How Generous Are Those Illinois Pensions?

Mr. Arithmetic was wondering after seeing an article in the Chicago Sun Times that analyzed the distribution of pensions among former employees of the City of Chicago and the State of Illinois. The article began by telling readers:

"One of every four retired workers from the state of Illinois, the city of Chicago and the Chicago Public Schools is getting a pension of more than $60,000 a year.

"That’s 80,365 people in all."

It then went on to say that 13,240 of these workers had pensions of mo...