Pensions still a heavy burden

Belleville (Ill.) News Democrat: State lawmakers have agreed to slim down pensions for future police officers and firefighters, and we urge Gov. Pat Quinn to sign the bill. The taxpayers of 2030 will applaud their action.

Unfortunately for the taxpayers of today who are paying ever more for out-of-control pension costs, this measure does nothing.

If this bill becomes law, the changes affect only police and firefighters hired after Jan. 1. Their eventual pensions will be more reasonable because they will have to work an extra five years to retire and their pensions will be based on an average of the final eight years’ salary.

But all the police officers and firefighters already in the system will still be able to retire at age 50, which for many people will mean 30 years or more of drawing a pension. Their benefits will still be based on the last day on the job, and that likely will be a career high amount.

Chicago’s Civic Committee recently concluded that the average Chicago firefighter who retired last year will receive more than $1.3 million in pension benefits. That doesn’t count health care. The average Chicago police officer’s pension is estimated at $1.2 million.