Six Simple Steps - Reforming the Illinois State Universities Retirement System
نویسندگان
چکیده
The 97th General Assembly ended in January without passing a pension reform bill; leaving the fate of systems hands new assembly. However, solving problem will not be any easier for this group legislators. unfunded liability state’s five grew by over $10 billion since assembly started and now exceeds $97 billion; including approximately $19 State University Retirement System (SURS). task is clear: it must take decisive action spring to pass bill that creates path fiscal sustainability systems. As well known, at crux “pension crisis” failure many decades make required payments. That has come home roost state follow ramp” additional payments up past underfunding. In addition, needs pay off obligation bonds (POB) issued decade. These payments—at time when Illinois’ economy continues sluggish owes billions dollars unpaid bills—are crowding out other funding priorities posing major challenge. What solution—a plan stabilize Many legislators, groups individuals—including us—have offered suggestions reforming Here we build upon previous propose six steps set (SURS) on while ensuring retirement security participants honoring constitutional guarantee against reducing already accrued benefits.
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ژورنال
عنوان ژورنال: Social Science Research Network
سال: 2021
ISSN: ['1556-5068']
DOI: https://doi.org/10.2139/ssrn.3886887