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Wirepoints says the General Assembly Retirement System is not economically feasible. | (WT-en) Mark at English Wikivoyage
Wirepoints says the General Assembly Retirement System is not economically feasible. | (WT-en) Mark at English Wikivoyage
According to a Freedom of Information Act request by the Lake County Gazette, another Illinois lawmaker has opted into the General Assembly Retirement System (known as GARS), state Rep. Joyce Mason (D-Gurnee).
In 2018 GARS was 15 percent funded, and the worst of the pension funds run by the state of Illinois.
Legislators have also been called out by critics for their salary and pension benefits, which go beyond those of teachers, state workers and businesses in the private sector. The fund is said to be broke, with only $54 million in assets in 2018, and a total of $316 million in promised pension benefits.
Taxpayers contribute more than 200 percent of the payroll for lawmakers annually, which saves GARS from completely failing. The other four funds require anywhere from 39 percent to 85 percent in contributions, which is far lower than the 203 percent of taxpayer funds that go to GARS annually.
In addition to base salaries of $67,836, lawmakers also get stipends for legislative roles, and deputy leaders get another stipend too. Some legislators get an extra $10,000 a year for serving on committees that rarely meet. That doesn’t take the pension benefits into account.
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