Taxpayers United of America’s recent data release of an updated list of lawmaker pensions in the General Assembly Retirement System was used by Tinley Park Patch.
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’s a list of the state’s Top 25 retired legislators who are receiving the biggest annual pension payouts.