Publication: UIC Staff Official Announcements
Title: Pension proposal
Date Published: April 23, 2011
The state of Illinois continues to experience severe
financial stress caused by the largest economic downturn in decades and
resulting insufficient revenue to meet the needs and obligations of the state,
including pensions.
Last Friday, Gov. Quinn announced his proposal to
stabilize the state's public pension system that includes the State University
Retirement System (SURS). The proposal is limited to the SURS traditional
benefit plan and does not impact employees in SURS self-managed plans.
The Governor's proposal includes increasing employee
contributions, raising the retirement age, and reducing cost-of-living
adjustments. The proposal does not identify an effective date for the changes
or suggested phase-in periods.
Let me stress that this is only a proposal, and no
legislation has been introduced. We will closely monitor its progress through
the legislative session.
We also will be actively engaged in proposing adjustments
and amendments to the proposal to minimize the financial impact on our
dedicated employees and protect retirement benefits earned. Approval of the
proposal by the legislature in its present form is uncertain.
I fully appreciate the concern you may have about your
retirement system and the impact these proposed changes may have on you and our
great University. We will keep you informed as this proposal moves forward for
legislative consideration and do everything possible to protect the retirement
benefits you have earned.
Robert A. Easter
President-designate
University of Illinois
For More Information
--Gov. Quinn's news release (http://tinyurl.com/quinnrelease)
--SURS fact sheet on governor's proposal (http://tinyurl.com/sursonquinn)
--Rockford Register Star coverage (http://tinyurl.com/rockfordstar)
of the governor's proposal, including sidebar with key points
What Are You Doing to Protect your Future?
Join SUAA Now!
http://tinyurl.com/join-uicunited
What Are You Doing to Protect your Future?
Join SUAA Now!
http://tinyurl.com/join-uicunited
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