| |||||||
| |||||||
| |||||||
| 1 | HOUSE RESOLUTION
| ||||||
| 2 | WHEREAS, The General Assembly Retirement System has been | ||||||
| 3 | providing a defined benefit pension plan to General Assembly | ||||||
| 4 | members since 1947; and
| ||||||
| 5 | WHEREAS, The average annuity in the General Assembly | ||||||
| 6 | Retirement System is over $49,000 and the System is only 20.2% | ||||||
| 7 | funded with $238 million in unfunded liability; and
| ||||||
| 8 | WHEREAS, Legislators in the General Assembly Retirement | ||||||
| 9 | System have been able to make changes to their own retirement | ||||||
| 10 | plan through changing the law, and in some instances have | ||||||
| 11 | created questionable benefit enhancements for specific | ||||||
| 12 | categories of individuals; and
| ||||||
| 13 | WHEREAS, The Retirement Systems Reciprocal Act generally | ||||||
| 14 | allows for reasonable and limited pension portability, but some | ||||||
| 15 | members of the General Assembly Retirement System have been | ||||||
| 16 | able to exploit this law in a manner that dramatically | ||||||
| 17 | increases their own pension benefits; and
| ||||||
| 18 | WHEREAS, Recent reports in the news media have brought to | ||||||
| 19 | light loopholes that have been exploited by former General | ||||||
| 20 | Assembly members for their own personal gain; therefore, be it
| ||||||
| |||||||
| |||||||
| 1 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | ||||||
| 2 | NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | ||||||
| 3 | the Auditor General shall conduct an audit of benefits | ||||||
| 4 | authorized under Article 2 (General Assembly Retirement | ||||||
| 5 | System) and Article 20 (Retirement Systems Reciprocal Act) of | ||||||
| 6 | the Illinois Pension Code to examine and report on | ||||||
| 7 | inappropriate benefit enhancements, as well as loopholes and | ||||||
| 8 | other benefit provisions that may allow members of the General | ||||||
| 9 | Assembly Retirement System to exploit the law for their own | ||||||
| 10 | benefit; and be it further
| ||||||
| 11 | RESOLVED, That the General Assembly Retirement System and | ||||||
| 12 | any other entity having information relevant to this audit | ||||||
| 13 | cooperate fully and promptly with the Office of the Auditor | ||||||
| 14 | General in the conduct of this audit; and be it further
| ||||||
| 15 | RESOLVED, That the Auditor General commence this audit as | ||||||
| 16 | soon as possible and report his findings and recommendations | ||||||
| 17 | upon completion in accordance with the provisions of Section | ||||||
| 18 | 3-14 of the Illinois State Auditing Act; and be it further | ||||||
| 19 | RESOLVED, That suitable copies of this resolution be | ||||||
| 20 | delivered to the Auditor General and the Board of Trustees of | ||||||
| 21 | the General Assembly Retirement System.
| ||||||