Higher Ed Retirement Board Accepts Pension Fix

May 8, 2014

Credit UIS.edu

The board of the State Universities Retirement System has voted to accept an interpretation of last year's Illinois pension reform law that says it won't inadvertently cut university retirees' pension.  

According to the Chicago Sun-Times, (http://bit.ly/RvIgwf) the board's executive committee voted unanimously on Thursday in Chicago to follow other state pension systems and accept the interpretation of the 2013 law.  

The State Universities Retirement System and Illinois' public universities had recently argued that language mistakenly written into the law would sharply reduce many university employees' pensions.  

The schools were already worried that pension reform is leading many university employees to consider early retirement. The schools said the glitch would provide even more incentive.  

University of Illinois spokesman Jan Dennis told The Associated Press that Thursday's vote resolves that problem.