Saturday, April 12, 2014

Flaw in Pension Law Wording

“Flaw in law's wording means some employees will lose major benefits unless they retire before July 1.

A wording glitch in a new state pension law is prompting hundreds, and perhaps thousands, of professors and other state university employees in Illinois to consider retiring before July 1 to avoid significant benefit cuts.

The cost of waiting could amount to several thousand dollars a year for individual retirees, on top of other cuts in pension benefits, according to official estimates.” READ MORE

Title: “Pension ‘fix’ may spark an exodus”
Author: Julie Wurth
Source: The News Gazette
Date Published: April 18, 2014

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