Tag: GARS

Illinois struggles to pay its pensions, but these lawmakers signed up for them anyway

Mary Pat Campbell

Link: https://www.pantagraph.com/news/state-and-regional/govt-and-politics/illinois-struggles-to-pay-its-pensions-but-these-lawmakers-signed-up-for-them-anyway/article_c84f332b-0aa2-588a-b801-3fd98dc83773.html

Excerpt:

Pension reform is a favorite campaign refrain of candidates across party lines. But when it comes up signing up for their own state retirement benefits, few Illinois lawmakers say no.

Of the 177 legislators in the current Illinois General Assembly, 112 signed up for a pension through the optional state retirement system. It provides an average monthly benefit of $5,512 to retirees for life. Lawmakers are eligible to retire and take benefits at age 55 with eight years of service or at age 62 with four years.

Serving in the General Assembly came with a base salary of $69,464 in 2020 and is considered a nearly full-time job, according to the National Conference of State Legislatures, a nonpartisan legislative association. Others consider it part-time.

Author(s): KELSEY LANDIS, Belleville News-Democrat

Publication Date: 7 March 2021

Publication Site: Pantagraph

Editorial: Former House Speaker Michael Madigan’s pension illustrates the broken system

Mary Pat Campbell

Link; https://www.chicagotribune.com/opinion/editorials/ct-edit-fixing-illinois-chicago-budget-madigan-pension-20210226-tt4kmbn7hbetldxgez57x4ioqq-story.html#new_tab

Excerpt:

Former House Speaker Michael Madigan, after 50 years as a member of the Illinois House and a contributor into one of the state’s five pension funds, the General Assembly Retirement System, will receive an annual pension of around $85,117, about 85% of his final salary.

In July 2022, his pension will rise to about $148,995 due to padding lawmakers built into the system for themselves over the years. He’ll receive a guaranteed 3% raise on his pension each year, no matter what the actual cost of living is.

During those 50 years in office, Madigan contributed from his own paycheck about $351,000 toward his retirement account. He quickly will start receiving far more than he put in.

Author(s): Editorial board

Publication Date: 26 February 2021

Publication Site: Chicago Tribune

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

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