Illinois State House District 59 issued the following announcement on Nov. 19
As part of his ongoing effort to reduce the tax burden on local families, state Rep. Daniel Didech, D-Buffalo Grove, backed legislation that consolidates the assets and management of 649 local police and fire pension systems into two systems.
“In order to address the property tax crisis facing our families, we must start by making government more efficient,” Didech said. “This legislation reduces administrative costs and the burden placed on local taxpayers, all while protecting retirement benefits for our first responders.”
Didech voted to pass Senate Bill 1300, which will consolidate local government pension systems over a 30-month transition period, significantly reducing the financial burden on local property taxpayers. The Didech-backed reform is a result of negotiations between local units of government and first responders that will result in between $820 million to $2.5 billion in increased investment returns within the first five years. The bipartisan legislation advanced with support from both business and labor.
Earlier this year, Didech introduced legislation to empower taxpayers to lower their tax bill by consolidating overlapping layers of local government and passed legislation to provide yearly rebates to homeowners who qualify for a general homestead exemption. Didech also serves on the bipartisan Property Tax Relief Task Force, which is working to deliver comprehensive solutions to rein in property taxes.
“Consolidating the assets of the more than 650 downstate public safety pension funds throughout Illinois will help provide stronger investment returns for active and retired public safety employees and reduce redundant administrative costs on Illinois’ taxpayers,” said Illinois Municipal League Executive Director Brad Cole. “This is a good first step forward on the complicated and comprehensive issue of pension reform.”
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