Newly-appointed State Senator Dan McConchie (R-Hawthorn Woods) announced that he is opting out of the generous taxpayer-funded state legislator retirement system which he says is contributing to the state’s significant pension crisis.
“Illinois legislators benefit from one of the most lavish retirement plans in the country,” stated Senator Dan McConchie. “I don’t think part-time legislators should receive an outrageous pension for life on the taxpayers’ dime. There is no way I’m going to add further to the people’s long-term financial obligations.”
Sen. McConchie opts out of the General Assembly Retirement System
Sen. McConchie made a promise that if elected he would not participate in the pension system. In April, Sen. McConchie was appointed to the Illinois Senate and immediately fulfilled that promise.
Once a legislator opts out of the pension program as McConchie did, the decision is irreversible due to administrative rules within the state pension system. Sen. McConchie is one of a growing number of fellow legislators who have opted out of the legislative retirement system citing in part Illinois’ significant unfunded pension liability.