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Wed May 7, 2014
Legal Interpretation May Erase Pension Glitch
The State Universities Retirement System now says a troublesome piece of last year's state pension-reform law may not cut retirees' pensions after all.
William Mabe is the executive director of the retirement system. He tells The (Champaign) News-Gazette (http://bit.ly/QfeCu8 ) that the language in law that would cost retirees' a year of pension should be interpreted as if it didn't _ because it wasn't intended to.
That's based on the interpretation the Teachers Retirement System has been using when it looks at the law. Now SURS plans to follow suit.
University of Illinois spokesman Jan Dennis says the university believes the new interpretation will fix the problem.
Some lawmakers have already filed legislation to change the language and say they could still push their bills.