Excerpts from Pekintimes.com:
Illinois lawmakers have returned to a long-standing debate: the consolidation of the state's 656 local downstate police and firefighter pension funds into one unified system. While the idea has been discussed for years, it's now gaining momentum thanks to Governor JB Pritzker, a Democrat who established a task force in February to examine the issue more closely.
Beyond the task force, the Illinois Municipal League and a group of communities in the northwest suburbs of Chicago have been pushing for reform, presenting up to seven different proposals they believe could reduce costs for taxpayers and improve the financial health of these pension systems.
Currently, there is only one pension fund for non-uniformed municipal workers in downstate Illinois—the Illinois Municipal Retirement Fund (IMRF). However, cities outside of Chicago that maintain full-time police and fire departments each have their own separate pension funds, complete with individual boards and administrative staff.
The IMRF is currently in the best financial shape among all Illinois pension funds, with a funding ratio of 90%. This is largely due to state law requiring local governments to make annual contributions, even if it means increasing property taxes or cutting other public services.
Previously, police and firefighter pension funds were often underfunded during tough economic times. Additionally, these funds face restrictions on investment options, which limits their ability to grow. As a result, many of these downstate public safety pension funds are only about 55% funded on average.
Supporters of consolidation argue that combining the funds would save local governments around $21 million annually in administrative costs—approximately $1,000 per member. This money could be redirected back into the pension pool. A larger, unified fund like IMRF would also have more flexibility in diversifying investments, helping to protect against economic downturns in specific sectors.
If the 69 public safety pension funds managed by the Northwest Municipal Conference had achieved the same returns as IMRF did between 2003 and 2015, their assets could have grown by an extra $978 million. That would have reduced their unfunded liabilities—estimated at $2 billion in 2016—by nearly half, bringing them down to just over $1 billion. The funding level would have improved from 61% to 80%, without raising taxes.
The Northwest Municipal Conference and the Illinois Municipal League have proposed several consolidation models. These include merging all funds into the IMRF, creating a new statewide system for downstate public safety pensions, allowing existing local trustees to manage day-to-day operations, or splitting into two separate plans—one for police and one for firefighters. However, many local fund officials and members remain skeptical about the idea.
One major concern is the high cost of transitioning from 656 separate funds to a single system, estimated at up to $150 million. The president of the Illinois Public Pension Fund Association noted that this expense could take up to a decade to fully cover.
For now, lawmakers are unlikely to move forward with any changes until the governor’s task force releases its report and recommendations later this year.
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