Illinois taxpayers paying former lawmakers $2.1 million a month from underfunded pension system

Posted on by Mary Pat Campbell

Link: https://www.thecentersquare.com/illinois/illinois-taxpayers-paying-former-lawmakers-2-1-million-a-month-from-underfunded-pension-system/article_ac37e44e-6d84-11eb-a861-9372dad286d9.html#new_tab

Excerpt:

Illinois taxpayers pay more than $2.1 million a month to retired part-time state legislators or their surviving spouses from a fund that’s only 16% funded. The individual monthly payouts are as high as $18,000 per month. Some pensioners aren’t actually retired but still getting paid.

There are 425 people drawing off the General Assembly Retirement System, ranging from $122 a month to $18,000.

At 16% funded, state Rep. Mark Batinick, R-Plainfield, said GARS is the worst of the state’s five public sector pension funds.

Author(s): Greg Bishop

Publication Date: 14 February 2021

Publication Site: The Center Square