Taxpayers United of America’s recent data release of an updated list of lawmaker pensions in the General Assembly Retirement System was used by Huffington Post
Taxpayers United of America, an organization that advocates for tax relief and “fighting government pensions,” has released an updated list of lawmaker pensions in the General Assembly Retirement System.
At the end of fiscal year 2015, the pension fund had a funded ratio of 16.4 percent — the lowest of the state’s five retirement systems — and $278.8 million in unfunded liabilities. Here are some more fast facts from the 2015 comprehensive annual financial report:
Average member salary: $89,241
Active members: 145
Active retirees: 309
Total active beneficiaries (including survivors): 424
Required employee contribution rate: 11.5 percent
Participant contributions: $1.49 million
Employer contributions: $15.87 million
Total participant contributions as percent of total contributions revenue: 8.6 percent
Average age at retirement: 60
Average pension: $58,644
Average length of service: 13.4 years
Here are the Top 25 former state legislators who are receiving the biggest annual pension payouts as of Jan. 27, 2016.