A press release from State Rep. Steve Reick:
Representative Reick Rejects Legislative Pension
As one of his first official acts as a lawmaker in the Illinois General Assembly, State Representative Steve Reick (R-Woodstock) has rejected his legislative pension.
Paperwork was submitted recently to the General Assembly Retirement System (GARS) stating thenew legislator’s wishes to decline participation in the system. “The pension system in Illinois is unsustainable, and I believe that as a legislator I should lead by example to show my commitment to solving the pension crisis,” said Reick. “It is an area of reform that will be a priority for me as I begin my tenure in the House of Representatives.”
Illinois’ underfunded pension system has been identified as the worst in the nation, which has led to repeated downgrades in the state’s credit rating. Today the state’s credit rating is barely above junk-bond status. “The pension obligation is crowding out other essential areas of the budget to a point where critical service areas are not receiving the levels of funding they need,” Reick said. “Finding a fair and Constitutionally-sound solution to the pension crisis is imperative if we are to turn Illinois’ finances around. I look forward to working with my colleagues on both sides of the aisle and with stakeholders to find the right solution. The future of Illinois depends on it.”
Residents who would like to express their opinions or concerns on this or other areas of policy are encouraged to email Representative Reick through the contact form available at www.RepStevenReick.com.