I’ve written before about unions being a form of legal extortion and consequently this is why I am against most unions. Now I read where twenty-three retired labor union leaders in Illinois will receive around $56 million in pensions during their lifetime.
The pension plans from which these exorbitant funds will be drawn from are already in financial difficulty as it is.
It seems that new pension laws passed in 1991 paved the way for these lavish pensions. The new law specified that the pension of labor union leaders would be based upon their union salaries rather than being based upon their salaries as city of Chicago employees. Since the union pays it labor leaders significantly more than the city pays them, these leaders stand to draw a pension that is nearly three times more than the average city worker makes.
When the law was passed, there was no debate, public or private, concerning it. It just quietly was voted upon, signed by the governor of the state and filed away will all other bills that pass.
As the news about the $56 million pensions has been surfacing, none of the lawmakers involved with bill have stepped up to claim any responsibility.
I wonder how city labor union members will feel about their beloved union leaders when they find out how much those leaders will draw in pensions upon retirement. And if the pension funds continue to struggle there is always the possibility of them going defunct, causing regular workers to lose all of their pensions.