|News from Senator Peter Roskam Senate Republican Whip|
|315 West Wesley Street||309H State House|
|Wheaton, Illinois 60187||Springfield, Illinois 62706|
For Immediate Release
Date: May 16, 2006/tia
Roskam to co-host informational pension seminar May 17
Springfield, IL – Senator Peter Roskam (R-Wheaton) along with State Senators Christine Radogno (R-Lemont), Dan Cronin (R-Lombard), Carol Pankau (R-Roselle), and Kirk Dillard (R-Hinsdale) are encouraging area residents to join them on Wednesday, May 17 to learn more about the changes recently made to the state retirement systems.
Senator Roskam explained that in the spring of 2005, Governor Blagojevich and his legislative allies pushed through a massive raid on the state’s pension systems in Senate Bill 27 (now Public Act 94-0004). As a result, $1.2 billion was diverted from the state retirement systems last year.
Recently, the General Assembly diverted another $1.1 billion from the pensions systems, for a total two-year raid of $2.3 billion. As a result of these pension raids, over the course of 10 years more than $4.8 billion will be diverted from the state’s retirement funding.
The lawmakers are urging all teachers, state employees, and Illinois taxpayers to join them to find out more about how the pension raids will affect the state retirement systems and the taxpayers of Illinois.