Do you think Cook County should cap pensions at $106,000? Even for Doctors?
Do you think Cook County should cap pensions at $106,000 as done in the Tier 2 pension plan passed in 2010?
Doctors at Cook County Hospital are currently the only group that draws pensions significantly above $106,000. Would it change your opinion if you thought the reduced pension would have minimal impact on the fund but potentially have a negative impact on recruitment of doctors?
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- Do you think Cook County should cap pensions at $106,000? Even for Doctors?
I think it is unfair to cap the pensions of these professional employees. If they are paying only a percentage based on the $106,000 ceiling, it may be different. Perhaps a small match into a 401K would be something to be considered.
I think all future annuity benefits be calculated at a 60% cap rather than 80%.
Along with raising all future contributions from 6.5% to 7.5% for the employee benefit, and from 2% to 2.5% for the survivor benefit.
All annuity benefits should be capped at $106,000.
Pensions should be capped at the value of the median household income for the state, a measure of the ability of the population to pay. Employees being paid extraordinary incomes should be making their own plans for their retirement in addition to any pension, should they so desire.
Convert the pensions to a cash benefit with no caps.
If a Dr, a nurse or for that matter a janitor makes $50,000 or $500,000, she or he should pay a percentage of their pay into their pension account and that should be matched by the county.
If you make the percentage 12.5% then a total of 25% of their pay would be accumulating in their account and they can retire with a large sum of money that they can choose to convert into an annuity with an insurance company of their choice. Eliminate all the drama, hocus pocus, actuarial assumptions and any chance of more pension fund debt increases. Since it is part of compensation their is NO chance that it will not be paid!