Commentary: Fixing Tier 2 pensions would create a fair retirement for Illinois workers – Chicago Tribune*

Pat Devaney, of the Illinois AFL-CIO: "The solution is the Fair Retirement and Recruitment Act, introduced in the Illinois General Assembly. This legislation would bring the final average salary pension calculation back in line with Tier 1, align Tier 2’s retirement age requirements with Tier 1, implement an across-the-board 3 percent simple interest cost-of-living adjustment for all Tier 2 members, and adjust the pension salary cap to comply with federal Social Security requirements."
8 Comments
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JShark
1 year ago

Let’s make pensions great again. Fix those tier 2 pensions and restore to the proper tier 1 level. I may even get my CTU brothers and sisters to do the trump dance after they are fixed.

After that let’s work to fix WEP and GPO for social security. It’s already passed the house with bipartisan support. We need fair social security payouts for all that we paid into before becoming CTU teachers and after we retired. Fair retirement rules now! Let’s GO!!!

debtsor
1 year ago

This sounds an awful lot like making Tier 2 exactly like Tier 1. The very things that make Tier 2 different from Tier 1 are being removed to make Tier 2 the same as Tier 1. What a crock.

Phil Chiricotti
1 year ago

Hopeless. The hogs will continue to feed until the farmer dies or moves on. They don’t care about the farmer.

Where's Mine ???
1 year ago

Big picture, are scurrilous thief overloards want to get a “fix” passed while state still looks a shade better than disaster while still being propped up with COVID-ARPA $bucks$ on dopey taxpayers. I think I read Millers saying they’ll try and sneak a “fix” thru in January lame-duck secession. Correct me if I’m wrong, dopey taxpayers are being sold that the total yearly $payout$ as an existing TIER II pension is currently less than total yearly $payout$ under SS unless “safe harbor” is fixed when in fact your still light-years better off with existing TIER II deal than SS. And… Read more »

Mark F
1 year ago

THere is a lot of talk about what a Tier 2 pension provides versus social security….but no dollar figures are ever given. Why doesn’t someone do a breakdown of a hypothetical retirement after 30 years as a teacher versus 30 years of paying the same amount into social security so people can see a dollar to dollar comparison of the benefits.

Where's Mine ???
1 year ago
Reply to  Mark F

Complicated. The Lylena Estabine/ IPI article does a great job (https://www.illinoispolicy.org/illinois-needs-responsible-tier-2-pension-reform/).

Last edited 1 year ago by Where's Mine ???
David F
1 year ago

Fair would be moving the tier 1 to tier 2, like everyone that’s NOT a state employee and retiring at 55 with a full pension. (still not fail but at least not quite insane)

Fed up neighbor
1 year ago

Fair retirement for all Illinois workers and holy hell for all Illinois taxpayers and businesses.

Last edited 1 year ago by Fed up neighbor

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