VIDEO: Mike Bost tells it like it is, throws the proposal into the air, and angrily wonders how he is supposed to represent his people at the State House of Representatives in Springfield, Illinois. Tuesday, May 29th 2012.
Representative Mike Bost’s on the House floor Tuesday afternoon came after lawmakers called for a vote on a new pension reform proposal.
The measure was introduced to a pension committee Tuesday morning, by House Speaker Mike Madigan, who Bost says should not be the only man in power, “”Total power in one person’s hands? That is not the American way.” The pension reform bill passed on a six to three vote and moved to the House floor for discussion within a couple of hours. Senate Bill 1673 cleared the pensions committee with five Democrats (Madigan, Biss, Burke, Winters, Nekritz, May) and one lame-duck Republican, Rep. Dave Winters, R-Shirland, voting to move the legislation to the House floor. the measure was opposed by Moorison, Poe, and Senger.
House Senate Bill 1673 would cut pension benefits for active employees and retirees in most state pension systems including TRS and SURS.
Senate Bill 1673 also bars school districts from bargaining the impact of any changes that result from the implementation of Senate Bill 1673.
Senate Bill 1673 also reduces retiree benefits by offering a choice between either keeping the current Cost of Living Adjustment (COLA) benefit but losing access to health insurance, or, agreeing to a reduced COLA while retaining access to insurance.
House Republican Leader Tom Cross of Oswego also angrily objected to the pension reform bill, Senate Bill 1673.
The GOP opposes a provision that removed the state’s responsibility for pension costs for teachers and university employees — gradually shifting the expense to local school districts and universities.
Mike Bost is a Republican member of the Illinois House of Representatives, representing the 115th district where he has served since 1995.
House Representative Mike Bost was a firefighter before entering politics. He graduated from Murphysboro High School, attended the University of Illinois Certified Firefighter II Academy, and served in the United States Marine Corps (1979–82).
Currently he is a full-time state legislator, serving in southwest Illinois, and a business owner. Bost sponsors many firearm bills in support of the Second Amendment right to bear arms.
Mike Bost is known as a passionate opponent of former Illinois governor Rod Blagojevich, who is serving a 14-year sentence after his conviction for lying to the FBI related to attempts to sell the Senate seat vacated by then-President-elect Barack Obama.
The Teachers’ Retirement System of the State of Illinois (TRS) was created by the State of Illinois General Assembly in 1939 for the purpose of providing retirement, disability, and survivor benefits to its participating members. TRS is one of the largest public pension funds in the United States with $37.5 billion in net assets as of the end of fiscal year 2011.
In December 2011, it was reported in Crain’s Chicago Business that TRS was the worst-funded major pension plan in the United States, and was moving to high risk investments such as private-equity investments and hedge funds.
State Universities Retirement System State of Illinois pension fund (SURS) covers over 70 employers in Illinois including state universities, community colleges, and state agencies. Illinois Governor and General Assembly founded the University Retirement System in 1941 as an administrator of benefits for employees of the University of Illinois. SURS has grown to include other universities, colleges, and affiliated agencies throughout the State of Illinois.