SPRINGFIELD, Ill. – State Rep. Justin Slaughter, D-Chicago, recently supported a measure to consolidate suburban and downstate first responder pension systems, a move that will cut bureaucratic waste and take steps toward real property tax relief for local homeowners.
“As I walk door to door in our community, one of the top concerns I hear from residents is the burden of property taxes,” said Slaughter. “Consolidating suburban and downstate pension systems will reduce government waste and allow local municipalities to be more responsible with taxpayer dollars. This legislation will also benefit first responders by securing pension benefits and increasing investment returns.”
Slaughter backed Senate Bill 1300, which combines the assets and management of over 650 first responder pension systems in Illinois by cutting back on unnecessary government administration and wasteful bureaucracy. The measure will result in increased investment returns estimated between $3.6 billion and $12.7 billion over the next 20 years and will take steps to reduce the burden of property taxes for local homeowners. The legislation passed with strong bipartisan support in both chambers and will now head to the governor’s desk for consideration.
“Consolidating the assets of 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.”