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Tag: pension
Symbol of the State of Illinois
The Illinois General Assembly adjourned Friday evening without taking action to resolve Illinois’ pension funding crisis. Illinois public university presidents and chancellors worked diligently this spring to craft a viable solution to the SURS funding problems. The Illinois Government & Public Affairs Policy Institute (UIUC) developed a Six Point SURS Pension Reform Plan that was promptly...
Photo of Illinois flag in globe
Just one more week remains in the current legislative session before the Illinois General Assembly adjourns Friday, May 31. At this point, major issues remain unresolved, which is not uncommon given the natural rhythm of the legislative process in Springfield. Kathryn Buettner, NIU vice president of University Relations, was in Springfield this week and delivered...
'Road to Retirement' highway sign
Presidents and chancellors at public universities and colleges across the state reached an agreement in principal with House Speaker Michael J. Madigan and House leaders Thursday for public universities to assume the employer share of employee pension costs beginning in FY2015. The hope is that Thursday’s agreement might help break up the logjam in Springfield...
NIU President John G. Peters
Dear Colleagues, I am writing to you today to update you with some very important information relative to the very fluid pension debate in the General Assembly in Springfield. Thursday afternoon, the Illinois Senate approved an amended version of Senate Bill 2404, a union-backed proposal sponsored by Senate President John Cullerton that offers Tier I...
Interior of the Illinois State Capitol Building in Springfield
The Illinois House has approved a comprehensive pension-reform measure sponsored by House Speaker Michael Madigan by a vote of 62-51 Thursday afternoon. Senate Bill 1 is designed to close a $97 billion deficit that hangs over the state’s pension plans. Underfunding for decades has left the pension systems short of what they need. The bill...
Mike Madigan
The Illinois House Personnel and Pensions Committee passed a pension reform plan put forth by Speaker Michael J. Madigan by a 9-1 vote, clearing the way for the pension reform bill to be called before the full House today. Madigan’s plan calls for employees to pay 2 percent more of salary toward their retirement plans....
State Pension & Budget Update
Illinois House Speaker Michael Madigan filed an amendment to a comprehensive pension-reform package passed by the Senate last month that caps the salary on which a pension can be based and limits annual cost-of-living increases. The House Personnel & Pensions Committee is scheduled to consider the legislation at an 8:30 a.m. Wednesday, May 1, meeting. The...
Seal of the State of Illinois
The presidents and chancellors of the 14 public universities in Illinois have unanimously endorsed a six-point proposal for addressing the state’s pension funding crisis as it relates to the State Universities Retirement System (SURS), and in a letter to the governor and legislative leaders they called it “a thoughtful and responsible approach.” “We write to...
Photo of a penion plan bar graph and calculator
In Springfield … Last week was the deadline for bills to get out of committees in their chamber of origin, so most of the action occurred in the various committees. However, there were some significant movements on various bills related to pension reform. SB 1, sponsored by Senate President John Cullerton, as amended, is not the...
Image of a health care professional with white lab coat, blue scrubs and stethoscope
A downstate judge ruled Tuesday that health care for retired state workers is not constitutionally guaranteed. A long-standing benefit had allowed retirees with 20 or more years of service to retire with full health insurance coverage (for themselves, but not dependents) without paying premiums. A series of lawsuits filed in Sangamon County sought to preserve...
Symbol of the State of Illinois
In Springfield … The Illinois General Assembly has been busy with committee activities over the last two weeks. This week is the last week to get bills through committees in their house of origin. Higher Education-Related Legislation In the Senate Higher Education Committee, SB 2163 passed unanimously out of committee Tuesday, March 12. Sponsored by Sen....
Illinois Gov. Pat Quinn
Education will sustain a painful hit in a new State of Illinois spending plan unveiled today during Gov. Pat Quinn’s annual budget address. Calling it the “most difficult budget ever,” the governor said the state must solve its public-employee pension crisis, which will drain nearly $7 billion of the Illinois general revenue in the coming...
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