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Pensions

All across the nation, politicians — Republicans and Democrats alike — are attacking public workers and devaluing the criticial services you provide. Too many are promoting the notion that your pay, healthcare and retirement benefits are too generous. You know none of those things are true. You work hard, and you know the value of the job you do.

After decades of underfunding the Illinois retirement systems, Governor Quinn and In Illinois lawmakers passed Senate Bill 1, unconstitutional legislation that will unfairly burden workers and retirees.

Click here to download a set of talking points that fights the myths and gives you the facts on SB1 so you'll be armed with the truth.

The We Are One Illinois coalition issued a "White Paper" that explains the origins of Illinois' pension problem and proposes ideas for addressing the issue.

To stay up-to-date on the latest pension news visit the IFT Pension Watch Blog.


IFT's Position on Pensions

The IFT strongly opposes any attempt to reduce or eliminate defined-benefit retirement plans or to switch to 401(k) savings or defined contribution retirement plans. The union will fight any efforts to undermine the benefit structure of the current system under which Illinois pension systems operate.

Retirement security is a major component of the benefits to which you are entitled after a career in public service. IFT members can be confident that your union is fighting with you to protect your pensions.


Defined Benefit Vs. Defined Contribution

Public pension plans in Illinois and most other states operate as a defined benefit program for participants. Defined benefit pension plans guarantee a pension amount at retirement based upon final average salary and the number of years of service at the time of retirement. Lately there has been an increasing push in the public arena by those advocating for switching Illinois' public pensions from defined benefit to defined contribution plans. Defined contribution plans are 401(k) type plans most commonly seen in the private sector and do not guarantee the level of retirement benefits a participant will receive.


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