On Tuesday a state House committee approved a pensions bill which contains a number of measures which seriously downgrade the pensions of U of I faculty and other state employees. Among these are:
*Creating a three tier pension system at the U of I which would reduce benefits for new hires
*Increase pension deductions for U of I faculty from the current 8% to 15% as from 2013. This would apply to anyone who wants the present, defined benefit pension plan. This rate could go as high as 17% after 2017.
This is a major attack on public employee pensions and committee approval means the bill can now be voted on by both houses of the legislature. This could happen as soon as today. The State University Annuitants' Association (SUAA), the Illinois Federation of Teachers and the Illinois Education Association all oppose the bill. To read the SUAA press release on the bill click here. We urge you to contact your elected representative and make your voices heard.