Reitz Supports Legislation to Strengthen Police, Fire Pension System and Help Reduce Costs

RED BUD, Ill. – State Rep. Nathan Reitz, D-Steeleville, recently fought to ensure firefighters and police officers receive a secure retirement that honors their lifetime of public service by supporting a consolidation that helps reduce bureaucratic costs and property taxes in the state.

“First responders provide an important service to our community, and they deserve the pensions they were promised,” Reitz said. “The brave men and women who put their lives on the line to keep us safe have earned more than a thank you, they’ve earned financial stability during their retirement. To protect the retirements of dedicated first responders in our community, I supported a bipartisan pension consolidation initiative backed by businesses, local governments and unions to secure pension systems for police officers and firefighters.”

Reitz backed Senate Bill 1300, a major pension reform measure that will help lower the property tax burden on homeowners, while ensuring pension security for local first responders. The legislation combines assets and management of hundreds of police and fire pension systems into two systems, cracking down on wasteful bureaucracy and excessive 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. Once implemented, the plan will consolidate over 600 different pension systems into one system for police and one for firefighters. The legislation was passed with strong bipartisan backing.

“This bipartisan pension protection plan will increase investment returns, cut bureaucratic bloat and help lower property taxes for homeowners and small businesses in our community,” said Reitz. “There is still a lot to be done to put our state back on the right track, but this is a good first step in helping not only reduce massive pension costs but to also ensure that our first responders have the secure retirement that they have earned.”