SPRINGFIELD, Ill. – State Rep. Michelle Mussman, D-Schaumburg, recently voted to consolidate the assets and management of over 650 local police and fire pension systems, a move that will help reduce the projected future growth of property tax bills and increase pension security for first responders.
“Many first responder pension funds across the state are severely underfunded, and homeowners are continuing to be squeezed by increasing property taxes,” said Mussman. “Consolidation will help to balance the needs of homeowners with the needs of these individuals who put themselves at risk every day to keep us safe.”
Mussman supported Senate Bill 1300 to consolidate local government pension systems over a 30-month transition period, which will help to significantly reduce the financial burden of property taxes on homeowners. The Mussman-backed reform is the outcome of negotiations between local governments and local police and fire groups that will result in increased investment returns between $820 million to $2.5 billion within the first five years. Mussman also serves on the Property Tax Relief Task Force as a part of her continued efforts to reduce the property tax burden on local homeowners.
“Consolidating the assets of the more than 650 downstate public safety pension funds throughout Illinois will help provide stronger investment returns for active and retired public safety employees and reduce redundant administrative costs on Illinois’ taxpayers,” said Illinois Municipal League Executive Director Brad Cole. “This is a good first step forward on the complicated and comprehensive issue of pension reform.”
Mussman represents the 56th District, which contains portions of Schaumburg, Hoffman Estates, Elk Grove Village, Hanover Park, Roselle, Rolling Meadows and Palatine.