A group that lobbies to avoid cuts in higher-education employees’ pensions and the Illinois Attorney General’s office have reached a deal that would push the start of pension reform for community college and university workers back until July 2015.
The State Universities Annuitants Association said Tuesday that its deal with the Illinois Attorney General’s office would give more time to higher education employees who had been considering retiring before the new state pension law begins in June to avoid cuts. A Sangamon County judge still must approve the deal.
Lawmakers agreed last year on a pension law to help deal with a $100 billion shortfall in pension obligations. University of Illinois spokesman Tom Hardy says the extra time university employees would have to weigh their options would be helpful.