Mike Madigan | File photo
Mike Madigan | File photo
With the General Assembly Retirement System fund funded at just 17%, a movement is now growing for the state to make the system a thing of the past.
House Bill 2428, filed by new state Rep. Dave Vella (D-Rockford) would block lawmakers from joining the state's pension system.
“We need to make sure we are not wasting resources to fund unnecessary perks for politicians,” said Vella, who has refused to join the system. “As our state continues to face financial problems, we should not be adding new financial burdens by promising to pay for the retirements of career politicians.”
In all, the state’s five pension systems are swamped by more than $144 billion in unfunded liability, and an independent analysis more than doubles the overall totals at $317 billion.
For the last seven years, the state’s pension debt has ranked as the worst in the country when measured by debt relative to state gross domestic product.
After nearly half a century of serving as a lawmaker, former House Speaker Mike Madigan is now set to soon begin collecting a $7,100-a-month pension that’s slated to jump to as high as $12,600 a month in just over a year courtesy of a pension sweetener Madigan helped pass during his time in power.
“We need to break the cycle of huge pensions for politicians and stop the abuse of Illinois taxpayers,” Vella added. “Our legislators are meant to be public servants working on behalf of all Illinoisans, but too many have decided to use public office and taxpayer dollars to cushion their own retirement.”