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Pension Language Fix Introduced

Fri, 02 May 2014 14:09:50 CDT
By: AP

The Illinois Legislature is considering fixing a portion of a statewide pension overhaul that unwittingly takes a year of benefits away from university employees. Higher education officials say a mistake in the legislation passed by lawmakers in December is causing hundreds of university employees to retire earlier than anticipated. The bill currently calculates a retiring university employee's benefits as of last year instead of this year. State Rep. Chad Hays is a Catlin Republican. He has filed legislation that would base benefits on retirement as of June 30 instead of in 2013. Hays calls the legislation a "very minor technical correction." He says he wants to make sure the pension overhaul does not cause "a stampede toward the door" of retirees.

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