The Senate Executive Committee discussed pension reform at its Monday meeting after House Bill 6258 failed to progress at a state legislative session Jan. 3-8. 

The bill proposed a raise in employee contributions by 2 percent, an increase in the retirement age for younger employees and a limit to the cost-of-living adjustment. Though it did not pass, Professor John Kindt, chair of faculty and academic staff benefits, still believes conversation is key. 

“If anyone has concerns, they should definitely express those concerns,” Kindt said. “You can really have an impact … The legislature does respond to concerns of the public on various issues.”

Kindt said he believes legislators will hear the opinions of the public and respond because this is such a large problem. 

“This is obviously going to be a huge issue at the next legislative session, and something’s going to happen,” Kindt said. “Something has to happen.”

Kindt said he thinks state legislators may be trying to assuage the pension debt situation by pushing the gambling expansion bill sitting on Gov. Pat Quinn’s desk. Many are hopeful that the billions owed to the state treasury from gambling companies could relieve some of the debt.

“How (the bill) will be used is up for analysis, but Gov. Quinn vetoed the last gambling expansion bill, so it’s a complicated situation, but obviously the senate thinks there’s some linkage there,” he said.

Senate member and associate professor Abbas Aminmansour said he wants to ensure the University faculty’s opinions are heard.

“We could invite legislators to our meetings,” he said.

Aminmansour suggested inviting Rep. Daniel Biss, D-17, one of the chief co-sponsors of the pension reform bill.

Kindt said it is vital that opinions are heard because of the penion crisis’ effect on University employees. He cited two College of Business employees who took lump sum distributions from the State Universities Retirement System.

“Now, when our business-finance experts are taking lump sum distributions at a very reduced interest rate and don’t get the SURS interest rate … they’re obviously saying we have a stability of expectations problem in the state,” Kindt said. “I think that’s a concern for all of us.” 

This example provides a talking point for the University, Kindt said.

“We’re not just losing good people, we’re losing good people who are taking the financial pit just to get out, and that should have some leverage with our legislative personnel,” Kindt said.

Chrissy can be reached at [email protected].