HR0487LRB099 12388 RPS 35633 r

1
HOUSE RESOLUTION

 
2    WHEREAS, The most recent unfunded liability for the 5
3State-funded pension systems is $111 billion and growing, which
4is the second largest in the nation; and
 
5    WHEREAS, Chronic underfunding of the State pension systems
6is the primary reason for their extreme unfunded liability and
7the corresponding excessive annual contributions associated
8with that liability, which are required to stabilize the
9State's pension plans; and
 
10    WHEREAS, Increased pension costs due to underfunding are
11crowding out other essential State spending, such as education
12and human services; and
 
13    WHEREAS, In FY 2016, approximately $6.7 billion in general
14revenue is required to go toward the State's pension payments,
15which is approximately 21% of the entire general revenue
16available for budgeting purposes; and
 
17    WHEREAS, Public Act 94-4 further exacerbated the State's
18underfunding of its pension systems by taking "pension
19holidays" in FY 2006 and FY 2007; and
 
20    WHEREAS, It is important for the General Assembly to

 

 

HR0487- 2 -LRB099 12388 RPS 35633 r

1understand the short and long-term impact that pension holidays
2have on the sustainability of a pension system; therefore, be
3it
 
4    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
5NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we
6urge the Teachers' Retirement System of the State of Illinois
7(TRS), the State Universities Retirement System (SURS), the
8State Employees' Retirement System of Illinois (SERS), the
9Judges Retirement System (JRS), and the General Assembly
10Retirement System (GARS) to request that their respective
11actuaries analyze the short and long-term effect that the
12pension holidays contained in Public Act 94-4 had on their
13systems; and be it further
 
14    RESOLVED, That we urge TRS, SURS, SERS, JRS, and GARS to
15include the fiscal impact of these pension holidays in their
16annual actuarial valuations.