State Representatives Allen Skillicorn (R-East Dundee) has filed legislation in the Illinois House of Representatives to address Illinois’ pension crisis. House Bill 830 would prevent future members elected to the Illinois General Assembly from joining the drastically underfunded General Assembly Retirement System (GARS). Skillicorn himself rejected participation in the pension system when he entered the General Assembly in 2017.
“We have a pension crisis in Illinois,” said Skillicorn. “For far too long, the state has been promising lavish pensions it can’t afford at the expense of already overburdened taxpayers. The General Assembly Retirement System is by far the worst offender of the state pension systems, being funded at barely 15 percent.”
Like Skillicorn, several newly elected members of the General Assembly have rejected taxpayer funded pensions in recent years. However, at least as many have joined the pension system in recent years, further exacerbating the long-term unfunded liability obligation that will have to be made up with taxpayer dollars. The average legislative pension has increased by nearly $15,000 in the past decade due to mandatory 3% compounded annual increases.
“If elected officials are serious about fixing the pension problem, then they shouldn’t be growing rich off taxpayer funded pensions,” said Skillicorn. “We should have stopped giving out these pensions a long time ago.”
Illinois’ current unfunded pension liability is currently estimated by the state at approximately $130 billion, but some outside estimates put the figure at more than $200 billion.
For more information about House Bill 830, Click Here.