Share Tweet Share Email
Tag: pension
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...
'Road to Retirement' highway sign
The end of the fiscal year is raising many questions for employees at or near retirement age. Changes made by legislators last year to the State University Retirement System could have dramatic – and expensive impacts for some of those employees. Especially at risk are those whose SURS annuity calculation is higher under the money...
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...
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...
Photo of gold pocket watch and retirement greeting card
Higher education leaders from across the state, including Northern Illinois University acting executive vice president of business and finance Steven Cunningham, testified before a 10-member bipartisan legislative conference committee during a 9 a.m. July 3 meeting at the Michael Bilandic Building in Chicago. The group advocated for the Institute for Government and Public Affairs’ (IGPA) six...
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...
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....
Symbol of the State of Illinois
Northern Illinois University President John Peters and senior administrators have been actively involved in building consensus on a pension stabilization solution for the State Universities Retirement System (SURS) that enjoys the unanimous support of presidents and chancellors of all Illinois public universities. The plan – a combination of Senate Bill 1687 and Senate Bill 2591 – is expected to...
1 2 3 4 5 6 7