Submitted by the League of Women Voters of Lake Forest & Lake Bluff
Illinois Public Pensions! That is a hot topic this election season garnering a lot of attention by just about everyone: politicians, media, retirees, and taxpayers. For years, there has been talk but not much action. As a public retiree or taxpayer, your life will be affected.
The League of Women Voters – Lake Forest/Lake Bluff Area is offering an opportunity to learn more about this controversial issue on Thursday, Nov. 1, 7:00 p.m. at Gorton Community Center, 400 E. Illinois Rd. LF. There will be two speakers addressing different aspects of the problem. Robert E. Riley, a Partner with Robbins, Schwartz, Nicholas, Lifton, Taylor, Ltd. in Chicago, which specializes in education and municipal law, will speak about the five Illinois State Public Pension Systems. He will explain the background and status of the pensions. Amanda Kass, Pension and Local Government Specialist, Center for Tax and Budget Accountability, will describe the history of the underfunding and potential solutions. There will be plenty of time after the presentations for questions.
The five Illinois state public pension systems with an estimated unfunded liability of $83 billion are the General Assembly Retirement Plan, Judges Retirement System, State Employees Retirement System, State Universities Retirement System, and Teachers’ Retirement System.
Something must be done soon. Learn some of the options, so you can let your state legislators know what you think needs to be done.
The League of Women Voters, a nonpartisan political organization, encourages informed and active participation in government, works to increase understanding of major public policy issues, and influences public policy through education and advocacy. For more information, please visit our website www.lwv-lflb.org We welcome men and women of all ages to become members. With more than 90 years of experience and 800 local and state affiliates, the League is one of America’s most trusted grassroots organizations.
Just want to point out and emphasize that most ‘local government’ employees (excluding teachers) are part of the Illinois Municipal Retirement Fund (IMRF). This pension system has been and continues to be extremely well managed and properly funded. And, as a retiree from Lake County government, I’d like to point out that we DO NOT receive paid health insurance as a post employment benefit. And we DO NOT receive compounded cost of living increases in our pension. It’s unfortunate that IMRF and retirees like me are often viewed as part of the State of Illinois pension mess.