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CDAA
COLLEGE OF DUPAGE
   Annuitants Association

Important Dates:

  • October 25—Illinois Legislative Veto Session begins (scheduled to conclude November 10)
  • November 2—CDAA Session, “Educating Your Legislator”, 2 PM, COD-K Bldg. room 162
  • March 20, 2012—Primary Election

Updates:
As you have probably noticed over the last couple of weeks, many articles, editorials, television interviews, etc. have been directed at pension reform.  (note, pension reform is a euphemism for pension benefit reduction)  Most of the newspaper articles (Chicago Tribune, Rockford Register, Kane County Chronicle, Bloomington Pantagraph, and certainly many others) relate to the current pension benefit recipient outliers  that only represent a very, very small percentage of those who do or will receive SURS benefits.

The articles, editorials, and interviews are timed to coincide with the upcoming Illinois Legislative Veto Session.  The Civic Committee of the Commercial Club of Chicago, the Illinois Policy Institute and others are instrumental in advocating the passage of Senate Bill 512 during the Veto Session.  Per two downstate legislators, the three major initiatives to be discussed /considered during the Veto Session will be Illinois jobs, the Illinois budget, and Illinois pension reform (a.k.a., SB 512.)

You may recall that it took hundreds of face-to-face meetings, thousands of telephone calls, and tens of thousands of emails to our legislators to prevent SB 512 from being called for a vote during the Spring 2011 Legislative session.  A summary of SB 512 is available.

To date, no details as to the projected financial savings have been provided to support the passage of SB 512.  During the past summer, several “Pension Reform—Working Group” meetings were held to address, “Benefit/Contribution,” “Funding,” “Structure,” and “General.”
SURS Executive Director Bill Mabe and TRS Executive Director Dick Ingram provided testimony at each of the meetings.  Both shared their concerns that based on research provided their staffs it is difficult to determine if there is any long-term fiscal savings if SB 512 is approved.  In fact, both are concerned that SB 512 could indeed be more costly than the current defined benefit plan.

The role of the executive directors in serving as fiduciaries of our pension funds is to perform due diligence when reviewing legislative proposals that effect benefits and funding.  Their recalcitrant testimony is based on their findings, not their opinions.

What does this tell us?  SB 512 is at best a “knee jerk” reaction by the Civic Committee and select politicians to mollify those who want to eliminate and/or reduce retirement benefits for current and future educator retirees.   If SB 512 or similar legislation is passed and it is then determined that no substantial savings have been realized, the legislature will not rescind the legislation.  Indeed, other measures (band aides) that may include reducing benefits for current retirees will be considered.

What should we do?

REMEMBER!!

The Civic Committee of the Commercial Club of Chicago is lobbying your senator and representative to support SB 512 or similar legislation that will not alleviate Illinois’ fiscal crisis, but will reduce the retirement benefits of future retirees and threaten the benefits of current retirees.  Shouldn’t you be talking to your senator and representative??

Sample Script: (during the Veto Session, you will most likely speak to an aide in your representatives’ offices)

Representative/Senator xxxxxx, I am xxxxx, a member of the   College of DuPage chapter of the State Universities Annuitants Association and a resident of your district.  I will be brief.  I want to express my concern over the discussion and possible adoption of Senate Bill 512 (Public Employee Benefits.) I have not read of nor do I believe this bill will result in any long-term savings for Illinois.  The 85 billion dollar pension short fall was accumulated over several decades.  Possible solutions to the funding problem should include a thorough examination of alternatives and input from all stakeholders.  Thank you for your time and I look forward to speaking to you in your office in the near future.