Isn’t it wonderful that we are in the pension spiking Top Ten list? How many normal business workers get a substantial spike in their income for the last 3 years of employment? Looks like certain employees get a better deal than the common citizen. Taxpayers continue to have to pay the burden of inflated pension costs. This has got to stop.
TOP 20 LOCAL GOVERNMENT ENTITIES PAYING THE MOST IN PENSION SPIKING COSTS
Article by Kevin Hoffman, Reboot Illinois, September 16, 2015 Original Article
The Better Government Association recently published its findings from an investigation into pension spiking in Illinois and the impact reforms have had on the controversial practice.
While laws have been enacted to deter pension spiking–a practice in which public employees nearing retirement are awarded pay raises to boost pension payouts –taxpayers continue to be saddled with artificially inflated pension costs.
Since the Illinois General Assembly’s passing of a 2012 law that gives municipalities three years to fully fund added retirement benefits that result from pension spiking, more than 450 government entities now owe nearly $29 million to the Illinois Municipal Retirement Fund, the BGA found.