Your SlideShare is downloading. ×
0
Union proposal summary
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Union proposal summary

162

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
162
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. SB 2404 (Cullerton-Holmes)Choice: Affecting Tier I ActivesChoice A: Lower COLA Choice B: Keep Your COLA Agree to 3% simple COLA with a 2 yr.delay Receive retiree healthcare access All future salary increases offered aspensionable Enrollment in optional cash balance planon a pre-tax basis by making an irrevocableelection to join plan after choosing ChoiceA Eligibility for ERO (TRS only)Option 1: No change to 3% compoundedCOLA No retiree healthcare access Future salary increases offered asnon-pensionableOption 2: No change to 3% compounded COLA Receive retiree healthcare access asconsideration All future salary increases offered aspensionableIn exchange for: A 3 year delay in 3% compoundedCOLA Paying an additional 2% in employeecontributions over two yearsChoice: Affecting Current Retirees (and Tier I Actives Already Set to Retire as of 1/1/2013)Choice A Choice B No change to 3% compounded COLA, except that COLA is subjectto a staggered two-year freeze Receive retiree healthcare access No change to 3% compounded COLA No retiree health care accessOther Terms of the ProposalCollective Bargaining: Prohibits mandatory bargaining over the benefit changes and employee contribution increases in the bill.Pension Stabilization Fund: Adds the Pension Stabilization Fund schedule embodied in SB 2404, but starting in FY 2020.Funding Guarantee: Includes funding guarantee language requiring State contributions to the pension systems under the schedule in current law.Addresses Pension Abuses: (a) Prohibit persons hired by non-governmental entities (e.g., Municipal League) after the bill’s effective date fromparticipating in public pension systems; (b) Exclude travel vouchers filed late from qualifying as “compensation” for SERS employees hired after the bill’seffective date; and (c) Separates normal cost from the unfunded liability in budget presentation.

×