On Thursday, March 6, 2014 SUAA filed a lawsuit in regards to the pension reform in Champaign County.
Friday, March 7, 2014
Friday, February 28, 2014
SURS and SUAA Updates
SURS is overwhelmed with
appointment requests. SURS individual counseling sessions are booked through May 15. Instead SURS is scheduling groups if 10
people. Each person will get their individual packet with their numbers
estimated just as they would for individual counseling sessions
The old SURS estimator has been removed from the website and new one should be up next week.
SURS webinars hold 500 guests, and the ones listed below are filling up fast! Click here to download the pdf of the slides used in the presentations, which have useful information.
The old SURS estimator has been removed from the website and new one should be up next week.
SURS webinars hold 500 guests, and the ones listed below are filling up fast! Click here to download the pdf of the slides used in the presentations, which have useful information.
Webinars are
scheduled at the following days/times:
- Wednesday, March 5th, 9:30am-11:00am is FULL
- Tuesday, March 18th, 2:00pm-3:30pm
- Friday, April 4th, 9:30am-11:00am
Please join SUAA so we can help to watch out for your pensions and benefits, at only $3:50 per month:
- Download an application on the website and mail it to the SUAA office.
- Enroll online at the SUAA website.
UIC SUAA President Answers Timely Questions
From Brenda Russell, UIC SUAA Chapter President:
I am receiving many questions from mid-career faculty and professionals about the long-term prospects at UIC. They express concerns about the pension changes along with union strike and the financial issues in the state of Illinois. Morale is very low. Let me cheer you up on this cold February Friday.
Should you stay at UIC? I say YES. I love UIC because we care about higher education, research and service in the best way possible.
Unintended consequences of pension "reform" may work in your favor! The pension changes affect those nearing retirement most and judging from the crush on information requests about pensions to SURS my best guess is that will be many unexpected opportunities for promotion for mid-career folk.
Every place I know has strengths and weaknesses, but they differ from the devil you know to the devil you don't.
Before you consider jumping ship you should think very carefully. Consider what matters most to you. For most academics it is not only about money but the ability to make a difference in their chosen field, and to make the world a better place. That is the mission of UIC. Chicago is a modern, cosmopolitan city. UIC always feels to me to be ahead and living in 21st century. UIUC is in the wrong place and UIC will increasingly be the #1 choice of the top Illinois students.
At any career step you need to ask what next? What are your goals, and can UIC meet them? Then you can look at UIC again and decide what it has to offer you.
Illinois may seem to have a gloomy financial situation but, in fact, Illinois is one of the wealthier states. It could easily increase taxes or revenue streams just as California did. I believe that Illinois will turn itself around and be as good as or better than most other states.
Having said all that, you should decide where you will be and what to do based on the attainable goals you are most passionate about.
It might be a tougher choice for those who are eligible and close to retirement because the new pension Law might cost you a reduction in your expected pension. I am following it all closely and there will be probably be a few tweaks to the law this session, but I don't expect anything major to change. Court cases are filed, but nothing in court yet. You cannot count on a court to stop the clock by an injunction before the deadline of June 30 2014 under old law. I expect much of this new Law to be allowed eventually, although I think we can overturn some items and be compensated for losses. This will all take two or more years or so those retiring in that time window have a degree of uncertainty that is tough to manage.
I hope you choose UIC.
 |
| SUAA Chapter President, Brenda Russell |
Should you stay at UIC? I say YES. I love UIC because we care about higher education, research and service in the best way possible.
Unintended consequences of pension "reform" may work in your favor! The pension changes affect those nearing retirement most and judging from the crush on information requests about pensions to SURS my best guess is that will be many unexpected opportunities for promotion for mid-career folk.
Every place I know has strengths and weaknesses, but they differ from the devil you know to the devil you don't.
Before you consider jumping ship you should think very carefully. Consider what matters most to you. For most academics it is not only about money but the ability to make a difference in their chosen field, and to make the world a better place. That is the mission of UIC. Chicago is a modern, cosmopolitan city. UIC always feels to me to be ahead and living in 21st century. UIUC is in the wrong place and UIC will increasingly be the #1 choice of the top Illinois students.
At any career step you need to ask what next? What are your goals, and can UIC meet them? Then you can look at UIC again and decide what it has to offer you.
Illinois may seem to have a gloomy financial situation but, in fact, Illinois is one of the wealthier states. It could easily increase taxes or revenue streams just as California did. I believe that Illinois will turn itself around and be as good as or better than most other states.
Having said all that, you should decide where you will be and what to do based on the attainable goals you are most passionate about.
It might be a tougher choice for those who are eligible and close to retirement because the new pension Law might cost you a reduction in your expected pension. I am following it all closely and there will be probably be a few tweaks to the law this session, but I don't expect anything major to change. Court cases are filed, but nothing in court yet. You cannot count on a court to stop the clock by an injunction before the deadline of June 30 2014 under old law. I expect much of this new Law to be allowed eventually, although I think we can overturn some items and be compensated for losses. This will all take two or more years or so those retiring in that time window have a degree of uncertainty that is tough to manage.
I hope you choose UIC.
Friday, February 21, 2014
SURS Announces Presentations and Webinars
SURS Outreach Department is hosting on-campus pension reform presentations beginning February 26, 2014.The information presented will provide an overview of the changes to SURS benefits based on PA 98-599 (SB1).
To find out if your school has scheduled a presentation, contact your HR Department.
SURS is also providing pension reform webinars for those who cannot attend the presentations.
Webinar dates are March 5, March 18 and April 4, 2014
Click here for more information and to register.
Thursday, February 20, 2014
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
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