Expect retirement changes with new Ill. pension reform bill - KMOV.com

Expect retirement changes with new Ill. pension reform bill

 

SPRINGFIELD, Ill. (AP) -- The largest state employees' union in Illinois criticized a pension reform bill Gov. Pat Quinn signed today.

Quinn made law changes to public employee pensions. They trim future employees' benefits and raise the retirement age to 67 from 60.

The Democratic governor says the changes will save $220 billion over 35 years.

But the American Federation of State, County and Municipal Employees says the law doesn't do anything to address the pension systems' $80 billion in liabilities that have not yet been paid.

Executive Director Henry Bayer says politicians created that debt while employees faithfully made their contributions.

Bayer says the typical retiree pension is $20,000. He says quality employees like teachers will choose to work outside Illinois.

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The bill is SB1946.

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On the Net: www.ilga.gov

http://www.illinois.gov/

(Copyright 2010 by The Associated Press. All Rights Reserved.)

 

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