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Tag: State Pension and Budget Update
A rubber duck bathtub toy
The 97th General Assembly came to a close late in the afternoon Tuesday, Jan. 8, when both the House of Representatives and the Senate adjourned sine die. The members of the 98th General Assembly were inaugurated at noon Wednesday, Jan. 9.
A committee of lawmakers in Springfield endorsed a proposal Monday that would enact sweeping changes to the state’s employee pension system. Under the plan endorsed by the House Personnel and Pensions Committee (on a 6-3 vote) the changes would include: A six-year suspension of the annual 3 percent cost of living increase currently given to retirees....
'Road to Retirement' highway sign
A group of Illinois university professors and administrators has released a plan to reform the retirement system for university employees. An Institute of Government and Public Affairs proposal released Monday recommends letting workers trade a portion of their guaranteed benefits for a lump-sum payment which would go into a self-managed retirement account. “Consideration of a...
Illinois State Capitol building in Springfield. Photo courtesy Illinois Board of Tourism.
In Springfield … The Illinois General Assembly reconvenes from Tuesday, Nov. 27, to Thursday, Nov. 29 and from Tuesday, Dec. 4, to Thursday, Dec. 6, for its Fall Veto Session. We also anticipate that the General Assembly will reconvene in early January 2013 for a “Lame Duck” session before the 98th Illinois General Assembly is inaugurated...
Illinois State Capitol building in Springfield. Photo courtesy Illinois Board of Tourism.
State lawmakers will meet in a special one-day session Friday to discuss potentially dramatic changes to the pension systems that serve state employees. Statehouse watchers say that Speaker of the House Mike Madigan has agreed to call HB1447 for a vote. Approved May 31 by the Illinois Senate on the final day of the spring...
A pension reform plan outlined Thursday by House Speaker Michael Madigan would shift costs to universities, reduce cost-of-living-adjustments in retirement and offer a choice between accepting the lesser, Tier II cost-of-living-adjustment (COLA) with access to the state’s retiree health care plan or maintaining the current COLA with a freeze on pay raises counting toward future...
Photo of cash and a checkbook balancing a scale
In Springfield … Last week, both chambers of the Illinois General Assembly continued to move bills through committees and through third readings. However, the three big issues remaining are the FY 2013 appropriations, pension stabilization, and Medicaid reform and cuts. Most of the discussions on these three issues have taken place behind closed doors, but...
Photo of scissors cutting $100 bill
In Springfield … The Illinois Senate Executive Committee voted to approve House Bill 3810, a bill that will eliminate the General Assembly Scholarship Program on Sept. 1, 2012. Senate President John Cullerton, who had picked up sponsorship of this bill, testified that this program was good overall and that it had helped many very deserving...
Seal of the State of Illinois
Presidents and chancellors of public universities in the State of Illinois sent letters Thursday, May 3, to Gov. Pat Quinn as well as Illinois General Assembly leaders Michael Madigan, John Cullerton, Christine Radogno and Tom Cross. The letters outlined a statement of 10 objectives for stabilization of the State Universities Retirement System that is fair...
Photo of a dollar bill inside a lock
In Springfield … The majority of activity in both the Illinois Senate and Illinois House of Representatives last week and again this week will involve trying to move substantive bills through committees The deadline to get bills out of committee is Friday, May 4. House Joint Resolution Constitutional Amendment 49 (HJRCA 49), sponsored by Speaker...
John G. Peters
NIU President John G. Peters emailed this important message to faculty, staff and annuitants earlier today. Dear Colleagues, Friday afternoon Governor Quinn outlined the framework of his plan to resolve the state’s pension funding crisis. Briefly, the Governor’s proposal provides for 100% funding for pension systems by 2042 by making the following changes to the...
Photo of a pair of scissors cutting a $1 bill
In Springfield … Last week, Gov. Pat Quinn released his plan for cutting the FY2013 Illinois Medicaid program by approximately $2.7 billion, the level of reductions he believes are needed to stabilize the Medicaid system in Illinois and prevent its collapse. There are three components to the governor’s plan: $2 billion (75 percent) reductions, a $1...
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