Easter sent a mass email to employees Thursday afternoon, saying the UI would consider taking back any employees who have tendered their resignations fearing their benefits would be cut if they stayed on past
Among other changes, the law would cut cost-of-living increases on pension payments for current and future UI retirees, raise the retirement age for employees under the age of 46, and cap the amount of earnings that could be applied toward pensions. It also lowered employees' contributions to the pension program from 8 percent to 7 percent, to offset some of those changes.
Lawmakers also added a measure intended to preserve any benefits earned through
Easter said Judge
It's not clear how long that will take, but legal analysts expect the case to wind up in the
"Depending on how courts rule, provisions of the new law may still be implemented sometime in the future. But for now, yesterday's ruling preserves the current pension system as we know it and provides some assurance for employees who were considering retirement before
"I hope that faculty and staff who were weighing retirement will now decide to stay on and share their talents to benefit the university, our students and our state."
For those who have submitted a resignation but now want to return, "the university will make every effort to consider their request," Easter said.
It's not clear how many employees might change their retirement plans, as they will work first with their immediate supervisors, UI spokesman
The UI's human resources office plans to send out another communication today or next week with more details on that process, he said.
The prospect also raises potential complications for departments that may already be making plans to hire replacements, Hardy said.
The pension overhaul was designed to close a
(c)2014 The News-Gazette (Champaign, Ill.)
Visit The News-Gazette (Champaign, Ill.) at www.news-gazette.com
Distributed by MCT Information Services