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Pension Overhaul: University Looks At Employee Matching Program

University of Illinois

In about four a half months, Illinois’ pension reform plan is expected to take effect.

University of Illinois administrators are expected to take that time developing employee matching contribution plans to make up for a loss in retirement funds.

If a resolution is approved at the U of I Trustees meeting next week, President Robert Easter and top administrators will spend those months looking at changes to the pension system.  The supplemental plan would have to be approved by the May Trustees meeting in order to take effect when pension changes start June 1st.

Easter says the plan will be comparable to what peer institutions provide, but the challenge is doing it within the existing plans the U of I currently offers:

“We have 403(b) plans for employees.  Will we need to bid new contracts?  It appears at this point we will not.  That may change as it’s reviewed legally. And then, what are the parameters – any kind of matching program, we have to decide what we can afford relative to the employee’s contribution,” Easter said.

AvijitGhosh is Senior Advisor to President Easter. He says the key is building a program that attracts faculty and staff and keeps them with the U of I.

The plan will involve input from each campus, including those in human resources, and faculty members.