Illinois State House District 61 issued the following announcement on Nov. 27
State Rep. Joyce Mason, D-Gurnee, is highlighting recent legislation to increase investment returns, ease the burden on local governments and taxpayers, and protect benefits for first responders by consolidating suburban and downstate police and fire pension systems.
“First responders have dedicated their lives to protecting our families, and they deserve a pension system that is efficient and provides them with financial stability,” Mason said. “Likewise, taxpayers need to know that their dollars are being invested wisely and spent efficiently and effectively. This legislation helps to achieve both goals by allowing the state’s pension systems to maximize their returns and provide billions of dollars in additional revenue for first responder pension funds.”
Mason is urging the governor to sign Senate Bill 1300, which combines the assets and management of more than 650 first responder pension systems in Illinois and takes steps to reduce property taxes for homeowners. The reform is estimated to result in increased investment returns between $3.6 billion and $12.7 billion over the next 20 years. The measure received widespread support and was backed by the Illinois Municipal League, the Associated Fire Fighters of Illinois and the Illinois Fraternal Order of Police.
“Consolidating the assets of 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.”
Original source can be found here.