HomeMy WebLinkAboutRes 07-08 03/04/2008
RESOLUTION NO. 07-08
A RESOLUTION URGING THE GENERAL ASSEMBLY TO:
1) STOP MAKING COSTLY BENEFIT IMPROVEMENTS; and
2) ADOPT REFORMS THAT PROTECT POLICE AND FIRE PENSIONS
WHEREAS, the Illinois police and firefighter pension funds are facing uncertainty and financial crisis is
developing; and
WHEREAS, generous retirement and disability benefits have caused the funds to incur escalating debt that
threatens their long-term sustainability; and
WHEREAS, the Illinois General Assembly has continued to add to the growing costs of these pension funds
through increasing benefits without providing additional revenues; and
WHEREAS, benefit increases in recent years have contributed to a doubling of the debt carried by police
pension funds from 1999-2004; and
WHEREAS, the amount of debt carried by police pension funds as of 2004 reached $179,958 per active
police officer and the amount of debt carried by firefighter pension funds reached $176,845 per active
firefighter; and
WHEREAS, there is no certainty that the current benefit levels are sustainable by municipalities for the
existing and improved benefits; and
WHEREAS, local taxpayers are ultimately financially responsible for the growing pension obligations and will
invariably be expected to pay those costs; and
WHEREAS, the General Assembly embraces sensible pension reforms in the areas of ethics reform,
professionalization of fund management, public sunshine and disclosure of pension board activity, conflict-
of-interest restrictions, accountability measures, improve cost impact analysis, meaningful regulation and
enhanced local government funding authority.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: The President and Board of Trustees urge the General Assembly to stop approving new
and increased pension benefits for the police and fire pension funds.
SECTION TWO: That this Resolution shall be in full force and effect from and after its passage and approval
in the manner provided by law.
AYES:
Hoefert, Juracek, Korn, Lohrstorfer, Zadel
NAYS:
None
ABSENT:
Corcoran
PASSED AND APPROVED this 4th day of March 2008.
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Ir<fana K. Wilks '
Mayor
ATTEST: