The private sector no longer does defined benefit pension plans. Yes, John Deere and Alcoa are still there, but they are now the exception rather than the rule.
Government, on the other hand, is making offers to workers that are astounding. Rock Island county wants to pension off about 13 percent of its current workers with a deal that no private business could imagine offering.
Let 13 percent of staff pay for up to 5 years of retirement contributions so they can retire early. This would allow an employee who could retire with a lifetime pension at 55 retire at 50. The employee would have to have 20 years of service.
Social Security life expectancy tables show a man at 50 has 29.35 years of government checks coming, while a woman at 50 has 33.02 years of Illinois state government checks coming. Neither the man or the woman ever again has to work a lick.
It is no wonder Illinois can't fix the roof on the governor's mansion.