May 15, 2012

Your Take Home Salary is About to be Cut

APAC EXPLAINS why employees who are not planning to retire soon should care about the pending pension legislation:
YOUR TAKE-HOME salary is likely to be cut.  Increased contributions to pay for the State Universities Retirement System (SURS) mean increased deductions from your paycheck, and less money for you.  It is basically a pay cut to pay for the lack of contributions to on the part of the State over the years.
WHAT IS next?  The State has already approved legislation that will eliminate State payments for health insurance coverage for currently retired employees (see related article below).  Do you have an extra $15,000 to $23,000 (or more!) per year to pay for your insurance if the State makes the same decision for current employees?
THE PROPOSED pension reform will set a precedent of saving the State money by cutting University employee benefits.  Do you think the State is planning to give the University any funding for salary increases in the near future?  Do you think the State will hesitate to cut our salary or benefits in the future the next time they need to save money?
THE SURGE in retirements won't reduce the amount of work that needs to be done - the burden and responsibilities will fall to other staff until new employees can be hired to fill vacated roles.  You should not anticipate a pay raise to compensate all of your extra hours and new work.
THE EXISTING SURS legislation has language that is intended to protect current employees from changes to the pension system that "diminish" benefits for current employees.  Governor Patrick Quinn, as well as other current Illinois Senators and Representatives, are considering aggressive steps to cut our pensions anyway.  If Illinois State law can't protect us, what will?

WHOM SHOULD you contact?  Your State Senator and State Representative. Why don't you give them a call and let them know what you think about what they are doing? Find them at 

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