Study: University Pension Proposal Hurts Retirees
By The Associated Press
The authors of a new study say a proposal to fix Illinois' nearly $100 billion pension crisis would undermine the retirement security of public employees and make it tougher for schools to attract qualified teachers.
The study released Wednesday was co-authored by an associate professor at the University of Illinois at Chicago and the director of the Keystone Research Center, a labor-affiliated research group.
It analyzes a plan backed by several Illinois university presidents.
The plan is one being considered by a bipartisan conference committee trying to address the pension problem. But committee members have said it's just a framework for their discussions and will likely be tweaked.
The study says the plan cuts cost-of-living increases so significantly it will be difficult for some retirees to make ends meet.