According to this story from WSIL, about 300 SIUC employees have submitted resignations for the end of the school year. That's double the usual number that leave each year. It appears this group wants to take advantage of the state pension system before it gets changed by the legislature.
Those who have already retired have been getting 3% increases annually. What this means is that ten years after retirement, their pensions have grown by a third. For those who've been retired 24 years, the amount of money they receive annually has actually doubled!
ReplyDeleteI certainly would have liked a deal like that, but it's one thing that looks like it'll be changed, even for those already retired.
Right now that three percent looks great, but if inflation goes up, it will look like a pittance, and the retirees will rue that they don't have Social Security, with a cost of living adjustment tied to inflation.
ReplyDeleteThey're now talking about the lower of either 3% or half the inflation rate. So up till now, pensions have been rising faster than inflation, but once inflation starts to kick in, retirees will be left farther and farther behind.
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