As you know, Governor Quinn signed the pension legislation that was passed by the Illinois Legislature on Tuesday. While we are grateful that our local representatives voted against this legislation, and they should be recognized for their stand, the nexus of conservatism and other politics let the bill squeak through.
There are many questions regarding the impact of the legislation on individuals. Here is summary of the legislation as provided by the SURS:
In general you will have to work longer and receive less retirement than was previously the case. A central item in the new law is a significant reduction in the COLA for retirees which will result in hundreds of thousands of dollars less in retirement for some of you. A broader consideration is that the changes may make it harder for the U of I to attract and retain the highest quality staff and faculty. We will pass on further information regarding the impact as it becomes available.
The AAP views this legislation as regressive and unconstitutional. The legislation will be challenged in court by the “We Are One” coalition of which the Illinois Education Association is a member, and it remains to be seen if there will be injunctive relief during the challenge.