I understand your frustration. There was an agreement that they aren't going to live up to in the manner explained to their employees.
Benefit programs are a fairly recent happening. It was only during WWII that benefits came about. It was done to retain employees during a time that pay was fixed by government mandate.
What is going on for you and has been going on in industry for years is that the promises have been unaffordable. Much of that revolves around health care which has risen dramatically.
I have friends in the same kind of boat. In thier case, they were spawned off to a government agency that took over their benefits that were much reduce with health care lost.
Illinois is 30-billion in the hole for their program with the changes proposed. Taxes are a burden for many with those increases that were supposed to be temporary.
It is sad for those retired and for those nearing retirement. But, it has to happen or the state will go into bankruptcy. Springfield is just realizing that they are at the end of a long road of excess that must be addressed. The abuses by politicians with double dipping and the like have created the mess.
It is very unfortunate that you can't take an earlier out than regular Illinois workers. You've been screwed by the times and the past excesses. I do hope it works out for you because, to a degree at least, I know you. The rest are going to be forced to live closer to the rest of the work force.
Unless your wife is working and can carry you on her medical. Think about what is down the road for the next 9 years until you can get Medicare. Current insurance would be over $300 a month if they reduce it to all but gone. Factor that into the next 9 years. The program you will have available now will still be subject to further cuts. If the state does go into receivership, the funds available could be separated and new tables for benefit established.
It is a rough go, I'd suggest getting a professional evaluation by a really savvy CPA. That especially true if you actually plan to retire and not find subsequent employment. Look at the equity you've accumulated and how that will be affected if your income changed.
Good luck!
