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Illinois pension crisis, time is not on our side
Source: Crain’s Chicago Business

Chicago’s largest employers are recommending the state pay off more than $130 billion in pension debt largely through a series of tax hikes. It’s not a perfect plan. But it gets one thing right: The crisis can’t wait.

It’s not every day that a group of corporate chieftains makes a forceful and concerted argument for a tax increase. And yet, Chicago’s largest employers, members of the Civic Committee of the Commercial Club of Chicago, did just that on Feb. 5, recommending to new Gov. J.B. Pritzker a plan to pay off more than $130 billion in state pension debt largely through a series of significant tax hikes.

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Welcome Wilmette Fire Pension Fund to IPPFA
Source: IPPFA

Welcome Wilmette Fire Pension Fund to IPPFA.

 

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Contact Legislators Today – Oppose All Consolidation Bills
Source: IPPFA

Your Calls, Emails, and Visits Make a Difference – ACT NOW and Oppose All Consolidation bills.

Please call Sen. Steven Landeck (217-782-0054), Rep. Ryan Spain (217-782-8108), and the Governor’s office (217-782-6830 or 217-782-6831) to let them know you are opposed to any and all consolidation for Downstate Police and Fire funds. We need the phones lighting up in the Statehouse!

SB 1106 (Landek)/HB 1566 (Spain): Consolidation into IMRF, with IMRF Formula for New Hires

Consolidates all downstate public safety pension funds into the Illinois Municipal Retirement Fund (IMRF) and requires the regular IMRF pension formula to apply to all newly hired public safety employees after a certain date. Local pension boards would be abolished following consolidation.

SB 1107 (Landek)/HB 1567 (Spain): Consolidation into IMRF, while Retaining Police and Firefighter Benefit Formulas

Consolidates all downstate public safety pension funds into IMRF. This proposal would allow the benefit formulas of these funds to remain the same, but the funds would be under the management and administration of IMRF. Local pension boards would be abolished following consolidation.

SB 1108 (Landek)/HB 1568 (Spain): Consolidation with IMRF, for Investment Funds Only

Consolidates the investments (only) of all local pension funds by the transfer of assets and investment authority into IMRF and maintains local pension boards for each fund to administer pension determinations.

SB 1109 (Landek)/HB 1569 (Spain): Consolidation Creating a Single Downstate Police Pension Fund

Consolidates all downstate police pension funds into a single downstate police pension fund. The fund would have one statewide board that would carry out all aspects of the fund’s management, thereby eliminating the local pension boards.

SB 1110 (Landek)/HB 1570 (Spain): Consolidation Creating a Single Downstate Firefighter Pension Fund

Consolidates all downstate firefighter pension funds into a single downstate firefighter pension fund. The fund would have one statewide board that would carry out all aspects of the fund’s management, thereby eliminating the local pension boards.

 SB 1111 (Landek)/HB 1571 (Spain): Consolidation with IMRF, for Investment Funds Only, By City Council Action, Maintaining Local Pension Boards

Allows municipal officials to direct the local pension fund board to transfer and consolidate its investment funds into a single statewide fund. Allows local pension boards to maintain all other authority, such as pension awards and disability determinations. Participating communities would see their property tax levies for pensions be exempted from the Property Tax Extension Limitation Law (PTELL).

SB 1112 (Landek)/HB 1572 (Spain): Extend the Amortization Period and Reduce the Funded Ratio Target

Maintains all characteristics of each local pension fund (i.e., no consolidation), extends the amortization period from 2040 to 2050 and reduces the required funding ratio target from 90% to 80%, and directs a comprehensive study be done to examine the costs and benefits of full consolidation.

 

Your efforts can make a difference. We need and deserve to continue the dialogue with elected representatives.

A few of the Senate bills have been assigned to committee, so it’s important to call now.

CALL TO ACTION

Please let the Sponsors of these bills, along with the Governor, know that you OPPOSE any and all consolidation of police and fire funds.

Call today!! ACT now and make your voice heard.

 

 

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