Despite budget impasse, retirees will continue to receive monthly pension check
State and University Retirees will continue to receive their monthly pension benefit despite an announcement from Comptroller Leslie Munger that Illinois will begin to skip payments to the pension funds due to the ongoing budget impasse.
On Wednesday, October 14, Munger announced that the state will delay its $560 million monthly pension payment that represents employer contributions to state pension funds for November. The pension funds involved include the State Employees’ Retirement System, the State University Retirement System, the Teacher’s Retirement System, the General Assembly Retirement System, and the Judges’ Retirement System.
“The fact is that our state simply does not have the revenue to meet its obligations," Munger stated.
While this is yet another instance of the state underfunding the pension systems, individual retirees will continue to receive their monthly annuity check in November and every month thereafter as scheduled.
State pension funding has become the latest victim of Governor Rauner’s unwillingness to develop and enact the FY16 budget, including revenue measures needed to fund it. Rauner continues to insist that he will not seek additional revenue until state legislators enact anti-union legislation, effectively holding state services hostage.