ON-Lion Letter
In January, PublicSectorInc.org, a project of the Manhattan Institute for Policy Research's Center for State and Local Leadership (CSLL), launched CalculateYourPublicPension.com -- allowing American taxpayers across the country to calculate how much they would receive in retirement benefits if they were public employees in particular states.

Nationwide, state and local governments are struggling to provide basic public services with budgets heavily burdened by public pension benefits that are far more generous than those available to most private-sector workers.  The site shines a light on the discrepancies between public and private pensions and draws attention to a widespread fiscal calamity where underfunded public pension plans have left many states facing immense budget deficits.

It contains state-specific, public-pension calculators for Florida, Illinois, Maine, New Jersey, and New York.  Visitors can estimate the pension that an individual would collect after a career as a general government employee of each state and see how much money one would need to save independently to replicate that guaranteed income stream in the private sector.

For example, to have the equivalent of the public pension of a teacher who began employment in January 1972, retiring at 65 after 40 years of service with a final annual salary of $100,000, a private-sector worker would need an annuity worth as much $1 million in Florida, $1.64 million in Illinois, $1.32 million in Maine, $1.34 million in New Jersey, and $1.28 million in New York.

The Lynde and Harry Bradley Foundation in Milwaukee substantially supports the Manhattan Institute's CSLL.
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