Illinois State House District 62 issued the following announcement on Nov. 27
In a bold step towards reigning in property taxes, state Rep. Sam Yingling, D-Grayslake, supported a plan that will modernize and consolidate over 600 local police and fire pension systems in a move to increase their stability and reduce government spending.
“I have been committed to reducing the property tax burden on our state since day one,” Yingling said. “This practical move not only reduces government waste and increases pension stability, but it also protects the benefits of the men and women who put their lives on the line every day to protect our communities.”
Yingling supported Senate Bill 1300, legislation that will consolidate the 650 pension funds across the state and reduce local government spending. According to the Pension Consolidation Feasibility Task Force, this consolidation would result in between $820 million and $2.5 billion in increased investment returns over the next five years. By reducing the pension obligations, local governments will have more flexibility in their spending and should be able to rely less upon local property taxes. This legislation garners diverse support across the state, including the Illinois Municipal League.
“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.”
For more information on Yingling’s work to drive down property taxes, please contact his full-time constituent service office at 847-231-6262 or email email@example.com.
Original source can be found here.