How Much Help Will Early Retirement Aid Be?

SPRINGFIELD  –  Three central Illinois cities and a handful of major companies in the state are among the first in the state to receive federal help for their early retirees.  But it remains to be seen how much help the money will be.

Laurie Wollrab from the city of Bloomington said the cash wouldn’t be worth more than a couple hundred thousand to the city.  And maybe less to younger retired workers.

Wollrab3                        :22             …I really don’t”

(“It will help some…but I doubt that it will be more than barely noticeable.  It may keep things more level.  But I don’t think people are going to say ‘Oh gee, this has been a great help to us.”)

But Billy Tyus, Decatur’s Assistant City Manger said it could be a big help to the Soy city.

Tyus1                       :18                   …is greatly appreciated.”

(“Health insurance for the city of Decatur, outside of salaries and pensions, is the third largest expense for our government.  So any assistance that we can receive…is greatly appreciated.”)

The money is to cover health care costs for workers who can retire but are not old enough for Medicare.

Private companies are also cashing-in.  A spokesman for the Quad Cities based John Deere says as many as 15-thousand workers could be covered by the aid.

The federal government is spending 5-billion dollars over the next four years on the program.

Originally reported by Illinois Statehouse News. Read the original article here.