Kane County voters will see the following question on the ballot in March:
Shall Kane County levy an annual tax not to exceed 0.1% upon the equalized assessed value of all taxable property in the county for the purposes of providing facilities or services for the benefit of its residents who are intellectually disabled or under a developmental disability and who are not eligible to participate in any program provided under Article 14 of the School Code, 105 ILCS 5/14-1.01 et seq., including contracting for those facilities or services with any privately or publicly operated entity that provides those facilities or services either in or out of the county?
The agencies who would benefit from the new largess, plus their clients, will be mounting a spirited campaign.
Now, Jim Tobin’s Taxpayers United of America has released a flyer opponents can distribute. You can see it below:
A taxing district in the state with the most taxing districts proposes to create another taxing district.
Which will undoubtedly result in more salaries, more benefits, maybe a working cash fund so bonds can be issued without referendum (issuing bonds without referendum is ILLEGAL in many states), possibly a future bond referendum to build buildings, and the amount on the bond referendum includes principal only no estimate of interest or fees.
Would this referendum immediately or eventually result in another line item on your property tax bill for yet another DEFINED BENEFIT PENSION?
Jim Tobin speaks half truths and muddy’s terms.
County employees are under IMRF which is 85% fully funded from investments and contributions from employees .
Once an employee retires, they no longer receive any local tax funds, they receive an annuity from investments.
STATE employees and.teachers continue to be paid by the state because of the pension shortfall.
IMRF retirees do not get compounded COLAs unlike State employees.
Tobin is a bitter man.
He attacks all public employees and lives off scare tactics send his Taxpayers united. He should publish his 1099s and W-2 forms since he loves to expose others pay.
IMRF retirees receive a 3% COLA, not compounded, in retirement.
This means their COLA remains the same constant dollar amount every year.
For example if your initial COLA is $1,500, you receive a $1,500 COLA every year for the rest of your life.
Because IMRF is a defined benefit pension, the employer contribution has been hiked to cover losses in the IMRF pension fund resulting from the 2008 financial crisis.
Correct but as I said NOT compounded.
IMRF uses the last four years average in determining the annuity with a cap preventing piling on income at the end.
A person that retired 20 years ago still gets the same yearly increase today as they did the first year.
No compounding.
No catch up provision.
Retiring twenty years ago at just under 20k per year provides about $600 as a yearly increase.
Twenty years later with increases, the cola is effectively about now 1.85%.
Hardly keeps up with inflation.
If I die my wife gets half.
She’ll be on welfare even with social security.
She won’t be able to pay the house taxes that keep going up.
The employer contribution is split between the employer and employee.
According to the financials published by IMRF the losses of 2008 have been replenished and the fund is healthy.
IMRF is touted as the model retirement fund other states are trying to copy.
TRS teachers get end of career salary bumps that increase their pension.
Most get healthcare.
the local district foes not pay retirees, it is a state fund, so the local school boards don’t care because they no longer pay.
Maybe I’d the local districts got hung with retired pensions they would hold the Lind better.
According to the champion website My neighbor gets a 100k plus plus teacher pension.
3% compounded.
That is 100% bovine excrement.
And why do property taxes keep going up so they are un-affordable?