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SJ0124 |
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LRB096 21737 AMC 39427 r |
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| SENATE JOINT RESOLUTION
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| WHEREAS, Social Security coverage has never been available |
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| for the vast majority of members in the State-funded pension |
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| systems; and
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| WHEREAS, Seventy-eight percent of participants in |
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| Illinois' public pension systems do not receive Social |
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| Security; and
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| WHEREAS, Members of these State-funded pension systems who |
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| have earned Social Security coverage through past employment |
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| have these benefits reduced up to 66% by the Windfall |
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| Elimination Provision or the Government Pension Offset; and
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| WHEREAS, The General Assembly is considering a reduction in |
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| pension benefits for future members of these State-funded |
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| pension systems; and
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| WHEREAS, Currently, the normal cost for new members of the |
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| retirement systems is below the cost of providing Social |
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| Security; and
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| WHEREAS, The cost of the current benefit plan is lower than |
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| what is paid in the private sector for Social Security; and
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SJ0124 |
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LRB096 21737 AMC 39427 r |
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| WHEREAS, Social Security is a 50-50 pick-up between |
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| employees and employers; and
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| WHEREAS, Current pension reduction proposals would require |
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| new members to pick up 80% to 90% of the cost of their |
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| retirement; and
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| WHEREAS, Retirement security for members of State-funded |
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| pension systems that are not participating in Social Security |
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| is solely dependent on the level of the benefits provided by |
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| these systems; and
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| WHEREAS, It is prudent for the State of Illinois to study |
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| the impact of mandating Social Security for all public |
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| employees in State-funded pension systems; and
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| WHEREAS, The study shall compare the cost of mandating |
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| Social Security for new members and the normal cost of those |
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| new members; therefore, be it
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| RESOLVED, BY THE SENATE OF THE NINETY-SIXTH GENERAL |
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| ASSEMBLY OF THE STATE OF ILLINOIS, THE HOUSE OF REPRESENTATIVES |
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| CONCURRING HEREIN, that the Commission on Government |
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| Forecasting and Accountability shall conduct a study to analyze |
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| the cost of mandating Social Security coverage for all members |
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| of State-funded pension systems; and be it further
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SJ0124 |
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LRB096 21737 AMC 39427 r |
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| RESOLVED, That the Commission on Government Forecasting |
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| and Accountability shall compare the normal cost of the benefit |
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| plan offered to current and future members of
State-funded |
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| pension systems to the cost of Social Security coverage; and be |
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| it further
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| RESOLVED, That the Commission on Government Forecasting |
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| and Accountability shall present the results of this study to |
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| the leaders of each legislative caucus and the Governor's |
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| office by May 7, 2010; and be it further
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| RESOLVED, That a suitable copy of this resolution be |
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| delivered to the Commission on Government Forecasting and |
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| Accountability.
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