IL Grand Bargain, Pension Cut Proposals
As the state nears the end of the spring legislative session, talks are underway to try and get a new “grand bargain” passed that might possibly result in a budget.
As part of the current set of proposals, the income tax rate would go to 4.95%, however a property freeze is being considered and a set of bills – House Bill 4027, House Bill 4045, and Senate Bill 16 – would cut constitutionally protected pension benefits by forcing SURS and TRS members to choose between giving up the 3% cost of living adjustment (COLA), or keeping COLA but freezing the SURS retirement benefit amount at the person’s current salary (so future salary increases would not be reflected in your retirement).
We, along with the IEA and the We Are One Illinois Coalition, believe these pension proposals to be unconstitutional and we stand in opposition to this legislation. Thus, we urge you to contact your representatives and tell them to vote no on these bills. Contact info for your legislator can be found here.
For more information on this and on this current Grand Bargain, check out the May 19th Legislative Update over at the IEA website.