(Click here to go to our website) Call to Order – President Weldon Garrelts called the meeting to order and led in the Pledge of Allegiance.
Invocation – David Hunter: Dear heavenly Father, we thank Thee for this food and for this glorious day. Forgive us when we are self-absorbed, unconcerned, or too busy. Teach us to share our substance and our time. Amen. Vittles – Chopped Steak, mashed potatoes and gravy, mixed vegetables, salad and toppings, rolls and butter, Flan (above), tea and coffee.
Attendance – 19 members. Guests – Larry (Husband of Fonda Bowden);
Birthdays – Pat Bryan. We’re not saying which birthday…
Lions Report – David Lin had broken his shoulder and had surgery, but is doing well in therapy and attended today’s meeting. If you are ill or know a fellow Lion that is under the weather, please call Pat Bryan at 586-4535.
Announcements – Weldon Garrelts announced that he and Dave Shaul and his wife would take Marge Richmond, widow of Lion Jack Richmond out on her upcoming birthday.
Jay Hoeflinger announced the Lions would be working Saturday 8AM on the project for the Center for Women’s Transition, at 1304 E. Main, Urbana. We need a garden hose and rakes for mulch.
Program – Charlie Osborne introduced our speaker, Jeff Houch, Legislative Liaison for the State University Retirement System (SURS). Jeff graduated from Eastern Illinois University and then worked for House Speaker Michael Madigan as a research analyst. He became the Legislative Liaison in 2011, a role in which he helps to educate on the complexities of SURS and potential consequences of legislation on the system. His father has been a Lion for many years.
SURS was established in 1941 and has 213,000 members, with 50,000 retirees, receiving on average $35,000/yr. SURS pays out $1.8 billion yearly and is only 43% funded by the state.
It has a $19.5 billion unfunded liability. There are 3 bills currently being considered for correcting the retirement problem, Senate and House Bills and a Bill proposed by the Institute for Government and Public Affairs.
Currently, the annual annuity shows a 3% increase that is compounded. The House Bill will change this to an increase of 3% of $1000 x years of service, without compounding.
There would also be an increase in employee contributions to 10%, from the current 8% and pensionable salaries would be capped, similar to Social Security.
The Senate Bill would require retirees to choose between the 3% annual increase and the current state payment for health insurance. The Institute bill would allow the annual increase to be adjusted automatically, but tied to the consumer price index.
it was pointed out that the State of Illinois does not pay into Social Security. A Federal Statute requires the state plan to be at least equivalent to Social Security if it is not going to participate in the Federal plan.
Thus, an annual increase less than inflation would not be consistent with the law. The goal of the State plans is to have the retirement fully funded by 2044.
Jeff thought that probably we would have a bill to vote on by October. It appears the bills are punishing the retirees and members more than the state.
It was pointed out that the Teachers Retirement System is separate and larger than SURS and they are better funded.
A good example of a well-funded retirement program is the municipal retirement fund, which has a requirement that prevents employer’s from underfunding.
Tail Twister – Tom Yaxley asked David Lin to carry the bucket.
Gordie Bragged about his son’s getting his 3rd Hole-in-one.
Tom then read a somewhat long but very funny joke that we all laughed at.
Greeter: Ed tichenor August 7 – Business Meeting, Know Your Lion Aug 14 – (Invited) Andy Dallas - games at fairs Click here email@example.com to email Sam McGrew and let him know what you would like to see in a Lions Club program some firstname.lastname@example.org Coming up July 31 – Lou Liay and Jeff Goldberg from the Virginia Theater
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