Jim Tobin’s Taxpayer Education Foundation has published a list of the top 200 pensions being paid by public pension funds.
Only one local former governmental employee made the list.
He is former Carpentersville School District 300 Superintendent Normal Wetzel.
His pension was $239,341 in the tallied year.
He retired at age 55.
That is about five times my pension and I didn’t get to retire that early.
Tax payers ought to be outraged that they have to pay way above market on public pensions.
McHenry County College is local and attached is a list of their top pensions and some make a great deal.
http://www.taxpayersunitedofamerica.org/NTUI/downloads/McHenryCountyCollege.pdf
I think we have too many chiefs and not enough workers.
That is why pension benefits like colas need to be stopped for those making a lot and not taken away from the teacher who retires with $25,000-30,000 per year.
The only tax payer they thinks a $240k a year pension is fair and equitable,
is the person receiving this pension.
I’m sure he thinks he should receive $more$
Let’s review Norman Wetzel’s career at D300: started out as Drivers Ed instructor; then Counselor; then ? not sure of this period in time; then to Superintendent.
Somewhere along the way, he received his “Dr.” designation.
I seriously question the curriculuum required for this, as well as teachers who are receiving “masters” degrees, certainly not a 2 year, in class program at a major university, as was once required.
I recall at one time during N. Wetzel’s term as Supt. he scheduled an overnight staff workshop at Ramada Inn, Elgin, IL, which cost taxpayers for lodging and food.
This could have been hosted at a D300 Both N. Wetzel, and the history of D300 administration indicates that they care more about their money and percs than they do about the quality of education they provide to students.
You have a right to be sad if your kids are in D300, because they have little chance to find employment, acceptance to Junior Colleges or Universities when they graduate.
I doubt if any will realize retirement at 55 yrs. receiving a quarter of a million dollars for a shameful legacy to students of D300.
By the way, you may want to check out the very nice cars in the teachers’ parking lots in this Disrict.
Present value of 55 year old $240,000 defined benefit pension is above $6 million, without factoring in COLA or health insurance benefits, which make it higher.
Illinois law puts no cap on property tax as percentage of home value.
Illinois law guarantees this $240,000 and other public employee defined benefit pension payouts for life, with survivorship rights, health insurance benefits, and with COLA.
Illinois law, on that basis, effectively enforces property tax rates on homes that can rise to higher than 100% of home values.
If you think that is absurd premise look at Detroit: as property values approached zero, the lower denominator created higher tax percentage rate. Tax divided by property value equals tax percentage rate.
My 2014 property tax as a percentage of home value is 3.67%, up from 3.285% in 2013.
As a comparison, 15 year mortgage interest rates are below 3.3%.
U.S. average property taxes as a percentage of home value are below 1.2%.
Ask yourself, to what percentage of your home value must your property tax rise before you are forced to abandon your property?
Ask yourself, if you abandon your property, who will buy it at pennies on the dollar? Whose federal tax dollars will bail out mortgage guarantors?
Will property tax laws change when the smart money owns all Illinois residential real estate?