"Social Security is based on inflation-adjusted earnings averaged over 35 years, while Illinois pensions are usually based on the (often spiked) four highest income years. Cost of living adjustments for Social Security are based on inflation while Illinois pensions increase 3 percent annually, in excess of recent inflation. Social Security replaces about 45 percent of average wages, compared to the Illinois pension's 75 percent. Finally, Social Security benefits increase very little on wage levels over $58,000 and there are no benefits on wages in excess of $113,000. Illinois provides the same 75 percent wage replacement on high incomes as it does on lower incomes -- and it is these higher income benefits that are bankrupting the pension system and the state."

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