While some towns want state lawmakers to take quick action on a recommendation to combine suburban and downstate police and firefighter pension funds in an effort to boost returns and cut costs, not all municipalities are on board.
Senate President John Cullerton introduced a bill Tuesday to consolidate the 649 suburban and downstate police and fire pensions. Gov. J.B. Pritzker followed with a statement praising Cullerton’s move in the first half of a six-day fall veto session that ended Wednesday.
Barrington Hills is asking lawmakers to take their time and not pass the proposal during the veto session. The session’s second three-day leg runs Nov. 12-14.
In part, Barrington Hills’ resolution says the Pension Consolidation Feasibility Task Force’s recommendation would be a complex financial, economic and operational undertaking requiring “proper and comprehensive analysis and review by all stakeholders” and should not be pursued until the regular legislative session starts next year.
“In my opinion, they’re trying to penalize cities that are performing well and lump them into cities that are not performing well,” Barrington Hills Village President Martin McLaughlin said.
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Let alone municipalities can file for bankruptcy protection and states cannot. The high court in Michigan held the Federal Supremacy Clause trumped state constitution and obligation to fund. This is a play to save the pensions at the expense of property owners as we all know in time these pensions will go bust.
I agree with Marty………..take it slow, make sure it is right for us, B.H. taxpayers.