March 1, 2011

You Thought California State Pensions Were Out Of Control? Wait Until You See This List From Illinois!

Daily Bail
You Thought California State Pensions Were Out Of Control? Wait Until You See This List From Illinois
written by Staff
October 19, 2010

Meet Neil Codell an Illinois educator with a $26 million state pension.

Just to drive the point further -- if Obama gets his way on his proposed state bailout, you will be paying a portion of Mr. Codell's pension. 'Codell, Neil C.' is 4th from the top of the list. His estimated career pension is $26,661,604. That's almost $27 million for a single administrator within just one local Illinois school system (Niles, to be exact).

Read about his benefit package HERE investigative reporting provided by the Sunshine Review.

Obama has requested a $50 billion bailout, this time for states. We've covered it before, in a general sense, here, here and here. Certain states are broke for one reason -- Public Employee Pensions.

Rather than require that certain bloated, mis-managed states cut pensions, Obama is trying to sell Congress another bailout -- this one for bankrupt mini-Greece fiefdoms that are politically important to Democrats -- California, New York, Illinois and Michigan.

While the California teachers' unions are effectively destroying one school system after another, an alert commenter pointed me to some even more shocking news from Illinois. Their pension system for educators is -- if you can believe it -- even farther off the reservation.

Using actuarial calculations from the Teachers' Retirement System (TRS), Champion News reports that the total estimated pension liability for the top 100 retirees will equal...
Click the table to see a larger version.

Make sure you're sitting down.



You read this right. The top 100 retirees, by themselves, will cost Illinois taxpayers nearly one billion dollars.

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