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Compass
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Illinois Legislators Set Forth Pension Reform Proposal
Burypensions Dec. 1, 2013
"All pension matters, except pension pickups, are removed from collective bargaining.... The State will contribute (i) $364 million in FY 2019, (ii) $1 billion annually thereafter through 2045 or until the system reaches 100% funding, and (iii) 10% of the annual savings resulting from pension reform beginning in FY 2016 until the system reaches 100% funding.... Employees will contribute 1% less of their salary toward their pension.... For those 45 years of age or under, the retirement age will be increased on a graduated scale.... Beginning July 1, 2015, up to 5% of Tier 1 active members have the option of joining a defined contribution plan."
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