By: Mark Glennon*
Bellweather Education Partners today released a national study of how horribly new and younger teachers are treated in public retirement systems around the country. Not surprisingly, Illinois is graded ‘F’ by Bellweather, though we have plenty of company.
Excess at the top is the primary reason pensions are failing, but this study is an essential reminder that it’s a different story at the bottom:
More than half of new teachers in Illinois and around the country won’t qualify for any pension at all.
It’s a similar story for other pensions across Illinois. The system was rigged by those at the top to favor those at top, which includes union leadership that effectively has controlled the majority of the General Assembly for many years.
It’s just another reason why, as we’ve said from the beginning on this site, public sector defined benefit pensions are fundamentally corrupt and should be replaced as rapidly as the law allows.
*Mark Glennon is founder of Wirepoints. Opinions expressed are his own.