“Suslick, Gordon and Cahill are just three of the 3,500 to 4,000 University employees who will lose significant benefits if they do not retire by July 1, a result of pension reform legislation passed by the Illinois General Assembly in December.
The reform made sweeping changes for state employees, including cutting cost-of-living adjustments and raising the retirement age for many younger employees, to help save the state’s massively underfunded pension system.
But one unintentional effect the bill had was significantly cutting the retirement benefits of those already eligible to retire if they do not retire by the time the bill goes into effect on July 1.” READ MORE
Title: “Pension reform typo leaves thousands hanging in the balance”
Author: Jonathan Hettinger
Source: The Daily IlliniDate Published: April 21, 2014