Help could be on the way if state officials get serious about streamlining
That structure already is working for systems such as the Illinois Municipal Retirement System, the statewide retirement system covering municipal government workers outside
While consolidating the boards and centralizing the investments would not solve the pension crisis that looms large over
Opponents are pushing scare tactics, claiming that currently well-managed pension funds would be taking on the burdens of badly managed ones. But the system would work like IMRF. Each town's local pension funds would be protected. But the overall system would be stronger due to higher investment returns and lower total overhead costs.
"From my perspective as a village manager, during the last seven years -- if not for our public safety fund increase -- our levy would be flat. We wouldn't have had to increase the village portion of the tax bill at all," says
Organized labor has resisted the idea of consolidation. State law currently requires local pension boards to include union representation. That provision could remain with a centralized board. But the status quo on local public safety pensions is not sustainable. You can ask any village official. Or simply watch fed-up property taxpayers continue to load up their moving vans.
Choose change, lawmakers.
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