SPRINGFIELD, Ill. – State Rep. John Connor, D-Lockport, is working to strengthen the retirement benefits of first responders while easing the burden on property taxpayers by passing legislation to consolidate first responders, streamlining government bureaucracy to maximize investment returns.
“Illinois retirees deserve a streamlined pension system that yields steady returns to keep them financially secure,” Connor said. “Right now, they are forced to deal with expensive and unnecessary government bureaucracy which keeps property taxes high and investment gains low. I will continue to fight for an efficient pension system that provides retirees with the income they need to live a comfortable life.”
Connor backed Senate Bill 1300, which creates major pension reform while easing the property tax burden on homeowners. The legislation combines assets and management of more than 650 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.”