Pension Reform: Impact On Illinois Colleges and Universities - KWQC-TV6 News and Weather For The Quad Cities -

Pension Reform: Impact On Illinois Colleges and Universities

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There is a big debate going on right now over pension reform in Illinois. Lawmakers are headed back to Springfield this week for a special session on the issue. According to a report from the Governor's Office of Management and Budget, lawmakers' discussion and possible vote could have huge implications for higher learning.

According to the Governor's study, higher education would loose $60-million for fiscal year 2014 and the number would continue to grow every single year. In 2016, colleges and universities would loose around $175-million and by 2018, $275-million would be cut.

Funding is not the only thing that the Governor's study says will suffer. There will also be implications for MAP grants. Funding for MAP grants has dropped every year starting in fiscal year 2011 from 2.4% to 3.9%. Without pension reform, the study says 26,000 students will not receive MAP grants. Need based scholarships based on merit are also at risk. The study says scholarships funds could be cut by more than $280-million by fiscal year 2018.

In the study, the Governor stresses that all the cuts can be avoided if pension reform is passed. The amount colleges and universities would be expected to take on is $21.3-million in fiscal year 2014, with a gradual increase of .05% annually.