“Over half of new Illinois teachers won’t qualify for any pension at all. They will leave before the 10-year service requirement to qualify for any pension. New teachers are given a bare-bones retirement plan. In fact, on average new teachers will pay more into the system than they’ll ever get back in return. As a group, they’re paying a tax for the privilege of receiving negative retirement benefits.”
Comment: “Tier 2” members — those hired after 2010 — are SOL, as we have documented repeatedly here. They are forced to pay more than their own normal cost to subsidize the lavish benefits of Tier 1. That’s why Tier 1 fat cats go ballistic when you point this out, as happened with our earlier article linked here.