Only in Illinois, a state on the verge of bankruptcy, can its very own lawmakers accelerate bankruptcy by their very own greed to get what they can before the inevitable event occurs. Yes; Illinois legislators, on both sides of the aisle, passed laws granting themselves golden pensions, for their part-time jobs to represent “we, the people of Illinois.”
In 1995, State Rep. Dave Leuchtefeld (R) was the first to opt out of the General Assembly Retirement System.
Since 2010, Rep. Ron Sandack has advocated for his HB138 legislation that would kill pensions for new lawmakers.
Synopsis of HB138 as Introduced:
Amends the General Assembly Article of the Illinois Pension Code. Restricts participation in the General Assembly Retirement System by members of the General Assembly to persons who become participants before January 1, 2016 and provides that, beginning on that date, the System shall not accept any new participants who are members of the General Assembly. Makes related changes. Effective immediately.
GARS is only 16.8% funded (FY2015). So; it is underfunded by hundreds of millions for a very small number of participants. Taxpayers are on the hook for an even bigger future bill.
EXAMPLES OF NOTE:
#1 HIGHEST GARS PENSION TO-DATE: Arthur Berman (D) now takes $19,652 a month ($235,824); His pension includes a pension spike via Chicago Public Schools; served as state senator for 31 years; retired in 2000.
Retired Chicago Mayor Richard J. Daley (D) now takes $132,384/year($11,032/month); with some pension spiking. He served as a state senator for 8 years;
Retired Governor Pat Quinn (D) now takes $133,164/year ($11,097/month). Years of service in legislator undocumented at this time;
Retired House Minority Leader Tom Cross (R) now takes $81,012/year ($6,751/month). He served as a state representative since 1993; and
State Senator Kirk Dillard (R) now takes $6,831 per month ($81,972/year). He served in the state senate from 1994-2014.
Every single one of the examples cited above have pensions significantly higher that their annual pay as part-time legislators; currently about $68,000 per year; more if committee chairman, etc. It is called greed, and taking care of business for themselves.