ExxonMobil boss Rex Tillerson is getting a hell of a pension.
The state’s public employee unions were willing to give away a couple of years of my pension’s annual cost of living increases. They thought that would prevent the Illinois legislature from passing a pension reform bill that would be, they thought, much worse.
Unfortunately, that is their fighting style: Start low because it might get worse.
Their ploy failed. Michael Madigan pushed through a pension reform bill that was so bad that every justice on the Illinois Supreme Court called it out for the unconstitutional piece of crap that it was.
As a result on February 1, I will once again get my 3% increase on my retirement earnings. It will mean a couple of hundred bucks more a month. Not even enough to cover this winter’s gas bill.
The trolls that write me (and will never be posted here) to accuse public employees of being the thieves for receiving a defined pension benefit. As if it is some kind of criminal activity perpetrated on the tax-paying public.
Of course, we have long been part of the tax-paying public. And a contractual retirement pension is no more a crime than is a pay-check while we were working.
The real question is why aren’t all retirement pensions a defined benefit? And why don’t all workers get a livable defined benefit pension?
If private sector retirees receive a pension at all, it is a defined contribution pension. You can read here to see what a scam this is.
On the other side there is Rex Tillerson, retiring CEO of ExxonMobil and maybe the next Secretary of State under Trump.
Rex would have retired next March anyway because of ExxonMobil’s mandatory retirement age of 65. I find it weird that ExxonMobil thinks that 65 is too old to run their company, but it’s not too old to represent the United States to the world and Donald Trump is 70.
Rex is receiving his retirement package early. It is worth $170 million.
Because he is taking early retirement to become Secretary of State he is giving up $7 million, a little less than 4% of the total package.
Or, roughly the percentage retired teachers will receive as an increase in their checks next month.
A couple of hundred dollars a month for us.
Millions for him.
Now, that’s a pension!