A comparison of pension proposals in the 98th Illinois General Assembly

SB1 as amended by House Amendment 1 Consideration Does not offer public workers a choice
Calculates a worker's pension based on his salary up to $110,000 Calculates as 3% of current pension or 3% of $1,000 per year of service, whichever is less. Delays until 6th year of retirement or age 67, whichever comes first Increases by 1 year for those aged 40-44, 3 years for those 35-39, and 5 years for those 35 and younger Increases by 2% Does not offer Does not shift any of the cost of teachers' pensions to school districts 100% by FY2045 "Contractually obligates" the State to pay. Offers redress via "mandamus action" Excludes elements of proposal from collective bargaining

SB2404 as amended by Senate Amendment 2 Offers public workers three choices: A

No cap Calculates as 3% of original pension. Delays until 3rd year of retirement No changes No changes Offers

B
Excludes future increases in earnings from pension calculation No changes

C
No cap Calculates as 3% of current pension. Delays until 4th year of retirement No changes Increases by 2% Offers

Salary cap

COLA

Retirement age Employee contribution Retiree healthcare Cost shift Funding goal Guarantee Collective bargaining Other Status

No changes No changes Does not offer

Does not shift any of the cost of teachers' pensions to school districts 90% by FY2045 "Contractually obligates" the State to pay. Offers redress via "mandamus action" Excludes elements of proposal from collective bargaining Backed by the We Are One union coalition

Passed House 62-51-2. Failed in Senate 16-42-0

Passed Senate 40-16-0. Not voted on in House

Prepared by Scarlett Swerdlow. Learn more at Defined Contributionhttp://definedcontribution.tumblr.com