Who often writes and influences the laws by which the Illinois government operates? Who will profit from pension reform and free up the cash flow and increase its profit margin in Illinois? The Civic Committee of the Commercial Club of Chicago, et al. Whose retirement pension will also be “diminished and impaired” possibly without a fight to preserve its original constitutional guarantee? The members of the State University Retirement System.
• Change the annual cost of living adjustment (COLA) to link it to the consumer price index.
• Rationalize administrative rules for calculating the rate of interest used to determine a range of benefits, refunds and service credits that is set each year by the SURS Board and the State Comptroller.
• Over time shift responsibility for paying a portion of the annual pension cost of SURS to universities and colleges.
• Increase contributions by Tier I participants from 8 percent to 10 percent of pay over a two-year period in exchange for granting the appropriate legal rights to participants to hold the state accountable for its funding commitments.
• Require the state to agree to a schedule of payments to steadily reduce SURS' unfunded liability.
• Replace the Tier II plan for new employees with a new "hybrid" plan for new employees that combines features of both defined-benefit and defined-contribution programs…”
What is the Civic Committee’s plan for all Illinois teachers? The Civic Committee plans to address the state’s budget deficit in the interests of big business by destroying the teachers’ defined-benefit pension plan and maintain control of the economic and political policies of state and municipal governments; they plan to redistribute money away from the public employees’ defined-benefit pension plans and to their private interests and profits by proposing an unsecured, non-guaranteed financial option called a defined-contribution plan and rendering the present defined-benefit plan unaffordable. Besides cleverly disguising its economic terrorism against public employees, the Civic Committee’s manipulation and exploitation of all citizens of Illinois closely rival the history and spirit of conniving capitalism.