Professors create pension proposal
Updated: December 11, 2012
SPRINGFIELD -- A team of U of I professors think they have what it takes to get one of the state's pension systems back on track.
Four experts put the reform proposal together. It specifically targets the State Universities Retirement System.
Here's what they'd like to see done: members would have to accept lower benefits, in exchange they'd get a lump sum. How much, would be based on what they give up. That money would then be put into a retirement fund. One they'd have to manage on their own. The experts say this will help reduce liabilities. Meaning, the state will owe less down the road.
Some might be wondering why anyone would accept a lump sum. Well, one expert say it's more beneficial this way because they'd able to manage their own money, rather than the state. Which is already dealing with some major financial issues.
