Retirement rates at Illinois State University are nearly four times higher than usual this year. Retirement Counselor Todd Long says announced retirements between March and July usually average about 30 at ISU. This year, Long says, the figure is 115.
Long says a couple factors are driving the surge including uncertainty whether they would be able to retain existing health and annuity benefits if Governor Quinn's proposed changes go through. Quinn wants employees to work longer, pay more, and get less to help deal with unfunded pension liabilities. Long says the other factor is a new actuarial table published every five years which would result in lower benefits for people who retire after July first. He says announced retirements throughout the State Universities Retirement System for the spring and early summer total 2,300, also a major increase from the average. Long says the new retirees at ISU are spread fairly evenly among civil service, administrative professional, and faculty classifications with perhaps slightly more faculty heading out the door than others.
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