Walker-Backed Pension Consolidation to Become Law
SPRINGFIELD, Ill. – A measure supported by state Rep. Mark Walker, D-Arlington Heights, to combine more than 600 police and fire pensions is set to become law after being passed by the General Assembly.
“Currently, most municipalities have individual pension systems for their police and firefighters,” Walker said. “This pension legislation combines over 600 pensions to increase their stability and investment power and cut down on the payments needed from municipalities, leading to lower property taxes.”
Under Senate Bill 1300, over 650 of mostly downstate and suburban municipal police and fire pensions will be merged into two pools, one for police and the other for firefighters. Combining these funds could make more money in returns for retired police and firefighters while cutting fees and contributions that often necessitate property tax increases.
“From the Property Tax Relief Task Force to this pension consolidation bill, I’ve been working to lower burdensome property taxes,” Walker said. “Pension consolidation is good for our municipalities, our pension earners and our property taxes. These kinds of reform move us in the right direction toward a stronger Illinois.”