Monday, March 19, 2012

Pension News Update: Plans in the Air

Legislative action may be delayed until May or even after the November elections but pension reform is in the news again:

State senate majority leader Cullerton has been the strongest defender of the constitutional guarantee of pension. Nevertheless, he seeks a way out of the state's current obligations. One proposal is to eliminate the compounding of cost-of-living adjustments (COLAs). 

Another measure would shift the responsibility to pay the employer portion from the State to local school districts.

The U of I's "Institute for Government and Public Affairs" (IGPA) has issued a "hybrid" plan that amounts to a substantial gutting of the state's current obligation to state employees. Costs would be shifted to employers (like SIU), benefits drastically reduced but, hey!, we employees get to contribute 4% to a 401k style program on top of our radically reduced defined-benefit plan. I read the entire proposal and figured it would take me 54 years rather than 30 to reach 80% of my final salary to retire on.

I will be 87 at that time. Or dead. Whichever comes first.

Sunday, March 4, 2012

When to Quit Your Job: Sound like SIU?

Each Sunday morning, the Chronicle of Higher Education sends me a weekly email listing feature articles. The article "When to Quit Your Job" caught my eye based on the summary about an institution that never seemed to improve no matter how hard we all try.

It isn't a perfect fit (my department is fine and my chair isn't a horrible boss but perhaps people have horrible bosses higher up?).

I am not saying "this is SIU!" I am saying "some of it hits home." Perhaps it hits home with people at any school. I'll let you decide.