The Illinois House already voted today, and passed, a proposal that would cut pension benefits for future members of the state pension systems, including TRS and SURS. You are urged to contact your state senator NOW and tell them to vote no on HB 1946. They could vote AS SOON AS TONIGHT on this issue!
Click this link to get your legislator’s phone number. You also can email your legislator though this link.
PLEASE DON’T COMMENT ON THE IEA WEBSITE.
CLICK THIS LINK AND CONTACT YOUR LEGISLATOR NOW!
Among the provisions of SB 1946:
- New retirement age – 67 with 10 years of service (Penalty for those that retire before 67 but after 62)
- Final Average Salary (FAS) – Calculates the pension of educators by using the 8 highest consecutive years of salary in the last 10 years of service. (Currently, 4 of 10)
(Maximum pensionable salary equal to $106,800 and indexed to 3% or ½ of CPI, whichever is less.)
- Cost of Living Adjustment (COLA) – Reduces the COLA to 3% or ½ of CPI, whichever is less.
- Addresses some issues of double dipping.
- Legislates a Chicago Teacher Pension Holiday of $400 million in FY 2011.
CHECK OUT THE IEA GOVERNMENT RELATIONS FACT SHEET ON THE BILL