Tomorrow – Thursday, February 28 – the House will be considering a series of pension amendments – all of which devastate the pensions that State Employees paid and toiled for years to earn.
House Bill 1154, Amendment 1: Completely eliminates pension cost-of-living adjustments (COLAs).
– This amendment leaves pension recipients defenseless against inflation.
House Bill 1154, Amendment 2: Eliminates COLAs unless the pension system is 80% funded.
– Thanks to the State’s fiscal irresponsibility in underfunding the pension systems, this amendment effectively also eliminates COLAs for a generation of retirees since the pension systems are not projected to reach 80% until the 2040s.
House Bill 1165, Amendment 1: Broadly and immediately raises retirement age to 67.
– There is no graduated phase-in for older workers and no consideration of the work you’ve already put in to the State.
House Bill 1166, Amendment 1: Increase employee contributions by 5%.
– This is well over the 2% increase offered by the We Are One coalition that is strictly contingent on a balanced solution that includes an ironclad funding guarantee and revenue. A 5% increase would result in Illinois systems having the second-highest employee contribution rate in the nation, according to a Boston College survey.
Tell your State Representatives not to devastate the pensions that State Workers faithfully paid for out of every paycheck – even when the State did not. Tell them not to devastate the pensions that we rely on as our most reliable source of retirement security.
Tell your Legislators to get to work with the unions and to support a fair, constitutional solution.