It’s unlikely that many, if any, current members of the Illinois General Assembly know it, but their delaying pension reform past the end of June benefited about half of their retired colleagues.
Those with birthdays in the first half of the year.
That includes me.
So my pension, which was about $80,000 before the so-called Cost-of-Living-Adjustment (inflation went up 1.7% during 2012) will increase about $2,400.
My pension (for sixteen years in the Illinois House, four years as McHenry County Treasurer and four years in the Department of Central Management Services) increased 3% with the start of the State’s Fiscal Year, which is July 1st.
Ninety-two legislative retirees got the pension bump. You can see who here.
You will see that past statewide elected officials are given benefits under the General Assembly Retirement System. It’s an interesting list, including a former Governor, Congressmen, past and present, a Federal Judge and legislators. The “Ryan,” by the way, is not George. It’s former Attorney General Jim Ryan.
The cost will be about $13,000 per month or $156,000 for twelve months.
The increase was offset by the requirement for all those receiving state pensions to pay 1% of their pension amount for health insurance. Next year, the law the General Assembly passed last year will require a 2% payment.
There are also large increases in deductibles for those with state retiree health benefits.
I assume all state retirees are forced to sign up for Medicare upon reaching age 65. I was.