Dupage Policy Journal

State Rep. Anne Stava-Murray (D-Naperville) has opted into the legislator pension system, according to a Freedom of Information Act request by the DuPage Policy Journal.

This could put stress on the General Assembly Retirement System (or GARS), which, two years ago, was the worst-funded of the five state-funded pension plans, at only 15 percent funding.

Critics have called for changes to GARS – like getting rid of that system and moving all legislators to a defined contribution plan. And, legislators have the power to do so. They will not even have a union to oppose the plan, although ending benefits for current lawmakers would surely be controversial.

The GARS fund has only $54 million in assets available, and a demand of $316 million.

Reasons cited bvy critics encouraging lawmakers to give up their legislate pensions include the low level of funding and lawmakers’ salary and benefits to Moody’s putting the pension shortfall at $250 billion. 

GARS is expected to be totally insolvent in less than three years without an annual $20 million infusion from taxpayers.

Taxpayers contribute approximately 203 percent of lawmakers’ payroll, to GARS while the other four funds have contribution rates ranging from 39 percent to 85 percent, a sharp decline from the requirements of GARS.