Lennie Jarratt Proposes Common Sense Pension Reform

Lennie Jarratt, Republican candidate for State Senate District 31
Lennie Jarratt, Republican candidate for State Senate District 31

Press Release

(Round Lake, IL – February 15, 2011) Lennie Jarratt proposes common sense pension reform. For years, Springfield has made simple issues complicated and full of loop holes and special rules for certain individuals which allow family, friends and campaign donors to increase their pension retirement payout and take advantage of the Taxpaying public. This has led to an unfunded pension liability of $80 – $100 Billion, depending on what numbers you look at.  Some of the leading factors that have contributed to this problem are the following:

  • Inflated pensions due to end of career salary bumps
  • Short vestment periods
  • Overly generous percentages and early retirement ages
  • Out of control spending and skipping of pension payments

Common Sense Pension Reform

The Solution

Pensions must be reformed with a common sense solution for all new and non-vested state retirement system employees, teachers and elected officials or the system will go bankrupt affecting all currently earned pensions.  Here is a proposed solution:

  • No Pension issued under 20 years of service
  • Pension payout will be set on last 10 year salary average
  • Elected Officials will not earn a pension without 20 years of service
  • Elected will not be permitted to carry Elected official service in to a state Employee CMS position. The only way to use Elected Official service time is if leaving their Elected Position to serve as a Governors Appointee in a 4 year appointment
  • No Yearly pension will be more than the $75,000 pension cap, no matter the salary earned during service to the State of Illinois
It is time we starting having the hard discussions.  We can no longer afford to play around the edges of the problems and continue kicking the can down the road to our children and grandchildren.  We can solve these problems today with a return to common sense instead of the smoke and mirrors used by the political elites in Springfield.
 
Retirement System Grid
 
  20 Years of Service
55%
25 Years of Service
60%
30 Years of Service
65%
35 Years of Service
70%
40 Years of Service
75%
$20,000 $11,000 $12,000 $13,000 $14,000 $15,000
$25,000 $13,750 $15,000 $16,250 $17,500 $18,750
$30,000 $16,500 $18,000 $19,500 $21,000 $22,500
$35,000 $19,250 $21,000 $22,750 $24,500 $26,250
$40,000 $22,000 $24,000 $26,000 $28,000 $30,000
$45,000 $24,750 $27,000 $29,250 $31,500 $33,750
$50,000 $27,500 $30,000 $32,500 $35,000 $37,500
$55,000 $30,250 $33,000 $35,750 $38,500 $41,250
$60,000 $33,000 $36,000 $39,000 $42,000 $45,000
$65,000 $3,5750 $39,000 $42,250 $45,500 $48,750
$70,000 $38,500 $42,000 $45,500 $49,000 $52,500
$75,000 $41,250 $45,000 $48,750 $52,500 $56,250
$80,000 $44,000 $48,000 $52,000 $56,000 $60,000
$85,000 $46,750 $51,000 $55,250 $59,500 $63,750
$90,000 $49,500 $54,000 $58,500 $63,000 $67,500
$95,000 $52,250 $57,000 $61,750 $66,500 $71,250
$100,000 $55,000 $60,000 $65,000 $70,000 $75,000

Did you like the ABOVE article? Share it:

2 Comments

  • John Tolar

    This would violate the current clause that says benefits cannot be diminished. There is case law that supports this clause in the Illinois Constitution. Sorry Mr. Jarrett… this wont work.

  • Nightcrawler

    Actually, I think this is a good starting point for discussion. I particularly like the $75K cap and the service minimum, though 20 years is not realistic. Kudos to Lennie for putting an actual idea with real numbers out there.

Leave a Reply

Your email address will not be published. Required fields are marked *