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State Retirement Problem 'Fixed'

Fri, 09 May 2014 06:05:30 CDT
By: AP

The board of the State Universities Retirement System has voted to accept an interpretation of last year's Illinois pension reform law that says it won't inadvertently cut university retirees' pension. The board's executive committee voted unanimously to follow other state pension systems and accept the interpretation of the 2013 law. The State Universities Retirement System and Illinois' public universities had recently argued that language mistakenly written into the law would sharply reduce many university employee pensions. The schools were already worried pension changes are prompting a lot of university employees to consider early retirement. The schools said the glitch would provide even more incentive. University of Illinois spokesman Jan Dennis says the vote resolves that problem.

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