EVANSTON, IL--(Marketwire - Dec 2, 2011) - Dan Gridley, president of SeCura Partners, recently told the board of directors of District 202 teacher's union in Evanston that the probability of pension reform is near "100 percent." He said "something's got to give" because Illinois' funding ability is unsustainable without restructuring the state's pension obligation.
A tax and estate planning attorney, Gridley has been advising teachers and private clients for nearly two decades on tax and retirement planning issues. He has met with various districts and unions since the start of the school year to help bring clarity to Illinois pension reform from a non-political perspective.
"The recent veto session in Springfield in November made it clear that something is likely to happen with pension reform in Illinois," according to Bill Farmer, president of District 202 Evanston Township Education Association. "We brought SeCura in to help our members be proactive in planning their retirement given the situation with pensions."
Gridley said that much of the information floating around on Senate Bill 512 is very general and can lead teachers to jump to the wrong conclusions. Senate Bill 512 is proposed legislation to change the retirement benefit for Illinois teachers. "We find that teachers often need help bridging the gap between the available information, and the direct impact that SB 512 will have on them individually," he said. "Our job is to help them proactively navigate the changes to minimize the impact."
According to Gridley, the most important thing teachers can do is keep up to date on the issues. In addition, he says teachers must build a comprehensive plan that reviews the productivity of their assets, saving and funding strategies with consideration of future taxes while strategically choosing investment and retirement vehicles.
"Make sure you and your advisor understand the direct and full impact of reform legislation and any elections," explained Gridley. "Have a strategy for your election(s)." Finally, he advises teachers to plan their retirement to be independent of legislative decisions and declining state funding.
For more information about this topic, or to schedule an interview with Dan Gridley, contact Tyler Wedell at (847) 387-8711 or email Tyler at TWedell@SeCuraPartners.com.
About SeCura Partners, LLC
Located in Hoffman Estates, Ill., SeCura Partners, LLC, is a retirement and tax planning firm serving over 500 clients. With nearly two decades of service to teachers, firemen and state workers, SeCura specializes in state funded pension changes and their impact on hard working civil servants.
Contact Information:
For Further Information, Contact:
Tyler Wedell
(847) 387-8711