NORTHBROOK, Ill. – State Rep. Jonathan Carroll, D-Northbrook, is fighting to slash government bureaucracy and provide greater financial stability during retirement for police and fire fighters by streamlining the pension systems for many first responders.
“Countless hardworking police, fire and emergency medical workers have spent years earning their pensions, all the while counting on it to be there after they retire. Right now, many are not getting the financial support they’ve earned, and that has to change,” Carroll said. “Our current pension system is losing money and failing the people it’s designed to support. This legislation will slash redundant government bureaucracy and ensure more savings are invested in funds to support our first responders after they retire.”
Carroll backed Senate Bill 1300, which creates major pension reform while lowering the property tax burden on homeowners. The legislation combines assets and management of hundreds of police and fire pension systems into two systems, cracking down on wasteful bureaucracy and cutting back on the spread of needless government administration. Over the next 20 years, the consolidation of these systems is estimated to result in between $3.6 billion and $12.7 billion in increased investment returns. The legislation was passed with strong bipartisan backing.
“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.”