Tue December 17, 2013
Retirement System Prepares For Pension Overhaul And Lawsuit
Illinois' largest state government retirement system is moving ahead with implementation of the pension overhaul. The move comes even as unions are preparing a lawsuit.
Teachers Retirement System spokesman Dave Urbanek says the agency is preparing to implement the law when it goes into effect next year on June 1st.
TRS has been getting a lot of questions from concerned teachers, but there are no easy answers. Urbanek says every retiree will be treated differently depending on their pension amount and years of service.
"We're telling people right now to be very patient, because we don't have all of the ins and the outs of the law mapped out yet. We will get there. We have to," Urbanek said.
That's all happening against a backdrop of a lawsuit labor unions are expected to bring sooner than later. Because of that, Urbanek says TRS is preparing parallel computer systems -- one to calculate pensions under the new law, and one that can handle the old way in case the law is struck down.
Senate Bill 1 approved