Interview with myself. Quinn’s pension proposals.
Q. Who is impacted by the Governor’s plan?
A. Quinn’s plan is aimed at all active employee who are in Teachers’ Retirement System (TRS), the State Universities Retirement System (SURS), the State Employee Retirement System (SERS), and the General Assembly Retirement System (GARS).
Q. How much more would we have to pay into our pension plans?
A. TRS would go from 9.4% to 12.4% and SURS would go from 8% to 11%.
Q. What would it do to the cost of living adjustments once we retire?
A. It would educe the Cost of Living Adjustment in retirement (COLA) for Tier 1 employees (Participants before January 1, 2011) to a COLA that is not compounding and is the lesser of 3% or ½ of the Consumer Price Index. It could delay the COLA to
A. Quinn’s plan is aimed at all active employee who are in Teachers’ Retirement System (TRS), the State Universities Retirement System (SURS), the State Employee Retirement System (SERS), and the General Assembly Retirement System (GARS).
Q. How much more would we have to pay into our pension plans?
A. TRS would go from 9.4% to 12.4% and SURS would go from 8% to 11%.
Q. What would it do to the cost of living adjustments once we retire?
A. It would educe the Cost of Living Adjustment in retirement (COLA) for Tier 1 employees (Participants before January 1, 2011) to a COLA that is not compounding and is the lesser of 3% or ½ of the Consumer Price Index. It could delay the COLA to