Taxpayers United of America’s recent data release of an updated list of lawmaker pensions in the General Assembly Retirement System was used by Tinley Park Patch.
Taxpayers United of America, an organization that advocates for tax relief and “fighting government pensions,” has released an updated list of lawmaker pensions in the General Assembly Retirement System.
At the end of fiscal year 2015, the pension fund had a funded ratio of 16.4 percent — the lowest of the state’s five retirement systems — and $278.8 million in unfunded liabilities. Here are some more fast facts from the 2015 comprehensive annual financial report:
- Average member salary: $89,241
- Active members: 145
- Active retirees: 309
- Total active beneficiaries (including survivors): 424
- Required employee contribution rate: 11.5 percent
- Participant contributions: $1.49 million
- Employer contributions: $15.87 million
- Total participant contributions as percent of total contributions revenue: 8.6 percent
- Average age at retirement: 60
- Average pension: $58,644
- Average length of service: 13.4 years
Here’s a list of the state’s Top 25 retired legislators who are receiving the biggest annual pension payouts.
TUA president and founder, Jim Tobin, was quoted by WCMY radio , about the recent Illinois General Assembly Retirees’ pension release.
Chicago — Taxpayers United of America says the Illinois legislature’s generous pensions have a lot do with why the state is broke. The organization announced Tuesday, its analysis of pension contributions and payouts shows the average former lawmaker has paid in less than $53,000 but will get about $1.3 million back in retirement. The organization says the General Assembly system is not about poor civil servants and fairness.
Among the local examples on the group’s list:
- Former St. Rep. Peg Breslin who later served as an appellate court judge paid in $60,000 and gets almost twice that every year for a pension. She has received $1.2 million so far.
- Former St. Rep. Pat Welch paid in $129,000 and has been paid $810,000 so far on his way to a projected $2.8 million.
- Former St. Rep. Tom Walsh, now a LaSalle County Board member put in $91,000 and has received nearly $1 million so far.
- Dennis Hastert, who went on to serve in the U.S. House including a period as the House Speaker, paid in just $19,000 to get $28,000 per year and $413,000 so far.
- Former St. Sen. Gary Dahl paid in just under $50,000 and has received $115,000 so far.
Excerpted data from TUA’s list released Tuesday.
|Illinois General Assembly retirees’ pensions as of January 27, 2016
|reported by Taxpayers United of America
|Projections assume life expectancy of 85 and 3% cost of living adjustment compounded annually
||Current Annual Pension
||Member Contributions to Pension Fund
||Age at Retirement
||Total Pension Collected to Date
||Estimated Lifetime Pension Payout
||Employee Contribution % of Estimated Lifetime Payout
|Peg M. Breslin
|| $ 112,754
|| $ 60,556
|| $ 1,220,719.79
|| $ 3,317,816
|Patrick D. Welch
|| $ 85,533
|| $ 129,138
|| $ 810,456.80
|| $ 2,813,172
|Tom P. Walsh
|| $ 59,099
|| $ 91,139
|| $ 994,563.35
|| $ 1,447,408
|J. Dennis Hastert
|| $ 28,026
|| $ 19,806
|| $ 413,518.22
|| $ 772,468
|Gary G. Dahl
|| $ 24,465
|| $ 49,965
|| $ 115,274.13
|| $ 363,819