By Warner Todd Huston -
The publicly funded university pension system in the state of Illinois is in such bad shape that it is in the red to the tune of $20 billion dollars.
The situation is a danger to the state's colleges. "Each passing day without pension reform threatens the excellence of higher education at the 65 colleges & universities" in Illinois, says the Institute of Government and Public Affairs at the University of Illinois.
A recent investigation by government watchdog OpenTheBooks.com reveals some of the more outrageous examples of out of control pensions noting that one school official is making $27,000 a month off the backs of the taxpayer.
Vernon O. Crawley of Moraine Valley Community College, Open The Books says, had a salary of $673,000 during his final year vs. a $260,000 inflation adjusted final salary. But upon retirement his pension is a whopping $330,000 per year which figures to $27,000 a month.
"With no skin-in-the-game, colleges are conferring excessive salaries and slamming taxpayers for the pension costs. Colleges pay zero in pension funding costs. Employees pay in 8% of salary. State taxpayers are on the hook for the rest.," the group says.
Read more of Warner Todd Huston's story HERE
