Just when you think it’s over, it starts back up again. Legislators are back to the Capitol to work on pensions. The proposed cost shift for universities and community colleges is under consideration in a Senate committee.
A bill sponsored by State Sen. Mike Hastings (D-Orland Hills) would reduce the cost of living adjustment for retirees, increase Tier One contributions by 2 percentage points, and create a Tier Three pension category. This bill has support from the universities.
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“They want to feel a sense of assurance that their pension dollars are going to help sustain a long life, a healthy longevity, that I wish for all of us,” Elaine Maimon, president of Governors State University, said.
State Sen. Daniel Biss (D-Evanston) sponsors a bill which passed the House during the regular session. It gradually shifts the cost by one-half of 1 percent of payroll per year. It is supported by community colleges.
“We requested a mechanism so that community colleges would not have to pay for benefits that the General Assembly might in their wisdom offer to employees in the future. This piece of legislation contains that mechanism,” Tom Ryder, spokesman for the Illinois Community College Trustees Association, said.
In a House committee, lawmakers discussed a pension bill that would affect all state pension systems, except judges
SB 2591 is supported by the universities. SB 1687 is the community college-supported bill.