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Fred Giertz - Pension Crisis in Illinois

Dr. Fred Giertz, a long time State University Retirement System (SURS) Trustee, reviews the function of SURS, as well as its objectives. He covers the eligibility, benefits, and liability status of the system. Dr. Giertz reviews the impact of pension holidays, pension enhancements, bond sales, actuarial projections, and investment income on the availability of funds. He also discusses some of the major retirement changes, including COLA compounding, Governor Edgar's 1995 pension reform, the Tier 2 employee system established in 2011, and Senate Bill 1 of 2013.