SEARCH
NEWS arrow

Act to Oppose the Draft Conference Committee Proposal!

10/22/2013

Illinois politicians are at it again, trying to destroy the hard-earned retirement security of teachers and public employees. Click here to call or dial 888-412-6570 NOW and tell your state senator to oppose the plan by the conference committee. It’s just as bad as SB 1!

The legislature will be in veto session during October 22-24 and November 5-7. At any time, lawmakers could vote on a plan formed by the conference committee that’s just as bad as House Speaker Michael Madigan’s Senate Bill 1.

At this point, credible media reports indicate that the plan includes:
  • The devastating Half-CPI “Diet” COLA cut. This cut replaces the 3% compounded cost-of-living adjustment (COLA) with a COLA that only keeps pace with half the inflation rate. This “Half-CPI” COLA means pensions will always lose value to inflation by design, and senior citizens won’t be able to keep up with rising living expenses. The Half-CPI COLA cuts pensions essentially as deeply as SB 1. (Read more on this below.)

  • Long COLA holidays of up to five years. On top of the Half-CPI “Diet” COLA cut, the plan mandates COLA holidays of up to five years – again, similar to SB 1. These long COLA holidays further erode pension values and harm retirement security.

  • A cap on the amount of salary that earns a pension. This cap ignores the mandatory overtime worked by many public employees, especially those with physically-demanding, high-risk professions.
These details may still change, so keep up to date by watching the IFT and We Are One websites.

Download the We Are One fact sheet, as well as a brief on the harms of a Half-CPI COLA. Read this information, then click here to call or dial 888-412-6570 NOW and tell your state senator to oppose the conference committee plan or any plan not supported by IFT and We Are One Illinois!
printer
email

TWEETS

    Pinterest


    Copyright © 2019 Illinois Federation of Teachers