A Group of Lawmakers in Illinois Are Opting Out of Their Pensions

62307h6

A group of legislators in Illinois are doing something a little strange and a lot unexpected: opting-out of their pensions.

It may only be for symbolic purposes, but it’s a rare, and interesting, occurrence nonetheless. From the Northwest Herald:

One of the first moves state Rep. David McSweeney made after assuming office in January 2013 was completing paperwork to opt out of the pension system, he said.

“I think this is a part-time job,” McSweeney said, “and with all the financial problems the state has, I don’t think legislators deserve pensions.”

As Illinois continues to grapple with pension reform in the midst of heavy financial woes, McSweeney, R-Barrington Hills, is joined in his decision by an increasing number of state legislators.

He is among a group of more than 20 known Illinois lawmakers forgoing pensions entitled to them through the General Assembly Retirement System, according to Reboot Illinois. McSweeney said he’s hoping to set an example.

“I would certainly encourage people to follow, and I think others are doing it,” he said.

Most of the participating lawmakers are relatively new to office. Coincidence? Actually, there’s a reason. From the Northwest Herald:

Upon entering into the legislature, members are “basically put into the plan automatically,” according to Tim Blair, executive secretary of the State Retirement System.

Those who have opted out had to do so within a 24-month period after becoming a member, Blair said, adding after two years, members no longer have the option to forgo the pension system.

Now, the absence of 20 pensions isn’t going to solve Illinois’ fiscal woes. But many groups have been calling for lawmakers to reduce or eliminate their pensions to help solve the ongoing fiscal crisis the state is facing. Here is a list of the participants, courtesy of Reboot Illinois:

Illinois-politicians-opt-out-pension-plans

Graphic courtesy of Reboot Illinois

Share This Post

Related Articles

One Response to “A Group of Lawmakers in Illinois Are Opting Out of Their Pensions”

  1. Luigi Rosell says:

    Really good site, thank you so much for your time in writing the posts.

Leave a Reply

Privacy Policy | © 2020 Pension360 and © 2014 Policy Data Institute | Site Admin · Entries RSS ·