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Link to Jeff Brown's blog post regarding Six-Step proposal
Jeff Brown, one of the authors of "Six Simple Steps: Reforming the Illinois State Universities Retirement System," responds to criticsm of the proposal. Click here to read his post.
How do SB1 and SB2404 Affect Illinois' 10-year budget picture?
This analysis by the Fiscal Futures Project makes projections based on several scenarios to estimate total cost-savings into 2025. They found that SB1 has the greatest impact on the long-term budget, saving the state around $2 billion to $3 billion per year. This is assuming the bill survives likely constitutional challenges. In comparison, savings to the state from SB2404 are around $0.5 billion to $1.5 billion per year, depending on how participants respond to incentives to accept reduced pension benefits in order to keep health care coverage in retirement.
The National Picture of Public Pension Changes: What benefit reductions have other states enacted?
This report provides a compilation of data on the changes to current employees' retirement contribution rates and post-retirement cost of living adjustments (COLAs) that have been enacted in the United States since 2009.
Six Simple Steps: Reforming the Illinois State Universities Retirement System
As Illinois’ public-employee pension liability soars toward $100 billion, a group of scholars has developed a six-step proposal to stabilize pensions for employees of the state’s public colleges and universities. The experts, from the University of Illinois and Northern Illinois University, said the six steps can help the State Universities Retirement System (SURS) achieve financial stability while ensuring retirement security and honoring the constitutional guarantee against reducing employees’ already earned benefits.
How will limiting the COLA affect the value of penions?
In a brief analysis released on January 17, Associate Director David Merriman takes a closer look at the proposals to adjust the cost of living adjustments (COLAs), a component of public employee pensions. His calculations show that the proposals made in the General Assembly would significantly reduce the value of benefits, even for claimants with a relatively small pension and a high discount rate.
A Time to Act on SURS
Four experts on public pensions have authored a reform proposal for the State Universities Retirement System (SURS) in Illinois. The authors propose giving participants a fair incentive to accept lower benefits by providing lump-sum payments in exchange, as well as changes in how SURS does business that could save more than $1.5 billion over time.
Analysis of Gov. Quinn's pension proposal by IGPA Fiscal Futures Project
Gov. Pat Quinn has proposed changes to the public pension systems in Illinois. The IGPA Fiscal Futures Project has analyzed the governor's proposals and offers this recap of that analysis. (May 20, 2012)
2012 Expert Panels on Pension Policy and the State University
Video from a panel discussion in Chicago that was hosted by IGPA during the week of March 5, 2012. Experts from IGPA and across the University provided an opportunity for faculty and staff to learn about the reform measures that are likely to be debated by the Illinois General Assembly this spring, and the issues that are most important for university employees.
Powerpoints from 2012 Expert Panels
Click here to see the powerpoint from Dr. Avijit Ghosh's presentation on costs of the current and proposed pension plans.
Click here to see the powerpoint from SURS Director William Mabe's presentation on demographics and a recent survey of new retierees.
Reworking the State Universities Retirement System: The IGPA Proposal
Two IGPA faculty propose a new hybrid retirement system for employees of public colleges and universities that would be partially funded by additional contributions from workers and the universities that employ them. The plan concentrates on the State Universities Retirement System (SURS) and is designed to reduce the state government’s payments into the system by billions of dollars over time.
IGPA State Summit Report on Public Pensions
The comprehensive report from IGPA's State Summit 2011: A Bold New Dialogue on Public Pensions. The report presents research and analysis by several of the most influential leaders on pensions in Illinois and the nation. The report discusses strategies to change the current system while maintaining fairness in the process.
IGPA's Report on Pension Policy
Public Pension Policy in Illinois: An Introduction to a Crucial Issue provides an evidence-based and nonpartisan analysis of some of the key pension reform issues now being debated in the state.
Links to More Information
Click here for links to more information about pension policy in Illinois.