Lee Enterprises
May 2, 2014
SRINGFIELD, Ill. • Illinois officials saw a surge in retirements last month as workers tried to lock in their pension benefits before an overhaul of the state’s underfunded retirement systems goes into effect on June 1.
Timothy Blair, executive director of the State Employees Retirement System, said an estimated 1,100 workers were on track to retire during the month of April, compared to a normal number of about 200.
Final tallies were not available Thursday.
By retiring in April, some workers believe they may be able to lock in their pensions at pre-overhaul levels, pending the outcome of a series of lawsuits seeking to kill the changes.
Blair said there is no way to know if the strategy will work. But, he said, “The potential upside is there and there’s not a lot of downside for someone who is close to retiring anyway.”
The rush for the exits by prison guards, General Assembly secretaries, laborers and other state workers comes in response to the passage of Senate Bill 1 in December, which reduces benefits for employees and retirees in an effort to save $145 billion.