SPRINGFIELD, IL – Scandals and stories about former elected officials receiving generous pension bumps are the reason for State Sen. Matt Murphy (R-Palatine) sponsoring legislation to cleanup loopholes.
“A former legislator went to work for the City of Chicago for a short period of time and was allowed to calculate his time at the City of Chicago toward sweetening a legislative pension,” Murphy said. “These little – known loopholes and abuses have to be curbed, in order for the legislature to establish much needed credibility on saving the state’s five pension systems from financial ruin.”
House Bill 3969 requires employer contributions to cover the cost of pension bumps by former legislators who take jobs with other units of government. It prevents the state taxpayers from picking up the tab for pension spikes if the annuitant has less than 2 years of service credit, post active participation in General Assembly Retirement System.
HB 3969 heads back to the House of Representatives for a concurrence vote and then to the Governor, if it passes the full House.
Get updates from The Cardinal ALL NEWS FEEDS on Facebook. Just ‘LIKE’ the ‘Arlington Cardinal Page (become a fan of our page). The updates cover all posts and sub-category posts from The Cardinal — Arlingtoncardinal.com. You can also limit feeds to specific categories. See all of The Cardinal Facebook fan pages at Arlingtoncardinal.com/about/facebook …