News and Notes
College of DuPage Annuitants Association by
November 13, 2017
SUAA Fall Meeting
State University Annuitants Association (SUAA) fall meeting took place at the Illinois State University Alumni Center in Normal, IL on October 24. CDAA has three voting directors at these meetings. Representing CDAA as voting directors were Annette Kerwin, Lynnette Arendt, and myself. The biggest takeaways from this productive meeting were Tier 3, SURS funding, legislative platform, elections.
With all of the talk and media coverage surrounding the income tax increase and the State's first budget since Governor Rauner's election, little has been said about the legislation that establishes a Tier 3 retirement system. Tier 3 will be in effect for all new hires at a date in the future yet to be determined. Tier 3 legislation has not yet been written. Yet Tier 3 is now the law in Illinois (makes me question how Illinois is run). Tier 3 legislation will be a defined contribution plan very different from the current defined benefit plan, in other words a 401 style system in place of a pension system. My concern is once it is in place NO new employee will be paying into SURS. How will this effect the funding ratios at SURS?
There is more talk in Springfield about the possibility of the State of Illinois issuing long term bonds to pay off the State's debt to the five pension systems. New York issued similar bonds, but not to the same dollar level as the State of Illinois is talking about. With the increase of the State's income tax and a passed budget, Illinois' credit rating has increased. Municipal bond interest is at a low point. So if the State were to sell long term bonds and all of the proceeds were put toward the debt to the retirement systems, the State would end up saving money in the long run. As I said at the beginning of this paragraph it's just talk at this point, but it is something to watch.
SUAA Legislative Platform
The SUAA legislative platform is under constant review. At the SUAA Fall Meeting we voted on a few changes. Some of the debate about these changes were spirited, some were not. But in the long term our legislative platform is set and can be viewed at the SUAA web site.
The upcoming State of Illinois elections may be the most interesting in a long time. At least three multi- billionaires are running for Governor each of whom are placing huge dollars into not only their own election but also down ticket elections. Many interests from outside of Illinois have been donating huge sums of money to
candidates. Unprecedented financing has been coming into this race from Political Action Committees. Fifty- three current State Senators and Representatives and one statewide Officer have decided to NOT run again. This will certainly become the most expensive state election cycle in the history of the United States. Watch the newspapers and your pocket book.
CPC In Service Day
On Tuesday, October 17, Val Follmann, John Kovach, and Sally Mullan gave a presentation on the history of SURS, SUAA, and CDAA to College of DuPage employees sponsored by the Classified Personnel Committee. Included in the presentation was the reasons for employed SURS members to join CDAA/SUAA, and the pending changes the state legislature propose to make were included in the presentation. A question and answer period followed. The talk was attended by 45–50 employees, mostly classified, but also included were a few faculty. The main concern was how pending legislation in Springfield will affect their pensions. In addition, the need for employees to monitor SURS was discussed, with a demonstration of the SURS website.
On Tuesday, October 24, CDAA had a table at this year’s “Staff Benefit Fest 2017”. The table was staffed by Catherine Leveille, Prudy Widlak, and Sally Mullan. A folder of information from SUAA was handed out to over 300 employees. The contents included information about SURS, SUAA, pending legislation concerning SURS benefits, and an application to become a member of SUAA/CDAA. The employees seemed very concerned about any changes the state legislature may make to SURS. Great interest in the CDAA was expressed. Let’s hope this leads to new members!
Your CDAA Officers are elected to serve a two year term and can be elected to no more than two consecutive terms if so desired. Both the President and Vice President positions are up for election this June. If you are interested in running for either of these positions or would care to express your opinion on who should run and/or would like to be included in a discussion about the roles, responsibilities, and time commitments of holding either office, please contact me at Preseident@PROTECTED.
Thank You again to Kathryn Golden for collecting stories from many of our members and editing the Chatterbox. If you would like to contribute to a future Chatterbox edition, please submit a paragraph or two describing what's happening in your life to Kathryn Golden via email to Chatterbox@PROTECTED or mailing the item to her at 56 Michael Rd, Bridgewater MA 02324.
November 8, 2017 – CDAA Officers and Director's Quarterly Meeting, BIC 3422, Glen Ellyn IL January 17, 2018 – CDAA Officers and Director's Quarterly Meeting, BIC 3422, Glen Ellyn IL April 18, 2018 - CDAA Officers and Director's Quarterly Meeting, TBA, Glen Ellyn IL
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