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Thu January 23, 2014
U Of I To Consider Pension Cut Offsets
University of Illinois President Robert Easter and other administrators will consider ways to help university employees make up for some of the money they will lose when state pension reforms begin June 1.
University trustees on Thursday directed Easter to assess the changes coming to the state pension system and options for preserving benefits that will be lost. The president is expected to make recommendations to the trustees before June. The board of trustees oversees the university's three campuses in Urbana-Champaign, Chicago and Springfield.
Trustees said maintaining competitive compensation is important in trying to hire and keep key faculty and other employees.
Gov. Pat Quinn in December signed legislation that will cut public employee retirement benefits to help the state deal with a $100 billion pension shortfall.