Issue Brief: Analysis of the Governor’s Office of Management and Budget’s Pension Stabilization Summary
August 1, 2012
This Issue Brief provides a synopsis of the core changes the Quinn Administration proposed for the state pension systems and an analysis of the cost saving estimates produced by the Governor's Office of Management and Budget. The main change is reduction in Tier-I Cost of Living Adjustments (COLA) down to Tier-II levels. Tier-II is a reduced benefit tier for all employees hired on or after January 1, 2011.