With the legislature returning to Springfield this week, your pension is at risk.
The Illinois House could vote on a comprehensive pension bill soon after they return to Springfield on Monday, April 8.
Proposals for which House Speaker Michael Madigan won approval last month could be combined into one piece of legislation, voted on by the full House, and sent to the Senate as early as Tuesday, April 9th.
The proposals that passed with a bi-partisan majority would:
Force active members under the age of 45 to work additional years to reach retirement eligibility excludes Tier II.
- 40 to 44 years old: Members in all systems would have to work 1 additional year to reach eligibility for an unreduced pension. Age 56 with 35 years, age 61 with 10, or age 63 with 5.
- 35 to 39 years old: Members in all systems would have to work 3 additional years to reach eligibility for an unreduced pension. Age 58 with 35 years, age 63 with 10 years, or age 65 with 5 years.
- 34 and younger: Members in all systems would have to work 5 additional years to reach eligibility for an unreduced pension. Age 60 with 35 years, age 65 with 10 years, or age 67 with 5 years.
Cut the cost of living adjustment in retirement for current retirees and for all active members currently working. The cut would change the COLA from a guaranteed 3% year over year increase in your pension to a flat $750 or 3 percent, whichever is less. Furthermore, it delays the payment of the reduced COLA to the earlier of 5 years after retirement or age 67. These provisions apply to current retirees.
Limit the amount on which pensions will be based to $113,700 and the amount would increase to the same amount that Social Security changes to. Those making amounts in excess of this cap on the day it were to become law would have their pensionable salary frozen at their current salary.
CapitolFax’s Rich Miller has more on this.
What you should do
Be ready to act, and urge your colleagues, friends and family to do the same.
When the details of how the pension-cutting bill will be moved through the House becomes known, the information will be relayed to members via the IEA website, Facebook and other methods and members will be urged to get on the phone and call their state representatives with a simple message:
- As an IEA member living in your district I am urging you to VOTE NO on the pension-cutting proposal. IEA opposes this unfair and unconstitutional legislation.
- VOTE NO on these unconstitutional proposals and work with the unions for a fair, constitutional solution to the pension problem.