Illinois’ 101st General Assembly can be leaders in pension reform by passing a constitutional amendment that allows for changes to future, unearned benefits.
House Bill 5760 would stop lawmakers’ scheduled cost-of-living adjustment. Illinois lawmakers are the fifth-highest paid state lawmakers in the nation.
The longtime House majority leader will benefit from a sweetener provision that grants massive pension spikes to career lawmakers after one year of retirement.
Despite being sentenced to 15 months in prison for a financial crime intended to cover up his sexual abuse of high school students, former U.S. House Speaker Dennis Hastert will continue to receive $28,000 annual pension payments for his six years as an Illinois state representative.
Taxpayers pay once for state politicians’ salaries and another 1.5 times for their bankrupt pension system. In 2017, taxpayers will contribute the equivalent of nearly $123,000 for each lawmaker just to keep the General Assembly Retirement System afloat.