posted on Jun, 12 2020 @ 01:18 PM
He earned it. It's his money. For every paycheck he got since he was employed he PAID about 7% into his pension fund. This was matched by his
employer, so 14% (approximately) went into this fund from every paycheck. This is about the same as social security, into which he paid an additional
7% (+ 7% from his employer.) At five years his pension is "vested," meaning he eventually gets a return. How much? 2% per year of work, so if he works
25 years he gets 50% of his last salary. There are "rules" as to how many years you need to put in before you can retire and how old you need to be.
There are also different systems, depending on when you join up. Some of them pay only 1% out and your contribution is treated like a 401K. Each state
is sllghtly different.
In about 1977 the retirement systems changed so that it was more difficult to draw a pension. This had the effect of adding severe penalties of you
tried to retire early, but generally the systems work like this. You can retire at 25 years at 55 years old, OR you can retire at any age if you have
30 years in, HOWEVER, in the newer systems there is a steep penalty if you retire prior to age 65.
This is quite complicated and we can go on and on yadda yadda about how this all works, but above are the basics. I'm not trying to be ultra
comprehensive here because it would take too long. The bottom line is that it is HIS MONEY in that pension fund that he was FORCED to contribute. He
had no choice. So a $50K/year pension out of a $100K year job is just about right. You get to "a million dollars" when you assume he will draw it for
20 years, but this is also a great way to make a sensationalistic headline.
So the fact is you are aghast that this guy could get his contributions to his pension fund back. A key point here is that once this pension money is
deducted from his paycheck, there is no further taxayer liability. It is a PRE-PAID system. When you read that "the taxpayers" are liable for pension
pay outs the reason is because the state in question, such as Illinois, has SCREWED UP their pension fund so badly through mis-management that their
liabilites exceed their funding. An actuarialy sound pension plan such as I have described would not cost the taxpayers one more dime.
A lot of your outrage here is based on ignorance and the fact that you have pre-convicted this guy and managed to create a martyr out of a career
criminal who has preyed on the public (and taxpayers) for his entire adult life.