Governor Quinn has officially released a statement of his intended Pension Reform proposal. You can read a copy of his press release by clicking on this link- Governor Quinn Pension Reform Press Release
His proposal would do the following:
* 3% increase in employee contributions
* Reduce COLA (cost of living adjustment) to lesser of 3% or 1/2% of CPI, simple interest
* Delay COLA to earlier of age 67 or 5 years after retirement
* Increase retirement age to 67 (to be phased in over several years)
* Establish 30-year closed ARC (actuarially required contribution) funding schedule
* Public sector pensions limited to public sector employment
We will fight his changes on all fronts! We have been and will continue to work behind the scenes and on the front lines to safe guard your future!
Stay tuned for more information!