As you all know the Rally is over; it made the TV news
in Springfield! State Universities Annuitants
Association
BIG Briefing
April 30, 2009
The Governor is building support in some areas; but not
in others. The public wants change – his intent is to make sure
the
DID THE GOVERNOR GET
THE MESSAGE?
NOT
YET!
public gets what it wants.
There
is a train on the track
– it is picking up speed!
Is it a Pension Holiday? Is it an
opportunity to make the public
employees pay more for a debt that they didn’t create? Is it
an income tax hike? Is it a broadening
of the sales tax base?
Is it taxing pension income? The list is
getting longer . . .
How many of you don’t think the Governor is talking about
you?
Here are some facts! The 2% talks
are not going away! In addition the
Governor’s Taxpayer Action Board (first known as the
Opportunities for
Change
Taxpayers’ Advisory Board) met on Tuesday, April 28. These are the items regarding Pensions and
Health Care that are of extreme importance to you.
proposed by Gov. Quinn
2012, for all future service
purchase access to early retirement provisions
management functions
(especially asset management ) under
transparent processes
practicable
Pensions: Unwieldy, Under-funded
and Unsustainable
Current
Situation/Implications
Opportunities for
Change
•
Current situation attributable primarily to State’s
• Revise plan design
to reduce overall plan
costs
by at least 10%
alternative purchasing models to drive improvements in health status
and cost management
status of members and increase individual accountability
failure to fund program
and secondarily to flawed
design
Health Care: Realignment of Costs and Incentives
Current Situation/Implications
dependents; current liability $2.1 billion
HB3798 is a bill to Note. It is sponsored by Rep. Kevin McCarthy
and House Speaker Michael Madigan.
It amends the Illinois Pension Code.
Requires the General Assembly Retirement System to automatically
enroll its newly eligible employees in a self-managed program of retirement
benefits instead of the program of retirement benefits currently offered
and allows currently eligible employees to elect to participate in the
self-managed program. WATCH this
bill. It has been held until May 8th. This could be the catch-all for the
Governor’s proposals or other changes in the pension systems.
The legislators are now hanging tea bags on their
microphones in their respective Houses.
This is to show their disagreement with Governor Quinn holding firm for
an income tax increase. Chicago’s Mayor Daley
has stated that he is against the income tax increase, especially since there
doesn’t seem to be any type of reductions in government expenses coming forth. This is a task of the Taxpayer Action Board
and there doesn’t seem to be any other task force looking at possible
reductions. This will be a bit of a
wait since their report isn’t due until May 22nd.
SB750
draft amendment is available to read but no changes have been made since early
March – meaning no new amendment to this bill. It is already understood that
additional in-depth discussions were to continue but so far nothing has
surfaced. The forthcoming amendment is
to lessen the burdens on taxpayers.
A Brief and Common-Sense Guide
on Being an Effective Legislative Advocate
Prepared by Dick Lockhart (Social Engineering Associates)
To communicate a point of view about a piece of legislation to a legislator effectively, one must understand some very basic facts of political and legislative life:
1. A legislator is also a politician, which means he or she won an election from a very specific constituency. Therefore, we must look at the elements which became factors in that individual’s success. First, there is the ego. Ego is not necessarily bad, but it is an essential component for a person to be willing to go through the process of facing the public, getting nominated and elected, making decisions that may directly affect millions of people, then doing it over and over again. In doing so, candidates soon find that there are many opponents, including the media and organizations who do not hesitate to be highly critical no matter what course of action is taken by the legislator. It can easily become personal to the individual and to the candidate’s family.
Add to that is the enormous amount of time and effort in raising campaign funds, campaigning itself, serving in the Legislature and in meeting with constituents, lobbyists, staff, other legislators, media, etc. Then add the traveling back and forth. The work never ends. The responsibilities are significant and cannot be avoided.
What basic things do legislators expect from advocates?
1. Respect. A democratic society requires the election of individuals who will take responsibility for determining public policy. Someone must do it and be prepared to contend with the consequences. He or she volunteered to run for office and therefore, cannot complain, but neither should they be denigrated for doing so. They, in fact, should be respected.
2. Appreciation. Even if a legislator takes an adverse position on some issues, he or she provided time (a non-renewable resource) and consideration in meeting with the proponents and opponents. Just because there may be disagreement about one issue doesn’t mean that other issues will also be in dispute. There is always tomorrow. Say “thank you” often and mean it.
3. Assistance. Assisting a candidate in getting elected is a highly effective way of providing assistance. However, assistance to a legislator can also take the form of providing information about legislative issues and organizations that may be involved. It could also include helping out with mailings, drafting constituent responses and assisting in local fund-raising.
In addition to knowing more about your legislator and the way he or she became one, you should also know something about the constituency that sent that legislator to Springfield. The first fact is that there are at least 210,000 people in each Senate District and 105,000 in each Representative District. That is more people than live in most Illinois cities. With that many people to represent, it means there will be a wide variety of issues, interests and problems to contend with. There is also local history, political and otherwise, that must be taken into consideration.
What I want to convey is that a legislator in the complex State of Illinois has a very demanding job and it is an unrelenting one. (However, most of the legislators want to be re-elected.)
Although Illinois has historically been a two-party State, it doesn’t mean that every issue is a partisan one. In fact, most bills in the General Assembly that come to a vote do so with support from both parties. The partisan issues receive the most publicity, but are relatively few in number.
Springfield
For most legislators what goes on in Springfield during a legislative session is far different than what may happen during the rest of the year. In fact, the General Assembly will be in session only 80-90 days every year.
However, those days are intense ones with long hours and a considerable amount of pressure from a variety of sources. They include their party leaders, statewide officials, officials back in the District, personnel from State agencies like the Dept. of Transportation and Dept. of Human Services, professional lobbyists representing the many organizations with significant public policy interests, legislative staff and the media. All have to be responded to – often at the same time. There are always more things to do than there is time to do them.
15 Do’s and Don’ts
1. For meetings, be punctual, and don’t over-stay your time.
2. Be polite and respectful. Do not get into an argument.
3. Don’t criticize any legislator, politician, interest group or lobbyist.
4. If you say you will do something, do it, or provide the reason for not.
5. Provide
information as to organizations who support your position and those who don’t,
but be sure it’s accurate.
6. Do not
leave the impression that you are unwilling to meet with your opponents to
try to find “common
ground.”
7. If your issue costs money, say so.
8. Follow up with information and an expression of appreciation for the legislator’s time.
9. Don’t make threats. If you make a promise, deliver it!
10. Do not be
reluctant about talking to a legislator because you think he or she will ask
you something you
may not know. Most you will know more about the issue than
the legislator does.
However, if a question is
asked and you are unsure of the answer, find it and provide it.
11. Provide a Fact Sheet and information as to where the legislator can find additional information.
12. If your organization is represented in Springfield by a lobbyist, be sure to mention the name of that person.
13. Do not complain about the legislative process – try to understand it, difficult as that may be.
14. Before the
end of your meeting, be sure to ask the legislator whether he or she will
support your position.
If “yes,” express
appreciation; if any other response, tell the legislator you will provide
additional information,
do so and then follow-up.
15. Avoid saying anything that could be construed to indicate the exchange of campaign support for a vote.
≡≡≡
Need talking points? Legislative Co-chair Nick Pano has provided Western Illinois Universities SUAA Chapter’s talking points. Readers are welcome to use these as a template for discussion.
Information from the
Illinois Retirement Security Initiative
For more information please contact,
Bukola Bello, Dir. Illinois Retirement Security Initiative
at (312) 332-1103 or bbello@ctbaonline.org
Illinois Public
Employee Retirement Systems
The five
public employee retirement systems in Illinois are the: State Employees’
Retirement System (‘SERS’),
Teachers’ Retirement System (‘TRS’),
State Universities Retirement System (‘SURS’),
Judges’ Retirement System (‘JRS’)
and General Assembly Retirement System (‘GARS’). Three primary sources of contributions
finance Illinois’ State retirement systems: employee contributions, employer
contributions and returns on investments.
Each chart is a representation of Illinois public employees and retirees
within the five state funded retirement systems.
SURS in Brief1 Who are the people who participate
in SURS? · SURS serves a diverse group of employees with
occupations ranging from professors and clerical workers to building
service workers and ground keepers. · The average annual salary of a SURS participant is
$43,460. · Participant contribute 8 percent of their annual salary to their pension
fund. Who is the typical SURS retiree? · A typical SURS retiree is 62 years old and has
served an Illinois University or community college for 20 years. What sort of benefits do SURS
retirees receive? · The typical SURS retiree receives a monthly benefit
of $2,609.83. SURS participants do not receive
social security. SURS is the sole source of retirement
income for participants. SERS in Brief3 Who are the people
who participate in SERS? TRS in Brief2 Who are the people who participate
in TRS? · TRS provides retirement, disability and survivor
benefits to teachers, administrators and public school personnel employed
outside of the city of Chicago. · The average annual salary of a TRS participant is
$60,254. · Participants contribute 9.4 percent of their annual
salary to their pension fund. Who is the typical TRS retiree? What sort of benefits do TRS
retirees receive? GARS in Brief4 Who are the people who participate
in GARS? · The average annual salary of a GARS participant is
$78,064. · Participants contribute 11.5 percent of their
annual salary to their pension fund.
Who is a typical GARS retiree? · A typical GARS retiree is 60 years old and has
served the Illinois General Assembly or state of Illinois for 14
years. What sorts of benefits do GARS
retirees receive? JRS in Brief5 Who are the people who participate
in JRS? · JRS participants are comprised of judges serving
within the Illinois court system. · The average annual salary of a JRS participant is
$161,070. · Participants contribute 11 percent of their annual
salary to their pension fund. · A typical JRS retiree is a 63 year old attorney who
has served as an Illinois judge for 17 years. What sort of benefits do JRS
retirees receive? JRS participants do not receive
social security.
• SERS participants are comprised of
all state
employees.
•
The average annual salary of a SERS participant
is $56,008.
•
Participants covered by Social Security
contribute 4 percent of their
annual salary to
their pension fund, while
participants not
covered contribute 8
percent.
Who is a typical SERS retiree?
• A typical SERS retiree is 69 years
old and has
served Illinois for 25 to 30
years.
What sort of benefits do SERS
retirees receive?
• The typical SERS retiree who is not coordinated
with Social Security receives a
monthly benefit
of $2,251.03.
The typical SERS retiree who is coordinated with Social Security receives a
monthly benefit of $1,798.12.
With the exception of police and
firefighters, virtually all SERS participants contribute to social
security.
• A typical TRS retiree is 69 years old and has
served Illinois public schools for 29
years.
• The typical TRS retiree receives a monthly
benefit of $3,461.08.
TRS participants do not receive
social security. TRS is the sole
source of retirement income for participants.
• GARS participants are comprised of
members of
the General Assembly and certain
state officials
within Illinois.
• The typical GARS retiree receives a
monthly
benefit of $3,921.75.
GARS participants do not receive
social security.
Who is a typical JRS retiree?
• The typical JRS retiree receives a
monthly
benefit of $8,684.50.
The following figures provide some facts about Illinois which
will allow you to place these numbers into perspective;
·
According to the
Illinois State Comptroller, pension benefits paid to regular state employees in
Illinois are low relative to benefits provided by other states. Illinois ranks in the bottom one fifth of all
states for retirement benefits paid to an average state worker.[1]
·
The total of all
participants in the state’s pension plans represent only 5.3% of Illinois’
total population. In fact, Illinois
ranks dead last in the nation, in number of employees per capita.[2] At the end of the fiscal year 2007 there were
72,312 state employees. This was 11,275,
or 13.5% less than at the end of
fiscal year 1998.[3]
·
Funded ratio is
the ratio of the assets of a pension plan to its liabilities.[4] The ratio is determined by dividing the
market value of assets by the actuarial accrued liability.[5] In June 2008, Illinois’ funded ratio was
54.3%, far below the 2008 national state retirement systems average funded
ratio of 84% found by Wilshire Associates.[6]
·
After decades of
underfunding its employer contribution to each of the five state retirement
systems, Illinois now has the greatest unfunded liability in the nation, an
astounding $73.4 billion. That means the
funded ratio for the entire state retirement system has dropped to 40% .[7]
·
Adopting a
statutory payment plan for the state pension systems was deemed necessary by
lawmakers in 1995. However, the 50-year
funding plan they adopted known as the “Pension Ramp,” was structurally
unaffordable from the moment it was enacted.
It did not reduce principle until 2034 or pay the full annual interest
cost; in addition, it incorporated a ramp-up period of 15 years that increased
contributions over an arbitrary starting level and significantly shortchanged
the pensions system.[8] This resulted in deferring the entire 1995
unfunded liability of $19.5 billion almost 40 years, while allowing this
deferral to grow at a set rate of 8.5% annually.[9]
·
Unfortunately,
under state law, any funding shortfall must be paid back with interest,
compounded at each retirement system’s target rate of return, currently pegged
at 8.0% to 8.5% per year.[10]
·
Normal cost is the
current total contribution required to fund the promised benefit upon
retirement, based on actuarial tables.[11] It is typically expressed as the percentage
of current payroll needed to fund future benefits. The ‘normal cost’ across all five Illinois’
pension systems, as a percentage of active members’ payroll averages 9.13%.[12] The national average for state and local
government is 12.5%, placing the normal cost of Illinois’ current defined
benefit program far below the national average.[13]
·
Actuaries have
reported that in order to keep the unfunded pension liability from growing, the
funding should cover “Normal Cost plus Interest.” Meaning, the actuarially – determined amount
to cover the growth in liability during this year, plus interest on the
unfunded balance. That amount in FY2009
is approximately $5.9 billion.[14]
·
In fact, for
Fiscal Year 2006, the normal cost was just
$1.33 billion. However, the FY06
required pension payment was $2.1 billion, meaning if Illinois had no unfunded
pension liability, it would have had an additional $770 million for public
services like education, public safety and transportation.[15]
·
A common
misconception is that taxpayers shoulder most of the cost of funding public
pension systems. To the contrary,
investment income accounts for the majority of Illinois state retirement
funding. Unfortunately, the ongoing
struggles in financial and capital markets continue to have a negative impact
on investment returns for the state’s five retirement systems. In the current fiscal year 2009, investment
returns of the Teachers’ Retirement System are down 25.5%, and those of the
State Universities Retirement System have declined 26.7%. The remaining three systems’ investment
returns have dropped by 20.9%.[16]
·
Compared to the
rest of the country, Chicago (zip 60615)’s cost of living is 58.63% higher than
the U.S. average. The unemployment rate in Chicago (zip 60615) is 9.20 percent
(U.S. avg. is 4.60%).[17] Chicago’s
overall cost of living is about 66% above the national average, as the typical
Chicago apartment rents for just over $1,000 a month, with utilities costing an
average of $86.[18]
·
According to the
U.S. Department of Health and Human Services, the poverty level for a family of
two is $14,570 annually or $1,214.17 a month.
That means the average SERS retiree who is coordinated with Social
Security will live on $583.95 more a month – an amount slightly above the
poverty level.[19]
==========================================================================================================================================================
Need a reason to become a member or
information to sign up a member? Read
and ACT!
Dear Current University and Community College Workers and Retirees:
For university and community college workers in the SURS
system, there’s urgent news out of
A proposal to force you to pay more for your State University Retirement System (SURS) pension benefits is moving forward at the State Capitol.
Did you know? ·
If you are a SURS participant currently
working in any of the university or community college systems, the Governor
wants to force you to pay an additional 2% of your salary for retirement
benefits. You already pay 8% -- and
now they want more. ·
Think about it. In this bad economy, this proposal is a two
percent pay cut for retirement benefits that may be cut back.
If you want to stop this, we need your help.
It’s urgent.
We are the State Universities Annuitants Association – the SUAA. Our organization is fighting to hold the line on the benefits you deserve and enjoy. We are focused on preserving the pension and health care benefits of current university and community college employees and retirees.
Sometimes we’re asked, “Isn’t your association just for
university and community college system retirees?” The answer is “Absolutely not!” We
serve retirees
With state government looking for ways to slash costs and cut benefit programs, we stand up for your retirement benefits and against the growing number of proposals that aim to take those benefits away from you.
An application can be downloaded at www.suaa.org or call 217.585.2370 for more
information.
You may be a member of another group interested in these
issues. Those groups may be involved in
a broad variety of issues at all levels of government, but we are not. Please understand, at SUAA, we are narrowly
focused on university and community college employee pension and healthcare
retirement benefits.
In this critical time, we are asking you to join our association as we fight
for your benefits – and membership in SUAA is economical. To join for one year the cost is $36 or even
less, depending on the local chapter dues where you live. ($21
for state membership and no more than
$15 for your local chapter.)
Biographies of New Legislators
House
Anthony DeLuca
(D-80th, Chicago Heights)
Biography:
Businessman; lifelong resident of Chicago Heights; director of operations at
Skyline Disposal Company, a third-generation family-owned business; member of
the International Brotherhood of Teamsters Local 731; Chicago Heights Mayor,
2003-2009; former member and President of Bloom Township High School District
206 Board of Education 1995-2003; member of the South Suburban Mayors and
Managers Association Transportation Committee; member of the Chicago Heights
Kiwanis Club; former coach and current director of the Chicago Heights Small
Fry Basketball League; graduate of Homewood-Flossmoor High School and Elmhurst
College; married (wife, Sarah), father of three.
Betsy Hannig (D-98th, Litchfield)
Biography: Full-time state legislator; born
November 10, 1963; B.S., Agricultural Economics and Animal Science, University
of Illinois Urbana-Champaign; former account analyst, Teachers Retirement
System; former horse stable manager and Piatt County Cooperative Extension
Service 4-H and Youth Community worker; former staff member, Citizens Assembly
(bi-partisan legislative support agency); member of Wolfpack
Car Club, Horsemen’s Council of Illinois, and Scleroderma Foundation; attends
Holy Family Catholic Church; married (husband, Gary).
Eddie Lee Jackson, Sr. (D-114th, East St. Louis)
Committee assignments: Approp-Elementary & Secondary Educ; Appropriations-Human Services; Consumer Protection
(Vice-Chairperson); Health Care Licenses; Affordable Alzheimer's Services.
Biography: Educator; former high school science teacher, middle school
principal, and elementary school principal; Bachelor of Science in Education
and Master of City Planning degrees from Southern Illinois
University-Edwardsville; member of the East St. Louis City Council; married
(wife, Pearlie) with two adult children, Eddie, Jr. and Emeka.
Senate
Toi Hutchinson (D-40th, Olympia Fields)
Committee assignments: Agriculture and Conservation; Labor; Local Government; State Government
& Veterans Affairs (Vice-Chairperson); Transportation; Committee of the
Whole; Trans Subcommittee Special Issues; Subcommittee on Special Issues.
Biography: Full-time
state legislator; Born May 20, 1973; Graduated University of Illinois at Urbana
with a Bachelor in English; Olympia Fields Village Clerk from 2002-2006;
Harvard Kennedy School of Government Executive Management Program; Women and
Power, 2004; Former Chief of Staff to State Senator Debbie Halvorson; Lives in
Olympia Fields with husband, Paul, and 3 children.
Kyle McCarter (R-51st , Lebanon)
Committee
assignments: Commerce
(Minority Spokesperson); Agriculture and Conservation; Education; Licensed
Activities; State Government & Veterans Affairs; Financial Institutions; Subcomm.Adv.PracticeNurse's License; Subcommittee on
Charter Schools.
Biography: Small
business owner, lives in Lebanon, IL, where he
operates Custom Product Innovations and Custom Coating Innovations. Served eight years on the St. Clair County Board and six years on
the O’Fallon Chamber of Commerce Board of Directors, including two years as
President and four years as Chairman of the Economic Development Committee.
B.S. in Accounting from Oral Roberts University.
Married to Victoria and has two sons.
Where SUAA
Stands on certain Legislation
SB1734 – Merging of the pension system investments. Opponent.
SB 1656/HB3722 and SB1454 are all ethics bills for which we can be a proponent. They discuss fiduciary issues, including
pension issues. SB1656 mandates development of an Illinois Fiduciary College at
UI to train responsible trustees and similar officials.
HB3652/SB1630 on City College insurance is out of the House
Pensions Committee and the Senate Pensions Committee. Both became shell bills and are no longer
viable for our legislative purposes. However, the issue and legislation are not
dead. Proponent.
SB303/SB304. SB303 sets up a defined
contributions/self-managed retirement option for state retirees in defined
benefit plans. SB304
mandates that new employees be enrolled is a defined contributions plan
and removes the disability clause. SURS
has a defined contributions plan. The
State Employees System does not. Both
bills now are dormant, but could return.
Opponent.
SB2020 and
SB1561 address catch-up funding for
pre-1980 retirees who have not kept up with inflationary adjustments. Both bills are dormant because they cost
money, even though SB2020 affects under 900 people. SB2020 is our bill as is HB2624. Opponent.
SB231 allows credit for up to 2 years of unused
sick-leave. SURS opposes this bill
because some campuses give sign-on bonuses including back sick-leave, and SURS
cannot afford to pay for that benefit. The
campuses are not responsible for this debt. Another factor is that faculty often do not have to record sick days unless
they are absent major amounts of class time, while civil service and
administrative professional staff must. Proponent.
SB0320 addresses the limit on additional earnings above 6%
being credited toward calculation of benefits.
This bill waives the restriction for lower-paid employees. SURS supports this bill. Proponent.
SR0054
mandates a study of the financial impact of combining funds from the pension
funds ala SB1734. Proponent.
Governor’s Budget Proposal: The proposal to hold back fourth quarter
payments into pension plans will further damage the funding ratios of all of
the plans. The long term financial
damage to Illinois is substantial. Opponent to a Pension
Holiday.
The governor’s proposed state income tax increase is
controversial, but the state needs more revenue to support salaries, pensions
and educations. Can we support the tax
increase? There is a study committee
investigating sources of revenue, but it is not close to making a report. Proponent.
Check SUAA out on Facebook! Facebook is a social utility that connects people with friends
and others who work, study and live around them. Other associations use Facebook as another medium for distribution of information. SUAA has created a group page and is
ready to share information with our members who also use Facebook.
Just search for SUAA
in groups, then click join!

HB4445
Short Description: COMPENSATION-NO
COLA-FURLOUGH
Chief Sponsor: Speaker Michael Madigan
Synopsis As Introduced
Amends the Compensation Review Act. Prohibits any increase
in compensation that would otherwise apply based on a cost of living adjustment,
as authorized by Senate Joint Resolution 192 of the 86th General Assembly, for
or during only the fiscal year beginning July 1, 2009, but not thereafter. Requires all members of the General Assembly to take X furlough
days in the fiscal year beginning July 1, 2009. Provides
that if salary or compensation is provided by law as set by the Compensation
Review Board, then that means the salary or compensation in effect on the
effective date of the amendatory Act and the future cost of living adjustments.
Repeals all other provisions of the Act except the
prohibition of the FY03 COLA. Amends the Civil Administrative Code of
Illinois and various other Acts to provide that the compensation of certain
officials of executive branch agencies is as set by the Compensation Review
Board (instead of as set by the Governor or by the Compensation Review Board,
whichever is higher). Effective immediately.
Hearing in the House State Government Administration Committee on Wednesday,
May 6th.
______________________________________
What’s the number? Budget deficit by end of FY2010 estimated at
$14.672 Billion. Check out the new
number by linking to the Commission for Government Forecasting and
Accountability (COGFA). Recently released “FY 2010 GAAP (Generally Accepted Accounting
Principles) Report.
http://www.ilga.gov/commission/cgfa2006/Upload/GAAP%20Report%20FY%202010.pdf
Another report from COGFA of interest is
Liabilities of the State Employees’ Group Health Insurance Program Fiscal Year
2010. Can be accessed by linking to: http://www.ilga.gov/commission/cgfa2006/Upload/FY2010%20State%20Employees'%20Group%20Insurance%20Program%20MAR%2009.pdf
This is a 22 page booklet providing cost
projections, estimates, appropriation/funding sources, benefits, membership,
enrollment trends, changes, managed care plans, monthly premiums, etc.
________________________________________
Annual Meeting Information coming soon!
June 23 & 24 in Springfield!
Figure1 State Universities Retirement System Financial Report for
Fiscal Year ended June 30, 2008
Figure2 Teachers’ Retirement System Comprehensive
Annual Financial Report for Fiscal Year ended June 30, 2008
Figure3 State Employees’ Retirement System
Comprehensive Annual Financial Report for Fiscal Year ended June 30, 2008
Figure4 General Assembly Retirement System
Comprehensive Annual Financial Report for Fiscal Year ended on June 30, 2008
Fiigure5 Judges’ Retirement System Comprehensive Annual Financial
Report for Fiscal Year ended on June 30, 2008
[1] Illinois State Comptroller, Fiscal Focus,
January/February 2007 Issue
[2] Id
[3] Illinois State Comptroller, Fiscal Focus, January 2008 Issue
[4] Source: Public Pensions and You: Glossary of Key Investment Terms and Acronyms. National Conference
on Public Employee Retirement Systems (NCPERS) 2006
[5] Id
[6] 2009 Wilshire Report on State Government Retirement
Systems: Funding Levels and Asset Allocation
[7] Illinois Commission on Government Forecasting and
Accountability February Monthly Revenue Update 2009
[8] Illinois State Budget Fiscal Year 2010
[9] Id
[10] Each system’s Comprehensive Annual Financial Report
lists their actuarial interest rate in the Actuarial Section.
[11] Analysis of the Governor’s Fiscal Year 2010 Illinois
General Fund Budget Proposal, Center for Tax and Budget Accountability, March
2009
[12] Based on 2006 U.S. Census Data
[13] Norman Jones and Paul Zorn, Harvard Law School,
Pensions and Capital Stewardship Project Conference, October 2005
[14] The “Normal Cost Plus Interest” amount is determined
by adding the estimated FY2009 Normal Cost ($1.4 billion) to the “Interest” on
the Unfunded Liability at the end of FY2008 (.085 X $54 billion).
[15] Calculations based on the Commission on Government
Forecasting and Accountability Monthly Briefing, November 2006 and Retirement
Systems 2006 Annual Reports.
[16] Analysis of the Governor’s Fiscal Year 2010 Illinois
General Fund Budget Proposal, Center for Tax and Budget Accountability, March
2009
[17] Citing
Websites. Chicago 60615 Zip Code
Overview. Sperling’s Best Places. Retrieved April 16, 2009, from
http://www.bestplaces.net/zip-code/Chicago-Illinois-60615.aspx
[18] Citing Websites. Chicago Apartments and Homes for Rent.
Retrieved April 16, 2009, from
http://www.rent.com/rentals/illinois/chicago-and-vicinity/chicago/