Retirement

Peoria Public Radio

The regional dean for the University of Illinois College of Medicine Peoria is retiring.

TIAA Exec Offers Guidelines For Retirement Saving

Apr 20, 2018
Jim Meadows / Illinois Public Media

 

Ronald Pressman says everyone needs to think ahead to retirement, whether that time is far in the future, or just a few years away. The executive with the non-profit financial service provider TIAA says baby boomers need to make sure their retirement benefits live as long as they do, and millennials need to act now to make sure their plans for retirement get off to a good start.

Jim Meadows / Illinois Public Media

The first employers are being signed up now for Illinois’ Secure Choice retirement savings program. State Treasurer Mike Frerichs says that under the program, private-sector workers who don’t have a retirement plan at their job can have a portion of their pay automatically set aside in a state savings program. Frerichs says those savings will be shielded from any state financial problems.  

Watchdog Group Suggests Taxing Retirement Income

Feb 12, 2018
Gov. Bruce Rauner / Facebook

Governor Bruce Rauner is set to propose his state budget plan this week. It comes as a watchdog group suggests the state’s finances are so bad, Illinois should start taxing retirement income. Taxing retirement income is an age-old debate in Illinois that has a lot of political pitfalls. But Laurence Msall with the Civic Federation, a group that monitors the state’s budget, says the 2-year-long budget impasse did so much long-term damage that everyone will now have to make some sacrifices.

 

Illinois Business Journal

Southwestern Illinois College President Georgia Costello is planning to retire next year after a decade of leading the school.

A legal battle between the city of Decatur and its former police chief who said he was wrongly fired has ended with a settlement.  City officials say the termination of Brad Sweeney's employment in February 2016 will now be considered a retirement. 

Gov. Bruce Rauner has vetoed legislation to overhaul a Chicago public employee pension program.  He says it creates a fiscal cliff that will boost taxes beginning in 2023. 

gofundme.com

Studies have found that about one-third of low-wage workers say they'll never be able to afford retirement. The problem is particularly acute among minority women.  The issue has been driven home by a photo of an 89-year-old man in Chicago hunched over, trying to push his cart that offered frozen treats. The photo went viral and people donated more than $384,000 to his retirement. 

SPRINGFIELD, Ill. (AP) - A new Illinois law bars newly-elected members on the state's county boards from signing up for pensions from the Illinois Municipal Retirement fund.

The law, signed last month by Gov. Bruce Rauner, is a result of a political battle In McHenry County, where a candidate in the November race for county board president found board members were - depending on the county - supposed to work 600 or 1,000 hours a year to receive pensions. 

Illinois workers get an added bonus once they retire: They don't have to pay taxes on pension or Social Security checks. It's one possible change the state could look to as it hunts for more money.

Illinois is a rare state that taxes income on a regular paycheck, but not on retirement.

Fiscal experts like the non-partisan Civic Federation say as Illinois' population ages, and there are more seniors, the government will increasingly lose out on a source of revenue.

The Illinois Supreme Court on Thursday struck down another attempt to control the cost of government pension benefits.

This time it was Chicago city employees and retirees whose pensions were being targeted. The retirement system for one set of workers is projected to be insolvent in about a decade.

In 2014, the Illinois General Assembly changed the rules, but in Thursday's 5-0 ruling, the Supreme Court found that unconstitutional.

Illinois Public Radio’s Brian Mackey spoke with his colleague Amanda Vinicky about the decision.

OZinOH / Flickr/Creative Commons

SPRINGFIELD, Ill. (AP) - Illinois lawmakers want to hold additional hearings to discuss how to proceed with a pair of similar bills aiming to deal with the state's pension debt.

The state House Personnel and Pensions Committee held its first meeting Monday on the two proposals. Members of the committee said more hearings needed to be held so their questions could be answered.

Illinois Senate President John Cullerton says he wants Gov. Bruce Rauner to put in writing the details of a proposed pension overhaul their attorneys have been discussing for weeks. 

Republican Gov. Bruce Rauner says he backs a top Democrat's proposed pension overhaul as long as it includes a union-weakening provision on collective bargaining. 

AARP.com

State leaders are not discussing how Illinois can bring in more tax money. But given the state's growing deficit they'll get there one day.  

The leading group for retirees is on the offensive over one particular tax break.  

Illinois is a rare state that does not tax retirement income.

No politician has openly called for starting to, but it's an option. The nonpartisan Civic Federation recommends it as a way to stabilize the state's finances, especially as the number of senior citizens living in Illinois is projected to grow. 

The rejection of Illinois' massive pension law continues to have other legal repercussions.  The state Supreme Court found that the law reducing teachers and state and university employees' retirement benefits is unconstitutional.  

Peoria Public Radio Executive Director Tom Hunt is retiring today after 52 years in broadcasting, most of it at public radio stations. Hunt talks about his time in the industry with Peoria Public Radio’s Lee Wenger:

 

Tom Hunt retires today after more than a half-century in the radio broadcast industry. He is also a ham radio operator and we trust he won’t be a stranger to the ‘airwaves’.

 

 

 

University of Illinois President Robert Easter will get one last pay increase before he retires later this month.

Gov. Bruce Rauner isn't ruling out keeping the current state prison director on the job. The Republican said Wednesday that "current leadership is in the mix" in discussions about who will run the Corrections Department. 

More than 20 Peoria County employees are signed up for a voluntary retirement program.  

The Peoria County Board will consider road funding next year that includes no property tax increases and a delayed road project.  The Board also will take up a measure to spend up to $1 million from its economic development account to fund highway department operations.  County Board member Andrew Rand says the County needs to have a road study and get public input before raising taxes:

The Peoria County Board will consider approving a Voluntary Retirement plan to help tackle a $3.5 million deficit next year. Officials say the goal is to get 40 employees to voluntarily retire, saving about $2 million. Peoria County Board member Andrew Rand says that both Board members and elected officials agreed to use an outside consultant to find more ways to save money: