HR0711LRB097 17332 EFG 62533 r

1
HOUSE RESOLUTION

 
2    WHEREAS, The General Assembly Retirement System has been
3providing a defined benefit pension plan to General Assembly
4members since 1947; and
 
5    WHEREAS, The average annuity in the General Assembly
6Retirement System is over $49,000 and the System is only 20.2%
7funded with $238 million in unfunded liability; and
 
8    WHEREAS, Legislators in the General Assembly Retirement
9System have been able to make changes to their own retirement
10plan through changing the law, and in some instances have
11created questionable benefit enhancements for specific
12categories of individuals; and
 
13    WHEREAS, The Retirement Systems Reciprocal Act generally
14allows for reasonable and limited pension portability, but some
15members of the General Assembly Retirement System have been
16able to exploit this law in a manner that dramatically
17increases their own pension benefits; and
 
18    WHEREAS, Recent reports in the news media have brought to
19light loopholes that have been exploited by former General
20Assembly members for their own personal gain; therefore, be it
 

 

 

HR0711- 2 -LRB097 17332 EFG 62533 r

1    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
2NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
3the Auditor General shall conduct an audit of benefits
4authorized under Article 2 (General Assembly Retirement
5System) and Article 20 (Retirement Systems Reciprocal Act) of
6the Illinois Pension Code to examine and report on
7inappropriate benefit enhancements, as well as loopholes and
8other benefit provisions that may allow members of the General
9Assembly Retirement System to exploit the law for their own
10benefit; and be it further
 
11    RESOLVED, That the General Assembly Retirement System and
12any other entity having information relevant to this audit
13cooperate fully and promptly with the Office of the Auditor
14General in the conduct of this audit; and be it further
 
15    RESOLVED, That the Auditor General commence this audit as
16soon as possible and report his findings and recommendations
17upon completion in accordance with the provisions of Section
183-14 of the Illinois State Auditing Act; and be it further
 
19    RESOLVED, That suitable copies of this resolution be
20delivered to the Auditor General and the Board of Trustees of
21the General Assembly Retirement System.