The University of Illinois Institute of Government and Public Affairs (IGPA) published an analysis of the current state of public pension systems in Illinois. The IGPA paper proposes 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. Professor Jeffrey R. Brown, an IGPA professor and the William G. Karnes Professor of Finance, said “this proposal is designed to reduce costs by approximately as much as Senate Bill 512 (currently before the legislature), but in a manner that does a much better job of providing secure retirement benefits to employees.”
IGPA is planning forums to discuss this proposal at each campus in early March. Watch NESSIE for dates and locations.
See NESSIE’s Pension Reform Efforts and Legislation page to read the IGPA proposal and view current news and events, which may impact SURS.
