Act Now to Fix Tier 2 Pensions!

(via the IFT)

Illinois public employees are demanding lawmakers pass We Are One Illinois' legislation to fix the broken Tier 2 pension system for teachers, nurses, firefighters and other public service workers and retirees.

Under the current broken system, public workers hired since 2011 receive "Tier 2" pension benefits, meaning they pay the same toward their pension but get less. They have to work longer, retire later, receive a lower benefit at retirement and can’t keep pace with rising costs. That undercuts retirement security for public employees and makes it harder for schools, universities, cities, counties and the state of Illinois to attract and retain needed workers.

After many months of discussions with key legislators, we believe we are close to a path forward that makes real progress to ensure public employees on Tier 2 can receive a more fair and decent pension while also strengthening the state’s finances for the long term.

This legislation will:

• Improve the final average salary calculation

• Lower the retirement age

• Improve the cost of living adjustment

• Increase the Social Security Wage base to address the so-called “Safe Harbor” problem

This newest proposal also reforms and modernizes the way we pay down the unfunded pension liability.

In short, this proposal can put us on a path to fix the inadequate and insufficient Tier 2 pensions for public employees while also addressing our state’s decades-long pension funding problems.

Use the tool (scroll to bottom) to email your state legislators and tell them to fix Tier 2 pensions this legislative session. We cannot wait any longer to fix Tier 2!