“Public Act 98-0599 purports to require the State to follow a funding
schedule that provides an annual contribution, beginning in Fiscal Year 2015,
to each of SERS, SURS and TRS (as well as the General Assembly Retirement
System and the Judicial Retirement System) that is equal to the sum of the
actuarial amount needed to fund each pension system plus that additional amount
required to fund by Fiscal Year 2044 100% of each pension system's liabilities.
“The funding
mandate for which Public Act 98-0599 calls, however, is no mandate at all.
“Illinois history is replete with the successive failures of the
Illinois General
Assembly and Governor to make payments to the State pensions systems for which Illinois law called. For years, led by successive Governors and members of the General Assembly, including many currently in office, the State has failed to pay an actuarially-sufficient amount to fund its pension systems. All along, the State and its elected officials did so knowing that they were shortchanging the pension systems, cheating Illinois' public servants and violating the public trust.
Assembly and Governor to make payments to the State pensions systems for which Illinois law called. For years, led by successive Governors and members of the General Assembly, including many currently in office, the State has failed to pay an actuarially-sufficient amount to fund its pension systems. All along, the State and its elected officials did so knowing that they were shortchanging the pension systems, cheating Illinois' public servants and violating the public trust.
“In enacting
Public Act 98-0599, the General Assembly and Governor Quinn failed to heed the
lesson Illinois history teaches with respect to funding the State pension
systems. That is, a statutory commitment to adequately fund the State pension
systems is no guarantee.
“Public Act
98-0599 is no different. The General Assembly may alter or repeal in the future
the funding amounts that Public Act 98-0599 requires…”
For
additional commentary, click on the following link: “If the state faces a crisis, it could simply vote to change what the required payment would be...” Representative
Elaine Nekritz
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