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Police/Fire Consolidation Update
On Thursday,
11/14/2019, the Governor, legislators, along with the
support of the FOP and Illinois Chiefs Association held
a meeting in the Capitol in the House Personnel &
Pensions Committee to discuss the plan to consolidate
over 600 local pension funds for both suburban and
downstate law enforcement officers
and firefighters.
SB1300 passed both
the House and Senate with an overwhelmingly vote in
favor of consolidating all of the local pension funds.
One key change in
the bill that changed over the FOP and Chief’s
Association to support the bill was that the bill gives
active and retired police and firefighter’s majority
representation on the board that will oversee the funds.
The plan would to
gather the monies into two statewide funds, one for the
police and the other for the firefighters, for
investment purposes but would maintain separate accounts
within the funds. By collecting the funds together, the
funds would theoretically increase investment returns
and the liabilities and assets would not be shifted from
one municipality’s plan to another.
Go to
www.ilga.gov
and look up SB1300 for more information.
Let’s see what
happens now.
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