 2010 Share Posted September 21, 2010 DM:I think you are almost glad that the system is failing. First of all you have no comprehension on how it works or supposed to have worked. (The pension system) Do you even know where the money comes from? Second you'd be pleased as hell if it failed. Why... I don't know. Thirdly you have no idea on how the system works. You only see retired admins making a gazillion dollars/ year. Please tell me what you know of the system. Fourthly and maybe a side bar...when will you post some positive stuff. God I'd hate to live in your little world. Â Â Â He thinks you'll be covered by social security, just like him. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 22, 2010 Author Share Posted September 22, 2010 rr...... Â im happy as a pig in poop. im happy cause i live in reality. i dont want to see anyone suffer. i know how bad it really is, thus im somewat comfortable. im happy cause im prepared for the best and worst scenarios. i dont ostrich. Â i hope for the best. not for me, but my son. Â i cant change the truth. Quote Link to comment Share on other sites More sharing options...
Yukon Cornelius Posted September 22, 2010 Share Posted September 22, 2010 Quote Link to comment Share on other sites More sharing options...
cdrudge Posted September 22, 2010 Share Posted September 22, 2010 Â whats gonna happen when the teachers, cops, and fireman realize there is nothing in those funds for them. yea, i cant wait for those response times and schools grades.They'll do the same thing that the accountants, marketing guys, IT guys, sales, etc do. They'll suck it up, realize that just about every ordinary Joe gotten screwed somehow, and they will somehow manage to make do. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 22, 2010 Author Share Posted September 22, 2010 They'll do the same thing that the accountants, marketing guys, IT guys, sales, etc do. They'll suck it up, realize that just about every ordinary Joe gotten screwed somehow, and they will somehow manage to make do. Â Â lol. rite. cause unions dont go on strike. nope. Quote Link to comment Share on other sites More sharing options...
rocknrobn26 Posted September 22, 2010 Share Posted September 22, 2010 (edited) He thinks you'll be covered by social security, just like him.  His ignorance of the system astounds me.   rr...... im happy as a pig in poop. im happy cause i live in reality. i dont want to see anyone suffer. i know how bad it really is, thus im somewat comfortable. im happy cause im prepared for the best and worst scenarios. i dont ostrich.  i hope for the best. not for me, but my son.  i cant change the truth.  Answer my questions!!!!! You talk, but you don't even know the problem! Open your ears, and stop listening to Rush, et al.   He knows not what he does! He is clueless! *sigh*    lol. rite. cause unions dont go on strike. nope.  Jeebus...you are totally clueless.  The system was solid/viable until 2006 even w/o the state's funding! Doh!  Answer my previous questions and/or at least answer this w/o googling it: How much (%) does a teacher pay toward their retirement? When did the state of IL stop funding a constitutional mandate for retirement? Should these legislators be held accountable for breaking the law? (If a corp doesn't pay SS to the feds there would be hell to pay!) What is the average teacher pension in IL? What percentage of retirees rely on their pension for day to day expenses?  Why do you ingratiate yourself on a system failing? I'm waiting................... Edited September 22, 2010 by rocknrobn26 Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 22, 2010 Author Share Posted September 22, 2010 The system was solid/viable until 2006 even w/o the state's funding! Doh! so it took a mere 4 years to make it crap? thats a great system!  Answer my previous questions and/or at least answer this w/o googling it: How much (%) does a teacher pay toward their retirement? 10% When did the state of IL stop funding a constitutional mandate for retirement? dk, but would guess recently Should these legislators be held accountable for breaking the law? (If a corp doesn't pay SS to the feds there would be hell to pay!) no What is the average teacher pension in IL? 50k? What percentage of retirees rely on their pension for day to day expenses? dk  Why do you ingratiate yourself on a system failing? if its a bad system, let it fail. I'm waiting...................  Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted September 22, 2010 Share Posted September 22, 2010 Why isn't anyone talking about slowly winding down all pension schemes and replacing them with 401k like pretty much every other working Joe? I'm not referring to SS in any way shape or form, that's a totally separate matter but pensions were fine and dandy when the average retirement was 5-10 years before recipients started pushing up the daisies but now they may get paid for 30+ years, surely unsustainable. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 22, 2010 Author Share Posted September 22, 2010 Why isn't anyone talking about slowly winding down all pension schemes and replacing them with 401k like pretty much every other working Joe? I'm not referring to SS in any way shape or form, that's a totally separate matter but pensions were fine and dandy when the average retirement was 5-10 years before recipients started pushing up the daisies but now they may get paid for 30+ years, surely unsustainable. Â Â +11111111 Â but that doesnt get you union votes if youre a politician. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted September 22, 2010 Share Posted September 22, 2010 Why isn't anyone talking about slowly winding down all pension schemes and replacing them with 401k like pretty much every other working Joe? I'm not referring to SS in any way shape or form, that's a totally separate matter but pensions were fine and dandy when the average retirement was 5-10 years before recipients started pushing up the daisies but now they may get paid for 30+ years, surely unsustainable. Â Very good point, but honestly what you've said also applies to SS as retirement income rather than a true safety net. Quote Link to comment Share on other sites More sharing options...
rocknrobn26 Posted September 22, 2010 Share Posted September 22, 2010 (edited) The system was solid/viable until 2006 even w/o the state's funding! Doh! so it took a mere 4 years to make it crap? thats a great system! Considering every one w/ investments took 40%+ hits at that time and then add the lack of funding and our elected officials taking money out of the system Yeah... THEY turned it into crap! Â Answer my previous questions and/or at least answer this w/o googling it: How much (%) does a teacher pay toward their retirement? 10% Wrong! When did the state of IL stop funding a constitutional mandate for retirement? dk, but would guess recently Wrong! Should these legislators be held accountable for breaking the law? (If a corp doesn't pay SS to the feds there would be hell to pay!) no Wrong! They stole money and didn't adhere to the State Constitution. What is the average teacher pension in IL? 50k? Wrong! What percentage of retirees rely on their pension for day to day expenses? dk 95+% Â Why do you ingratiate yourself on a system failing? if its a bad system, let it fail. The system was working fine until our elected officials decided to rape it. I'm waiting................... Â So you've shown that you know next to nothing about the system. I have no problem w/ that generally as you're not involved in it, but don't bash something you don't understand. Â Why isn't anyone talking about slowly winding down all pension schemes and replacing them with 401k like pretty much every other working Joe? I'm not referring to SS in any way shape or form, that's a totally separate matter but pensions were fine and dandy when the average retirement was 5-10 years before recipients started pushing up the daisies but now they may get paid for 30+ years, surely unsustainable. Ursa, that is something that I think now is an option for new hire's. I never had an option. Pay to the system or don't work. If I had an option 37 years ago I'm not sure what I would have done, but it is a good idea. Edited September 22, 2010 by rocknrobn26 Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted September 23, 2010 Share Posted September 23, 2010 (edited) Ursa, that is something that I think now is an option for new hire's. I never had an option. Pay to the system or don't work. If I had an option 37 years ago I'm not sure what I would have done, but it is a good idea. Gotta make sense. I know it's giving money to the casino airheads on Wall Street but pensions are way past their sell by date for new entrants, IMO. Edited September 23, 2010 by Ursa Majoris Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 23, 2010 Author Share Posted September 23, 2010 (edited) So you've shown that you know next to nothing about the system. I have no problem w/ that generally as you're not involved in it, but don't bash something you don't understand. Â Â can you show me the correct answers, since youre a teacher, right? so teach me, show me the facts. or should i settle for no's? Â im waiting. Edited September 23, 2010 by dmarc117 Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 23, 2010 Author Share Posted September 23, 2010 and waiting........ Quote Link to comment Share on other sites More sharing options...
rocknrobn26 Posted September 23, 2010 Share Posted September 23, 2010 (edited) I have posted the info before, but as you wish Teachers pay 9.4% before taxes. (unless it's gone up in the last few years) Underfunding and taking money out by our fund by elected officials goes back over 20 years. Average pension is $43K. The rest are answered. Edited September 23, 2010 by rocknrobn26 Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 23, 2010 Author Share Posted September 23, 2010 I have posted the info before, but as you wishTeachers pay 9.4% before taxes. (unless it's gone up in the last few years) i said 10% Underfunding and taking money out by our fund by elected officials goes back over 20 years. this i would need to look up and validate, seems like opinion. Average pension is $43K. i said 50k The rest are answered. Quote Link to comment Share on other sites More sharing options...
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