tag:blogger.com,1999:blog-3492014659405332380.post3935143044624875703..comments2023-10-10T04:30:38.687-05:00Comments on Deo volente: Pension crisisDave Johnsonhttp://www.blogger.com/profile/09100006856645294730noreply@blogger.comBlogger28125tag:blogger.com,1999:blog-3492014659405332380.post-47552606289069363212011-11-12T11:49:42.075-06:002011-11-12T11:49:42.075-06:00Just checked on the SUAA website: for SIUC members...Just checked on the SUAA website: for SIUC members to join, annual dues are $31 and there is a payroll option of $2.58 per month. I just opted for SUAA to mail me out the paperwork so I can begin having SURS do the monthly payroll deduction.Joe Srameknoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-10659139563954254022011-11-12T11:42:47.313-06:002011-11-12T11:42:47.313-06:00Anonymous 4:13pm I see this as a wonderful opport...Anonymous 4:13pm I see this as a wonderful opportunity for all of us, Glenn Poshard, faculty who striked, faculty who did not strike, etc., to roll up our sleeves and join in a collective effort to protect our pensions against corrupt politicians from Springfield. I am going to be joining SUAA right now!<br /><br />Thank you Speaker Madigan for coming up with an issue to help all of us heal Joe Srameknoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-37974465725576204652011-11-11T16:13:41.034-06:002011-11-11T16:13:41.034-06:00I wonder how many in this discussion are FA member...I wonder how many in this discussion are FA members, or other faculty that have been contributing and viewing this blog with regard to the negotiations and strike. Perhaps this is what a more inclusive faculty body looks like.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-32353250767102014842011-11-11T16:11:22.861-06:002011-11-11T16:11:22.861-06:00Here is a link to the text of the bill (I believe ...Here is a link to the text of the bill (I believe the relevant version is House Amendment 2 to SB512) http://ilga.gov/legislation/97/SB/09700SB0512ham002.htm<br /><br />And yes, people may elect to change plans. I haven't read thruogh the legislation yet, and it is unclear to me whether there are multiple opportunities to change plans or only one opportunity--but there is at least one.Jill Adamsnoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-47794462771074680492011-11-11T15:29:47.689-06:002011-11-11T15:29:47.689-06:00As a member of the executive committee of the Stat...As a member of the executive committee of the State Universities Annuitants Association (SUAA), I can fill in some information on SB512, including House Amendment 002.<br />Under this bill, if you started at SIUC before January 1, 2011, you can keep your current benefits, but you will pay significantly more to do so. Your pension contributions will increase from 8% to 17.31% Therefore, being inBruce C. Applebynoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-49277316976220618532011-11-11T15:17:47.867-06:002011-11-11T15:17:47.867-06:00The nature of this discussion is interesting. One...The nature of this discussion is interesting. One of the challenges I, along with others I assume, have with the FA is that it is somewhat costly each year yet the organization only seems to be heard from once every four years (I guess more frequently given the duration of negotiations). There is rarely any word from them in between. <br /><br />The discussion here is exactly the type of thingAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-90452036131516819312011-11-11T13:29:07.298-06:002011-11-11T13:29:07.298-06:00Haven't had any chance to read or post for day...Haven't had any chance to read or post for days. Just read a few hundred posts. Gotta agree to healing; gotta agree to more conversations about what kind of collective bargaining we want; gotta agree about getting our voices heard in Springfield; gotta agree about SMP (not too good at it myself, but that's what I've got).Quiet Onenoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-60153595487335444472011-11-11T13:17:35.270-06:002011-11-11T13:17:35.270-06:00I have the SMP, for similar reasons as Joe. When ...I have the SMP, for similar reasons as Joe. When I got here 5 years ago and saw the unfunded pension liability of the state, I suspected the legislature would eventually kill the golden goose. I do feel it is morally wrong for legislative bodies to do what the Illinois General Assembly and many other state legislatures have done by breaking pension promises or borrowing money from pensions theyChris Behannoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-37160584297099794232011-11-11T13:02:09.692-06:002011-11-11T13:02:09.692-06:00After the various stock market crashes, I had thou...After the various stock market crashes, I had thought my choice (in 1998) to adopt the SMP was foolish--so I'm glad to see it may be less foolish than trusting the state. (I chose the plan in part because the market was booming, I enjoyed playing around with investments, and I did even then have a dim sense that it would be hard for the state to take away money it had already given me to Dave Johnsonhttps://www.blogger.com/profile/09100006856645294730noreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-6560133745628560702011-11-11T12:30:34.927-06:002011-11-11T12:30:34.927-06:00@ previous posts:
Well! Ok, those numbers sound p...@ previous posts:<br /><br />Well! Ok, those numbers sound pretty decent, thanks (maybe some of the people I know with SMP aren't so good at the "manage" and the "plan" parts).<br /><br />Ok, Ok, particularly if it is not so hard to do, if given the (ahem) "opportunity" to choose again, I'll definitely take a close look.<br /><br />(Maybe all the scary stuff beezernoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-46937356292298017092011-11-11T11:58:19.911-06:002011-11-11T11:58:19.911-06:00I second success on the self managed plan, compare...I second success on the self managed plan, compared to loosing it if I leave SIU or the pension plan goes belly up. You can do very generic managed investments.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-73894498057580101842011-11-11T11:46:04.512-06:002011-11-11T11:46:04.512-06:00beezer, my returns over the last 10 years are abou...beezer, my returns over the last 10 years are about 7-8% using the self-managed plan. And that is not bad at all given the post-9/11 recession and the huge hit in 2008 with the housing crisis (portfolio down 35%!). <br /><br />It is not that difficult to do (your choice of investment vehicles is fairly limited), and more importantly, you are not at the mercy of the state legislature. Now, there Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-87143656935692054122011-11-11T11:40:01.504-06:002011-11-11T11:40:01.504-06:00I chose SMP four years ago because even then, I di...I chose SMP four years ago because even then, I didn't trust Rod Blagojevich with my pension money. I took a bath during the crash in 2008-9, but most of my investments bounced back. TIA-CREF has a wonderful investment tool called a Lifecycle Fund; I chose Lifecycle 2040 because I am currently 35 and will be retirement age roughly 30 years from now. Even with the return of the bear market Joe Srameknoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-1947709193751314362011-11-11T11:21:35.528-06:002011-11-11T11:21:35.528-06:00@ Anon. 9:48. Certainly not before, but maybe now...@ Anon. 9:48. Certainly not before, but maybe now (I chose 'portable' because I didn't know where I would be in the future, and I didn't want self-managed because I don't know anything about investments and I don't have the time to learn properly--besides, over the last 10 years I think self-managed plans have done very poorly--a self-manager would probably have done beezernoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-64884860218298355202011-11-11T10:15:45.018-06:002011-11-11T10:15:45.018-06:00Mr. Bean is correct. Those of us under 50 have no ...Mr. Bean is correct. Those of us under 50 have no pension to look forward to. For me and my family this is just another reason to move on now before it is too late.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-68850562479094527812011-11-11T09:48:58.791-06:002011-11-11T09:48:58.791-06:00You folks should choose the self-managed plan.You folks should choose the self-managed plan.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-64580159489745587672011-11-11T06:42:06.450-06:002011-11-11T06:42:06.450-06:00Am I correct in assuming this mainly affects the &...Am I correct in assuming this mainly affects the "traditional" plan and not those who are in the 401k-like plan?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-90921259841539107972011-11-10T23:13:21.966-06:002011-11-10T23:13:21.966-06:00Prof. Bean, is it me or is this bill *worse* than ...Prof. Bean, is it me or is this bill *worse* than the last attempt to fleece our pensions? <br /><br />While the Pollyanna in me would be content to sit back and assume the constitution will protect us ad infinitum, the realist tells me that that tact will leave my family and I wearing barrels and suspenders by the time they get done with us. <br /><br />I certainly agree with the sentiments ofbeezernoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-642529855208804982011-11-10T22:41:52.533-06:002011-11-10T22:41:52.533-06:00The problem is also the pension formula assumed hi...The problem is also the pension formula assumed high rates of return? Why? So that the legislature could pay LESS in anticipation of those high rates of return. <br /><br />As a mid-career person, I just don't see myself NOT getting screwed in the next 15-20 years. Too many boomers in front of me. Who cares about any one under 50? With SSA, the spiel always is "we have time - 25 years - Jonathan Beannoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-39578942435762247002011-11-10T18:41:59.709-06:002011-11-10T18:41:59.709-06:00Our Sen. Dave Leuchtefeld confuses TRS (Teachers R...Our Sen. Dave Leuchtefeld confuses TRS (Teachers Retirement System) with SURS and thinks that the dire financial situation of SURS is only partly due to the State of Il never contributing its required share, but mostly due to generous early retirements and mismanagement of funds. That's true for TRS, but not for SURS.<br /><br />I spoke with SURS people and apparently neither assertion is msnoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-26185850052274786412011-11-10T18:13:11.925-06:002011-11-10T18:13:11.925-06:00And what a wonderful chance for the FA and the Adm...And what a wonderful chance for the FA and the Administration to get on the same side and try to defeat a common threat to us all. And one that is quite likely illegal under the Illinois state constitution.Joe Srameknoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-20104968972572044512011-11-10T17:39:59.360-06:002011-11-10T17:39:59.360-06:00FWIW, Glenn Poshard and Others in the administrat...FWIW, Glenn Poshard and Others in the administration have been working on this for months. You can read their reports in the BOT minutes and in (some) of the Senate minutes. I am not saying that this is not important or serious, just that this is not something that has just come up. And Jill is correct, some of what Dave posted is not accurate.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-8149360373042875442011-11-10T17:12:43.798-06:002011-11-10T17:12:43.798-06:00beezer,
No, that's is a very good point. This...beezer,<br /><br />No, that's is a very good point. This is a area where there is common ground.Mikenoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-8141238695441223482011-11-10T17:10:51.516-06:002011-11-10T17:10:51.516-06:00@ Mike:
Actually... Glen Poshard. (Sorry, couldn...@ Mike:<br /><br />Actually... Glen Poshard. (Sorry, couldn't resist).beezernoreply@blogger.comtag:blogger.com,1999:blog-3492014659405332380.post-22925984268928869202011-11-10T17:03:48.885-06:002011-11-10T17:03:48.885-06:00Quick, call the FSN! No, um, the AAUP, maybe. No, ...Quick, call the FSN! No, um, the AAUP, maybe. No, they can't do much. Hmm? Who can deal with this on a state wide basis? Who has the resources, knowledge and experience? Who?!?Mikenoreply@blogger.com