The number of government retirees getting a yearly pension of more than $100,000 continues to balloon. That’s according to the Better Government Association. The BGA says the number of government retirees getting more than six-figures has increased by more than 18 percent from the year before, which puts pressure on the state’s underfunded pension system.
In one case BGA says a retiree bringing in the highest retirement from the State University Retirement System -- to the tune of nearly $548,000 -- will see their pension top $1 million a year if they live another 22 years while only having contributed around three-quarters of a million dollars. Illinois currently has an unfunded pension liability of $111 billion and growing.