| 08/02/2016 6:39 pm |
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Regist.: 07/25/2016
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 OFFLINE | The discrepancy between administrator/teacher pensions and social security benefits that taxpayers receive is astounding. How is the average social security benefit $1,230 per month when the average teacher pension is $6,058 per month with each person investing virtually the same percentage per paycheck? And why is the earliest age to receive social security benefits 67 years old when a teacher can retire at age 55*?
Based on social security benefits, a retired homeowner in Tinley Park receiving the average social security $1,230 monthly check will spend virtually 35% of their retirement income on just a property tax bill of $5,000. A homeowner that has invested in a home, paid off a mortgage, and kept up a home in this community is essentially being evicted by the village through property taxes. Suburban teacher pensions are breaking the taxpayers' banks.
Homeowners will not be held hostage and we will not be without a voice when it comes to property taxes.
*Public Act 96-0889 added a new section to the Pension Code that applies different benefits to anyone who first contributes to TRS on or after Jan. 1, 2011 and does not have any previous service credit with a pension system that has reciprocal rights with TRS. These members are referred to as “Tier II” members where pension changes include: raising minimum eligibility to draw a retirement benefit to age 67 (to receive full benefits) with 10 years of service, initiating a cap on the salaries used to calculate retirement benefits, and limiting cost-of-living annuity adjustments to the lesser of 3 percent or ½ of the annual increase in the Consumer Price Index, not compounded. The retirement formula is unchanged. The new pension law does not apply to anyone who has TRS service prior to Jan. 1, 2011.
What is the maximum social security benefit payable in 2016?
https://faq.ssa.gov/link/portal/34011/34019/article/3735/what-is-the-maximum-social-security-retirement-benefit-payable
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Tinley Taxpayers Unite
> Tinley Park School Districts > School Spending
Pensions vs. Social Security
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