“RETIREMENT MEANS RETIREMENT ACT”

Illinois State Representative Jack Franks filed HB 3760 which would limit “double-dipping” by public employees.  The bill would prohibit a public employee from retiring and collecting a pension, and then getting rehired by any other public employer in which the person is eligible to accrue creditable service in any Illinois pension retirement system. The bill would apply to Article 3 and Article 4 pension funds.  The bill excludes the first $2000 per month of retirement benefits.  Additionally, the bill also provides that if a public employee is fully vested in the retirement system, the employee can continue to work without making additional pension contributions.

Representative Franks filed the bill on November 14, 2013.

OUR FRIEND, FIREFIGHTER DANIEL BOWER

PGM wishes to extends its condolences on the passing of firefighter Daniel Bower.  Dan was a firefighter with Freeport Local 441 and 7th District Commander with the AFFI Honor Guard.  PGM had the privilege of representing Dan before the Freeport Firefighters’ Pension Board.  Our thoughts are with his wife Abigail, their three children, and his fellow firefighters.  Arrangements can be found at www.affi-iaff.org.

Bower

VETO SESSION ENDS WITH NO STATE PENSION REFORM BILL

The Illinois state legislature concluded the Fall Veto Session on Thursday, November 7 2013 without approving a bill to reform the State’s pension funds.  However, the legislature did approve SB 1523 amending the Chicago Park District’s pension fund.  Among other things, the bill increases the employer’s required contribution, increases employee contributions, increases retirement ages, and changes the COLA formula – including the COLA formula for current retirees.  The bill may produce the first court challenge regarding the constitutionality of changing pension benefits for retirees.

Illinois Pension Crisis Fix Is Pushed Back Again: Lawmakers Leave Without Reaching Deal To Curb $100 Billion Debt