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Experts propose plan to reform university pensions
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URBANA, Ill. (AP) — A group of University of Illinois professors have a plan to reform the retirement system for university employees. In a proposal issued Monday by the Institute of Government and Public Affairs, the professors recommend letting workers trade a portion of their guaranteed benefits for a lump-sum payment. That payment would go into a self-managed retirement account. Professor Jeffrey Brown says many employees would choose the lump sum to diversify their retirement funds. The report says offering the lump sum payments would help cut Illinois' $96 billion unfunded pension liability. It also recommends ending the tax exemption on retirement income, and warns that shifting the full cost of pensions to universities could lead to tuition increases. Lawmakers have said they want to pass pension reform by Jan. 9. 
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Rock island, IL Details |
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Today is Thursday, May 23, the 143rd day of 2013. There are 222 days left in the year.
1863 — 150 years ago: Messrs. J. and M. Rosenfield have moved their leather and hidestore to the building formerly occupied by Temple Bufords's store. They buy and sellhides, pelts, furs, wool, beeswax, lard, tallow, etc.
1888 -- 125 years ago: The Rock Island Lumber Company has recovered 5,000 of the8,000 logs that were carried away by the Mississippi River flood last week.
1913 -- 100 years ago: John J. Ullemeyer has been awarded the contract to furnish RockIsland fire and police department members with uniforms, at the city's expense.
1938 -- 75 years ago: Work on Aledo's new $38,000 swimming pool was started thismorning at South Park when ground for the pool was broken by Mayor John W. Murphy.
1963 -- 50 years ago: Students and teacher at Moline High School called today "MissLeona Day" day at the school in honor of the government teacher who retires at theend of the school term. Although she's been teaching for 43 years at the school, Miss Dayfound a new way of arriving at the school this morning. At 7:30 a.m., a police squad carpulled up in front of Miss Day's home and escorted her to school. A caravan of students' cars joined the procession along the way.
1988 -- 25 years ago: Barbecue cooking and riverfront antics are planned for Discover the
River Day Saturday in Leach Park, Bettendorf. A 5K run, wind surfing, a canoe race, hogcalling and more will round out the day under the Interstate 74 bridge.
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