WILLIAMSON CO. (WSIL) � Legislation aimed at reducing Illinois� ever-growing pension debt is now law.
Governor JB Pritzker signed the pension consolidation bill Wednesday.
Herrin Mayor Steve Fratini says his city’s police and fire pensions are performing well and already hitting their goals.
“I think part of the logic here was that this will help fund those pension funds better, and theoretically it will, but I don’t know how impactful that’s going to be in terms of savings to the various municipalities,� explains Fratini.
Cody Moake at Marion City Hall says city leaders has already been working to help ease the property tax burden on owners.
“Hopefully, long term, the amount that we’re required to put in will go down because of the large scale investments that will be made since all of these 650 pension funds are getting pulled together.�
Moake says the pension plan the city is working towards is going well.
“We’re not near the end. We’re not in a position where we have a lot of money to make up, but we’re also not in a position where we’re completely funded where we don’t have any worries in the world.�
Caterville Mayor Brad Robinson says the can help in the long term, but since everything is new, he can’t predict at how things will pan out.
“The benefits will show over time. It’s not going to make these pension debts go away immediately, but it will reduce some of the burden on the tax payers on the property tax bill,� says Robinson.
Robinson says it’s his understanding that those who receive a pension will not see any negative impacts because of the legislation, but it could help smaller towns.
“So consolidating the funds equals more interest on the investments equals fewer dollars being put on the property taxes levees of their own residents.�
The local pension boards have until July 1, 2022 to transfer their assets to the new funds.
