Summary of Pension Reform Law

SURS provided a summary of Public Act 98-599 (Pension Reform) which includes information on the following topics:

• Automatic Annual Increase
• Retirement Age
• Pensionable Earnings Limitation
• Tier 1 Employee Contribution Decrease
• Money Purchase Formula Changes
• Optional Defined Contribution Plan
• State Funding

Click here to learn about how the law effects these issues and more. 

SURS Temporarily Waives Appointment Limit

"University faculty and staff who are considering retirement may need help making important decisions given the recently passed pension reform law. Eligible employees who already received a counseling appointment may request a second appointment if needed...

For more information about SURS counseling appointments, see the SURS website at
http://surs.org/life-events/retirement/counseling. Please note that the SURS online application will not allow you to request the second appointment, unless you have already called SURS Member Services first at 800-275-7877." READ MORE

Title: "SURS temporarily waives counseling appointment limit"

Author: N/A

Source: University Human Resources

Date Published: February 13, 2014

State's Employee Unions Ban Together

"The state's public employee unions are warning Illinois lawmakers that they oppose cuts being imposed on the deficit-ridden state retirement system.

City employee unions, including those representing teachers, police and firefighters, have drawn their line in the sand. They will not accept the same pension reform deal imposed on state workers." READ MORE

Title: "Unions oppose pension reform cuts"

Author: Charles Thomas

Source: ABC Local 

Date Published: February 17, 2014

How Big is Illinois' Pension Problem?

source

"The controversial changes to Illinois’ public pension systems enacted in December came after years of fierce debate. And one of the key points of contention among academics and fund leaders was 

this fundamental question: Exactly how bad is the pension shortfall?

The number kicked around by politicians and reporters is usually around $100 billion, based one estimate from the state’s five retirement systems.

That is what is known as the state’s 'unfunded liability'—a fancy way of saying the amount Illinois will owe state workers in future retirement benefits but will not be able to pay if the systems’ finances do not change." READ MORE

Title: "Illinois' pension problem: How big is it, really?"

Author: Alex Keefe

Source: WBEZ91.5

Date Published: February 7, 2014

More Sue to Overturn Pension Reform Law

"A coalition of public worker labor unions filed a lawsuit on Tuesday seeking to overturn a new Illinois law aimed at reducing a $100 billion unfunded pension liability.

The class-action lawsuit, filed by the We Are One Illinois coalition in Sangamon County Circuit Court in the state capital of Springfield, claims the law violates the Illinois Constitution, which stipulates that public worker pensions are contracts that the state cannot diminish or impair." READ MORE

Title: UPDATE 1 - Union group sues to overturn Illinois pension reform law"

Author: N/A

Source: Reuters

Date Published: January 28, 2014