|Assistant Chapter Chair
Frank N. Pokin
Thinking about retiring? Presented below is important information for making that decision and protecting those benefits. Your excellent pension is the result of decades of work by you and your union With the challenges in the future, we need your help in protecting our pensions and supporting the union movement.
During the 1990s and early 2000s, President Norm Swenson with the support of the Illinois Federation of Teachers hammered out a number of benefits for retirees through lobbying the General Assembly in Springfield and through negotiations with individual community college boards.
Union Actions Improving Your Retirement Benefits
- Changing the Pension Formula
To improve the formula for computing the pension, a change was accomplished during the 1990s. Now, you can reach the maximum pension in 36 years (or less) vs. 40 years pre-1990. This change substantially improved the pension formula.
- Compounding the Annual Increase
Instead of each year’s increase being based on your salary at the time of retirement, a compounding effect is used. Your pension is based upon your previous year’s salary plus the annual 3% raise. With this compounding, you double the size of your pension in 25 years vs. 33 years under the previous pension increase plan.
Incentives for Early Retirement via Board-Union Negotiations
- In the City Colleges of Chicago and some of the suburban colleges, there is a payout for unused sick leave or a percentage of the salary or a special employee work project.
- There are also health insurance benefits for retirees that vary depending on whether you are in the suburban chapters or the City Colleges of Chicago.
- Professors emeriti have the right to teach as retirees, the right to be paid a salary and other benefits, such as an office and telephone negotiated by Local 1600.
Information on the Joining the Retiree Chapter:
- Introductory Recruitment Letter
- Retiree Pension Protection Network and Benefits
- SURS Dues Check Off Form
- Note that our Retiree Chapter is the best choice for protecting Retirement benefits. Our political work through the AFT, IFT, and our Local cover college (early retirement benefits), state (SURS), and federal (medicare) retirement issues. In addition, this network of COPE donations and Lobbying far surpasses other retiree groups such as SUAA.
Information on SURS – Schedule an appointment with SURS as soon as you start planning to retire. Maximizing your pension means maximizing your last 4 years of wages. Sick days can be used to increase your pension. If you are a faculty member, retiring at the end of the academic year is important. Utilize any pension enhancement or early retirement incentives.
- IFT’s Financial Security Flyer
- IFT’s Retiring Wisely
- Go to the SURS for retirement details. Here the Traditional Plan handbook link
Check your College Contract for retirement health benefits and qualify for medicare through your spouse or with 40 quarters of medicare payroll contributions see link.
Qualify and increase your Social Security Benefit with more “substantial earning years” see link.
Important Contract dates and pages for CCC Retirees ONLY. Final Year for Enhancement see deadlines !?!?