The
State Universities Annuitants Association (SUAA) provides the framework
for a unified message dedicated to preserving and protecting a strong
public pension system, healthcare benefits, and the general well-being
of its membership.
SUAA
advocates on behalf of all faculty and staff of public universities and
community colleges - both retired and current employees - their spouses
and survivors, those who are participants and beneficiaries of the State
Universities Retirement System.
1.23.12
The State Universities Annuitants Association will be supporting legislation to change the Illinois Pension Code that would guarantee the States' share of the pension costs for current and future State-funded Universities and Community Colleges' employees.
SUAA has drafted proposed legislation based on similar assurance language in 40 ILCS 5/7-172.1 that allows the Illinois Municipal Retirement Fund (IMRF) to enforce payments by municipalities for pension fund contributions. In exchange for this amendment, SUAA would endorse a modest increase in the pension contribution rate for all State funded Universities and Community Colleges' employees.
A June 2011 report from the National Institute for Retirement Security identified six retirement systems in the US that have weathered the current recession better than other public pension systems. One of those in that report was the IMRF.[1]
SUAA believes laws that enforced payments to IMRF is the primary reason it has a funding ratio far above other retirement systems and SUAA is working to pass similar enforcement mechanisms for our members.
Next, the Tribune specifically targets the State Universities Retirement System (SURS) in "Private Workers, Public Pension". In response, Illinois Governor Pat Quinn calls for a pension panel to review the state's pension system.
While the House Pensions and Personnel Committee passed SB512 House Amendment #2 with a 5 - 4 vote it seems that there are still problems - a big hole with the funding. Plus, it does not seem like the votes are secured. In polling some of the House members about their votes, we heard everything from yes, haven't made up my mind yet, dun no, maybe, no, and Hell No!
The Committee votes were: McCarthy (D) yes; Nekritz (D) yes; Poe (R) no;
Biss (D) no; Burke (D) no; May (D) no; Morrison (R) yes; Senger (R) yes; Winters (R) yes.
Click to read the complete Mini Briefing in a Word Document or PDF
SUAA Press Release
November 8, 2011
SUAA is opposed to House Amendment # 2 to SB 512.
In our opinion, this legislation violates long-standing principles of contract law and the Illinois Constitution, specifically Article XIII, Section 5 of the Illinois Constitution of 1970 as it relates to the rule of consideration in contract formation.
John Carr, SUAA contract lawyer, has provided a short analysis of SB512 House Amendment 002. For those of you who are currently working this bill continues to be quite damaging. Please read the analysis below in its entirety.
The amendment is in House Personnel and Pensions this afternoon at 2:30 p.m. The members of this committee can be found at this link.
We look for the bill to be passed out of committee and immediately on to the House Floor. Now, whether the votes are there is still a question. IF passed out of the House, President of the Senate John Cullerton will call the bill. Watch out for more information as the day goes by.
University Presidents Send Letter to Governor Quinn on Pension Reform
November 4, 2011
SUAA wanted to inform the membership of the letter sent to Governor Quinn and to the leadership of the House, Senate, and to the House Pensions and Personnel Committee expressing their interest in continuing to work on options and alternatives to SB512.
Trying to maneuver around the Capitol these past few days has been a trick in itself. Part of the
west side of the building is under renovation which means that some legislators have had to set up their offices in other locations while trying to conduct business as usual. Not only is the entrance on that side of the Capitol closed but so is the tunnel between the Stratton Building and the Capitol making for a bit of alternate routing. Monday began with teachers, administrators, students and parents from Community Unit School District 300 (based in Carpentersville) rallying for more property tax money from Sears Holdings Inc. Tuesday brought additional supporters for the Smart Grid and the Tenaska clean-coal power plant and, of course, those opposed to either or both. On Wednesday police officers, firefighters, state workers and health-care workers embarked upon the Capitol to protest pension reform legislation and the 2% raises that had been denied by the Governor. Higher Education students were at the Capitol to create an awareness of the importance of the Map Grants so many of them need as assistance in their quest for a degree. All of the legislators and usual advocates/lobbyists were in attendance also bringing much action in both the House and the Senate.
We just concluded our Annual Meeting in Springfield. If you missed it, here are some hightlights as a Word Document or as a PDF.
Watch the video of Eric Madiar addressing the issues.
Changes to the Money Purchase Factors to Become Effective July 2, 2012
06/13/2011
At its meeting on June 10, 2011, the Board of Trustees of the State Universities Retirement System set the effective date of the Money Purchase factor changes as July 2, 2012.
The changes to the Money Purchase factors are a result of a recent actuarial experience study which recommended a reduction of the assumed rate of investment return and updated the mortality tables due to increased life expectancy. State statute requires SURS to conduct an experience study at least every five years to test the economic and demographic assumptions used to prepare the annual actuarial valuation report. The results of this process are then evaluated to determine which, if any, of the assumptions need modification to provide better estimates of future liability and asset growth for the System.
Eric Madiar, Chief Legal Counsel to Illinois Senate President John Cullerton, has performed a comprehensive legal and historic analysis of the 1970 Constitution's pension clause. In his report, you will find a history of the convention debates and discussions, media perspectives of the time, what the courts have said throughout the past 40 years, as well as an analysis of recent arguments from Sidley Austin LLP and Gino DiVito.
SURS Investment Returns Published 2011-08-09 00:00:00 SURS Investment Returns for Fiscal Year 2011 Investment Returns
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SUAA Annual Meeting 2011 Published 2011-06-13 04:36:00 General Information, Agenda & Registration Agenda Registration Invitation
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Mini Briefing 06.01.11 Published 2011-06-01 12:44:00 Overview of the Last Weekend of Legislative Session Click Here
Quinn: Make schools put more into pensions? Published 01/28/2012 Gov. Pat Quinn is hoping Democratic leaders will focus on economic growth.
In a Wednesd Access External News Story
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Speaker Madigan discusses Illinois budget deficit Published 01/28/2012 ELMHURST, Ill.—Illinois is in for a long haul when it comes to pulling itself o Access External News Story
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Biz begins to open its wallet in state pension reform battle Published 01/28/2012 One of the bigger questions about state government in the past couple of years is why Chi Access External News Story
