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Tag: pension reform
Symbol of the State of Illinois
Dear NIU faculty, staff and annuitants, As many of you know, last Friday the Illinois Supreme Court unanimously ruled that the sweeping pension legislation approved by the Illinois General Assembly and signed into law in December 2013 is unconstitutional. Specifically, Public Act 98-599 violates the pension protection clause of the Illinois Constitution by reducing annual...
Douglas D. Baker
Today, I write regarding some important developments regarding pension reform in the state of Illinois. Wednesday, a circuit court judge issued a temporary restraining order against implementing the pension reform law enacted last fall until the court can rule on the constitutionality of those measures. On Monday, the State Universities Annuitants Association reached a tentative...
SURS: State Universities Retirement System of Illinois logo
Representatives from the State Universities Retirement System are coming to campus Thursday, April 24, to answer questions from employes at or near the end of their careers. Their visit is in response to changes made by legislators last year that could pose dramatic – and expensive – impacts for some of those employees. Affected workers...
SURS: State Universities Retirement System of Illinois logo
NIU employees eligible for retirement this fiscal year should review their retirement benefits to analyze the impact of recent pension reform changes. “For employees eligible for retirement whose State University Retirement System annuity calculation is higher under the Money Purchase formula, pension reform changes passed by the state legislature last December could significantly reduce the...
'Road to Retirement' highway sign
The State Universities Retirement System of Illinois has posted an update regarding pension reform amendments. Gov. Pat Quinn signed PA98-599 Dec. 5, 2013. Because the amendments pertaining to employees in SURS Tier I (Traditional and Portable) Defined Benefit plan are complex, retirement plan administrators must rely on SURS when they interpret options and benefit calculations...
Symbol of the State of Illinois
News from Springfield … The University of Illinois Institute for Government and Public Affairs has released the result of its study, the Fiscal Futures Project. Key findings were that while the changes to four out of the five Illinois state-funded pension systems will eliminate their unfunded liability over the next 25 years, Illinois’ deficit will...
Photo of U.S. Capitol
In Washington, D.C. … FY 2014 Bi-Partisan Budget Compromise Bill The Senate passed the bipartisan budget compromise bill that was approved by the House last week by a vote of 64 to 36, with nine Republicans joining all 55 Democrats in voting for the bill. Now, Senate Appropriations Committee Chair Barbara Mikulski (D-Md.) and House...
State Pension & Budget Update
Northern Illinois University employees will have an opportunity Wednesday, Nov. 20, to speak with state legislators about the Illinois state pension system. The event takes place from noon to 1:30 p.m. in the Carl Sandburg Auditorium of the Holmes Student Center. Legislators planning to attend are Sens. Dave Syverson and as well as Reps. Mike...
Doug Baker
The fall veto session of the Illinois General Assembly is under way and, with it, many pending issues that will have a critical impact on NIU, public higher education in Illinois and the overall management of the state. Today I have been meeting with legislators and Gov. Pat Quinn to advocate for higher education funding...
U.S. Capitol
In Washington, D.C. … On Friday, the U.S. Senate approved S.744, the comprehensive immigration reform bill developed by the Senate Gang of Eight (that includes Illinois Sen. Dick Durbin), by a vote of 68-32. The Senate held a roll call vote, a procedure typically reserved only for the most significant votes, to underscore the historic...
Illinois State Capitol building in Springfield. Photo courtesy Illinois Board of Tourism.
Governor Pat Quinn called for a special session of the General Assembly in Springfield on June 19, 2013 for the intended purpose of addressing Illinois’ growing unfunded pension liability, an issue that was left unresolved when the Spring Session adjourned on May 31.  Since that time, several national credit ratings agencies have further downgraded Illinois’...
Northern Illinois University president John G. Peters and acting executive vice president and chief of operations Steven Cunningham lined up with other higher education leaders in the state to testify before the Senate Executive Committee as to the viability of legislation aimed to stabilize the State Universities Retirement System (SURS). Their combined testimony was well-received....
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