SPRINGFIELD, Ill. – Working to help ease the tax burden for local residents, State Rep. Lindsey LaPointe, D-Chicago, supported legislation that consolidates the assets and management of 649 local police and fire pension systems into two systems. The measure has been signed by Gov. J.B. Pritzker and goes into effect immediately.
“After numerous events in our community, I heard directly from constituents about their concerns regarding high property taxes, additional costs going up and wages staying the same,” LaPointe said. “That is why I supported this measure to help reduce government spending, lessen the financial stress on local taxpayers, and protect the pensions of our first-responders.”
LaPointe voted to pass Senate Bill 1300, which will consolidate local government pension systems over a 30-month transition period, significantly reducing the financial burden on local property taxpayers. The measure is a result of negotiations between local units of government and first responders that will result in between $820 million to $2.5 billion in increased investment returns within the first five years. The bipartisan legislation advanced with support from both business and labor. The measure was signed by Gov. J.B. Pritzker and goes into effect immediately.
“This measure will help to substantially reduce red tape while offering a meaningful solution for pension reform,” said LaPointe. “In order to build a stronger Illinois, we must work to ease the financial burden facing local residents in our communities while supporting our first-responders.”
LaPointe represents the 19th District, which covers portions of Chicago’s Big Oaks, Dunning, Gladstone Park, Jefferson Park, Portage Park, Union Ridge and West Portage Park neighborhoods, and River Grove, Elmwood Park, Norridge and Harwood Heights.