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-Illinois House Speaker Michael Madigan

“We’re all familiar with the inadequate funding of the state pension systems. Again, tough decision-making, telling people you’re not going to get everything you thought you were going to get, telling people you may have to pay for more. Not easy stuff. So we better all get ready for it.”.

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-Illinois House Speaker Michael Madigan

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  1. “We’re all familiar with the inadequate funding of the state pension systems. Again, tough decision-making, telling people you’re not going to get everything you thought you were going to get, telling people you may have to pay for more. Not easy stuff. So we better all get ready for it.” -Illinois House Speaker Michael Madigan

  2. Pension Reform bills may include some or all of the following… • Employees pay more (than our current 9.4%) into the system in order to receive full benefits • Have to work longer (whether in terms of years and/or age at retirement) in order to receive full benefits • Benefits may be based on a smaller percentage of an empolyee’s final 5-years of service • Cap on “pensionable salary” ($106,800 has been floated as and idea since that is the Social Security cap) • Defined contribution instead of defined benefit • More like a 401(k) or 403(b) than a pension • Reduced COLA (Cost of Living Adjustments) in retirement

  3. What can you do about the situation? • Educate yourself about the issues • Read the newspaper and listen to people/neighbors • IEA Website (you can sign-up for regular emails) • State Senator Susan Garrett Public Pension Forums • Contact (and stay in contact) with your legislators via email or phone • Use the IEA website to get contact info • Attend IEA’s Lobby Day in Springfield on Wednesday, May 4th • Contact your legislator before they’re home “on-break” (March 21-25 & April 18-22) to set-up a meeting with them to discuss the pension funding issues (and perhaps to educate them, as well)

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