retirement http://wuis.org en House Advances Retirement Savings Legislation http://wuis.org/post/house-advances-retirement-savings-legislation <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>The Illinois House is advancing legislation intended to get more people saving for retirement. Advocates say "nudging" workers into a savings program could help keep them out of poverty in retirement.</p><p></p><p><span style="line-height: 1.5;">The so-called Secure Choice retirement savings program is an idea of the conservative Heritage Foundation. The plan would require all companies with more than 25 employees to automatically enroll workers in a state-supervised retirement program.</span></p> Thu, 22 May 2014 20:18:13 +0000 Hannah Meisel 25705 at http://wuis.org House Advances Retirement Savings Legislation Univ. Of Illinois Will Try To Retain Faculty Who Retired Under Wrong Pension Interpretation http://wuis.org/post/univ-illinois-will-try-retain-faculty-who-retired-under-wrong-pension-interpretation <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>Officials at the University of Illinois say they are willing to work to retain faculty who opted to retire early as a result of mistakes in the state's pension overhaul.</p><p></p><p><span style="line-height: 1.5;">It was a small typo, but it turned out to have big consequences for the state's public universities and community colleges.</span></p> Thu, 15 May 2014 02:48:39 +0000 Hannah Meisel 25140 at http://wuis.org Univ. Of Illinois Will Try To Retain Faculty Who Retired Under Wrong Pension Interpretation Deal Reached On University Pensions http://wuis.org/post/deal-reached-university-pensions <p>Even as the "We Are One" broad coalition of unions seeks to prevent any of the pension law from taking effect next month, a new agreement would prevent parts of it from being implemented.</p><p></p><p><span style="line-height: 1.5;">It mostly affects university and community college employees nearing the end of their careers.</span></p><p>The deal, between the State Universities Annuitants Association and the attorney general, could put a stop to a surge of retirements at Illinois' public universities.</p> Tue, 13 May 2014 05:49:03 +0000 Amanda Vinicky 24982 at http://wuis.org Deal Reached On University Pensions Civic Federation Calls For Taxing Retirement Income http://wuis.org/post/civic-federation-calls-taxing-retirement-income <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>As more baby-boomers retire, Illinois is increasingly missing out on a revenue source. Of the 41 states with an income tax, Illinois is one of only three that exempt all pension income.</p><p></p><p><span style="line-height: 1.5;">A new report from the Chicago-based Civic Federation says Illinois needs to take a longer-term approach to budgeting; one that is rooted less in politics, and more in reality. Most notably. the group recommends Illinois extend its current income tax rate for a year before gradually rolling it back.</span></p> Tue, 04 Mar 2014 00:54:11 +0000 Amanda Vinicky 20115 at http://wuis.org Civic Federation Calls For Taxing Retirement Income Should State Retirees Pay For Health Insurance? http://wuis.org/post/should-state-retirees-pay-health-insurance <p><span style="line-height: 1.5;">Retired state workers who collect pensions in Illinois started paying health insurance premiums this summer. That's because of a change in the law last year — previously health insurance was free for anyone who retired with</span><span style="line-height: 1.5;">&nbsp;at least 20 years of service.</span></p><p>A number of retirees sued over the change. The case was argued Wednesday before the Illinois Supreme Court.</p> Thu, 19 Sep 2013 11:30:00 +0000 Brian Mackey 9175 at http://wuis.org Should State Retirees Pay For Health Insurance? Pension Returns Up; Problems Remain http://wuis.org/post/pension-returns-problems-remain <p><span style="line-height: 1.5;">Illinois' largest public pension fund hit a major low in 2012, its rate of return was less than one percent.&nbsp; But an early analysis shows the last fiscal year was better than expected. The success isn’t expected to make much of a dent in Illinois’ nearly $100 billion dollar pension liability, however, which lawmakers thus far have failed to tackle. &nbsp;&nbsp;</span></p><p></p> Tue, 20 Aug 2013 22:03:17 +0000 Amanda Vinicky 7592 at http://wuis.org Pension Returns Up; Problems Remain