More Movement on Pensions

It looks like the legislature is about to make its move to change pensions for active employees. The IEA just reported that House Republican Tom Cross has filed pension language for SB512.

Now would be the time to contact your local legislators and let them know what you think about these proposed changes. The IEA is offering a contact form or you can call them directly at their offices:

List of Illinois SenatorsSenator David S. Luechtefeld is the Senator for the 58th district, which includes SIUC and Carbondale
List of Illinois RepresentativesRepresentative Mike Bost is the Representative for the 118th district, which includes SIUC and Carbondale

If you live outside of those districts, please make sure to contact your own Senators and Representatives and identify yourself as their constituent!

I also hope with severe weather incoming that everyone is also taking necessary precautions and being safe. If you are not sure you have a safe place to go, WSIL has a list of regional storm shelters I urge you all to take a look at.

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5 thoughts on “More Movement on Pensions

  1. I read the gobbledygook bill (SB 312) and can’t tell

    a) whether we have to pay 24.89% to keep our “constitutionally guaranteed” benefit OR 12.75%? Both numbers appear. Thereafter it is based on an actuarial formula so who knows what we have to contribute? This, from a state with a history of making up numbers (as you have noted in other contexts). Any answers on that score? As I recall the “Actuarial formula” – 6% would be about . . . 24.89%!

    b) The 106K cap — are the half-inflation adjustments made every year during employment or does the 106K cap stick for when you retire (perhaps 35-40 years in the future when 106,000 will be worth about 20K!).

    Love to have answers on those questions but the whole thing is sickening.

    BTW, I blogged on the issue here (with excerpts):

    http://freesiu.blogspot.com/2011/05/urgent-springfield-pols-out-to-clean.html

    • For corrected numbers (lower than 25 but possibly that high later), check FreeU. New information from SUAA on what happens three years out. (Yes, it can get worse)

      • More info coming soon!

        I didn’t want you to think I was ignoring your comment; rather I’m spending some time getting my facts as straight as possible. Unfortunately, I don’t know as much about the pensions (and the proposed pension changes) as I probably should so give me a bit of time to get you some answers if I can. Which, of course, may change since there’s inevitably going to be amendments as we go through this.

  2. Kristi, thanks for keeping us up to date on this issue. (Also thanks to Jonathan Bean for helping out over on his blog.)

    Dave

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