(WBBM NEWSRADIO) — Illinoisans have heard for decades about how bad the state is at funding its pensions for public employees, and now, a new organization is working to make that easier for the public to see.
Katie Dunne is the executive director of Secure Illinois Retirements (SIR), which was launched last week. She said the nonprofit aims to be a resource for teachers, firefighters and other public employees. One way to do that is through SIR’s interactive tool.
“[It] allows visitors to find comprehensive information about their specific fund,” Dunne said.
The tool’s available for anyone to use. It shows, for example, how a treatment plant operator — who worked at the Metropolitan Water Reclamation District for 34 years before retiring — is only collecting about $38,000 of his $66,000 annual promised pension.
“It’s a true example of a public sector worker in that fund, and then we just had some fun and changed the names,” Dunne said. “So that is a pretty accurate view of where each of the funds are at.”
She added that SIR tried to make the tool as specific as possible in order to direct people to their exact fund. Although many reviews of the pension system are done from a financial perspective, SIR — which comprises current and retired public sector employees and union members — is looking at what constant underfunding does to the workforce.
“We really need to look at, not just the numbers, but also other variables and whether … it’s having an effect on recruitment and retention of public sector workers,” Dunne said.
She believes the two-tiered system, which lowered benefits for employees hired after 2011, has meant more turnover.
As SIR develops ideas for solutions, Dunne said the organization plans to talk with more public employees.
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July 30, 2023 at 10:36PM
