Thursday, Jul 30, 2015
Quincy, IL News - QuincyJournal.com

Related Headlines

Madigan files, passes bill to nix lawmaker pay raises after blocking similar bill for weeks

Why won’t Illinois lawmakers reform their own pensions?

Illinois pension payments up next year by nearly $700 million

Illinois AG files notice of appeal in pension case

Removing The Pension Protection Clause

Recent Comments

QuincyGuy - GOP fundraiser calls for U.S. Sen. Mark Kirk to drop 2016 re-election bid, backtracks - Quincy, IL N
Keep in mind - this was one contributor - not the Republican Party.
pjohnf - Why won’t Illinois lawmakers reform their own pensions? - Quincy, IL News - QuincyJournal.com
Why won't Illinois politicians reform their own pensions? That's a good question. They're eager to blame state employees and other government workers for Illinois's budget problems, yet they ignore their own bankrupt pension system, while the tax payers pay year after year to keep politicians in their Cadillac pensions. If Illinois pension reform is to happen then the corrupt politicians…
pjohnf - Madigan files, passes bill to nix lawmaker pay raises after blocking similar bill for weeks - Quincy
Madigan's bill was nothing more political grand standing and was designed to fool the foolish. He thinks the public is stupid, especially his supporters, but anybody with a brain can see through his subterfuge. Madigan and his co-conspirator Cullerton passed a continuing appropriation last year in the hopes of hiding the annual raises from the tax payers and not requiring a vote by the corrupt…
pjohnf - Jewish Democrats give John Kerry earful on Iran deal - Quincy, IL News - QuincyJournal.com
He warned that walking away from the deal would isolate the United States from its international allies and Iran’s countdown to nuclear weapons “starts tomorrow.” Duh, our allies don't trust us anyway and our enemies don't fear us so what's to lose if we reject this bad deal? The countdown to Iran getting a nuclear bomb started a long time ago, Lurch. And Lurch actually said this, "“I…
Givemeliberty - Trash burner has residents seeing red - Quincy, IL News - QuincyJournal.com
Government--Do as I say not as I do.

Most Popular

Man jumps off Bayview Bridge

Shooting near 8th and York Updated

QPS Board awards QHS contracts

Projected remaining Cleanup cost; at least $1.26 Million

Quincy Public Schools Foundation to Host Renowned Comedian and Ventriloquist

Trash burner has residents seeing red Updated QJ Original Video

Seven Dead, 34 Hurt In Weekend Shootings In Chicago

With Illinois' budget in limbo, child cares serving the poor are closing down

Illinois universities search for ways to soften pension losses

1 year, 2 months ago from the Associated Press

Most say they can't afford it

From from the Associated Press:

Concerned about retirements and its ability to recruit new professors, the University of Illinoisis working on a plan to make up for what employees will lose after the state's landmark pension overhaul, but most other state universities say they don't have the ability to follow suit.

Most say they just don't have the money to do anything about it.

"Where does this money come from?" asked Matt Bierman, budget director at Western Illinois University, where up to 150 employees are expected to retire, almost 8 percent of the university's 2,000 staff and faculty. "If we're going to add another benefit to our employees, which is probably deserved, we still have to find the revenue or cut expenses."

Illinois lawmakers passed the pension overhaul plan last December to address a $100 billion shortfall in funding state retirement benefits. Signed into law by Gov. Pat Quinn, it cut cost-of-living increases for retirees and capped the amount of earnings that can be applied toward pensions.

The changes take effect in June, but the plan is being challenged in court. That includes a motion filed Friday in Sangamon County by a group that represents university employees and retirees asking that the law be entirely set aside until its constitutionality has been determined.

But many employees of public universities already have decided to retire to avoid losing pension benefits under a new way of calculating them due to the overhaul — or are considering it.

In April, state universities identified an additional problem — an unintended glitch with a date in the law that could further reduce pension payouts for several thousand university employees. Lawmakers last week filed legislation to fix that problem, but there is no guarantee it will happen.

The State University Employees Retirement System says more than 400 employees at the University of Illinois campuses in Urbana-Champaign, Chicago and Springfield have filed paperwork to retire in May and June. And many more are possible.

Details of the U of I plan to cushion employees' losses have yet to be decided, but many administrators assume it will happen. They hope it will keep as many current faculty members around as possible and keep the university on par in recruiting with schools like the Massachusetts Institute of Technology and Stanford University.

But some wonder where the money will come from.

Click Here to Read Full Article


From the Newsroom

QuincyJournal on Twitter

QuincyJournal 5 hours, 1 minute ago

Trash burner has residents seeing red http://t.co/dGmuITQuQS
QuincyJournal on Twitter

QuincyJournal 5 hours, 1 minute ago

Ethanol to Help Fuel 75th Sturgis Motorcycle Rally http://t.co/uodHrOlTF1
QuincyJournal on Twitter

QuincyJournal 6 hours, 1 minute ago

Feeding Damaged Wheat to Livestock http://t.co/xciHzHifzc
QuincyJournal on Twitter

QuincyJournal 8 hours, 2 minutes ago

EPA to Congress: Restoration Accelerates Great Lakes Cleanup http://t.co/TLCblSJlsT