Illinois Paying Big for Community College Retirees

The Better Government Association reports:

Illinois taxpayers aren’t getting a break when it comes to paying for benefits awarded to thousands of retired community college administrators and teachers, according to a Better Government Association (BGA) investigation.

Some ex-employees are reaping bounteous pensions that often greatly exceed what they have actually paid into the system. For example, two former community college presidents at local schools have received almost $2 million each; nearly 20 percent of the more than 8,000 Chicago-area community college pensioners garnered retirement payments in excess of $500,000 apiece and almost 500 retirees are enjoying annual six-figure payments, according to a BGA examination of state pension data.

These pension payouts come at a time when Illinois is struggling to meet its bills and is legally obligated to pay billions in unfunded public employee pension obligations. Under the state constitution, community college professionals are legally guaranteed these benefits.

You probably aren't getting this deal if you work in the private sector.