RESOLUTION ON PENSION REFORM
At the January 18th meeting, the Board approved a Resolution Regarding Pension Reform. The resolution is to encourage the Illinois Association of Schools Boardd, the Large Unit District Association, and Quincy's legislators to support pension reform. Illinois’ pension liabilities exceed assets within the state’s pension funds, including TRS, by at least $83 billion. Teachers and administrative staff rely on TRS to provide pension income after their careers have ended. The total depletion of the TRS assets would endanger the retirement savings of teachers in the Quincy community. An increase in state funding is needed to avoid bankruptcy of the retirement system which would make current levels of state aid to school districts impossible to maintain. The state is already unable to remit funds to the district in a timely manner.
Board Member Mays initiated the resolution and said this is the biggest issue facing the state and its 869 school districts. He said, “Unless we address this, state funding for education will be flat for the next generation.” Member Krause said, “This is not an attack on teachers and their pensions. If it is not fixed, teachers are going to have issues in getting their pensions. The state takes money away from this district. It’s broke.” It was reiterated that the state is behind on multiple payments to the district including funding for transportation, special education and early childhood.
