HR0711 97TH GENERAL ASSEMBLY

HR0711 LRB097 17332 EFG 62533 r

HOUSE RESOLUTION

WHEREAS, The General Assembly Retirement System has been providing a defined benefit pension plan to General Assembly members since 1947; and

WHEREAS, The average annuity in the General Assembly Retirement System is over $49,000 and the System is only 20.2% funded with $238 million in unfunded liability; and

WHEREAS, Legislators in the General Assembly Retirement System have been able to make changes to their own retirement plan through changing the law, and in some instances have created questionable benefit enhancements for specific categories of individuals; and

WHEREAS, The Retirement Systems Reciprocal Act generally allows for reasonable and limited pension portability, but some members of the General Assembly Retirement System have been able to exploit this law in a manner that dramatically increases their own pension benefits; and

WHEREAS, Recent reports in the news media have brought to light loopholes that have been exploited by former General Assembly members for their own personal gain; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that the Auditor General shall conduct an audit of benefits authorized under Article 2 (General Assembly Retirement System) and Article 20 (Retirement Systems Reciprocal Act) of the Illinois Pension Code to examine and report on inappropriate benefit enhancements, as well as loopholes and other benefit provisions that may allow members of the General Assembly Retirement System to exploit the law for their own benefit; and be it further

RESOLVED, That the General Assembly Retirement System and any other entity having information relevant to this audit cooperate fully and promptly with the Office of the Auditor General in the conduct of this audit; and be it further

RESOLVED, That the Auditor General commence this audit as soon as possible and report his findings and recommendations upon completion in accordance with the provisions of Section 3-14 of the Illinois State Auditing Act; and be it further

RESOLVED, That suitable copies of this resolution be delivered to the Auditor General and the Board of Trustees of the General Assembly Retirement System.