HomeMy WebLinkAbout5.3 A Resolution urging the General Assembly to enact Public Safety Pension Fund Consolidation 11/8/2019 BoardDocs®Pro
IL
Agenda Item Details
Meeting v 05,, 2019 - REGULAR MEETINGLL - .
*REVISED 11-02-2019
Category 5. CONSENT AGENDA
Subject L VILLAGE L
ASSEMBLY TO ENACT PUBLICN FUND CONSOLIDATION
Access lic
Tye Action (Consent)
Preferred to Nov 05,, 2019
Absolute Date Nov 05,, 2019
Recommended cin Approve the Resolution Urging the General Assembly to EnactPublic Safety Pension Fun
Consolidation.
Public Content
Information
The State of Illinois is trying to enact Public Safety Pension Fund Consolidation that can reduce the municipal pension
costs and protects the tax payers without altering the benefits for existing employeesretirees. The consolidated
pension fund will be modeledr a very successful Illinois Municipal Retirement Fund.
Alternatives
1. Approve the Resolution Urging the General Assembly to EnactPublic Safety Pension Fund Consolidation.
2. Action discretion ill o r .
Staff Recommendation
Staff recommends the Village Boardaccept the Resolution Urging the General Assembly to EnactPublic Safety Pension
Fund Consolidation
Resoluti _ i _ _ i _ _ i i _ i _ i .
Administrative Content
Executive Content
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11/8/2019 BoardDocs®Pro
All it under Consent Agenda are considered routine by the Village Board and will be enacted by one motion. There
will be no separate discussion of those items unless a Board member or member from the audience so requests, in
which the item will be removed from the Consent Agenda and considered in its sequence on the agenda.
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RESOLUTION NO,
A RESOLUTION OF THE VILLAGE OF MOUNT PROSPECT URGING THE GENERAL
ASSEMBLY TO ENACT PUBLIC SAFETY PENSION FUND CONSOLIDATION
WHEREAS, the financial burdens imposed by Illinois' downstate public safety pension funds
are unsustainable and, if left unaddressed by the General Assembly, will
eventually destroy the financial solvency of municipal governments throughout
the state; and
WHEREAS, the existence of more than 650 separate public safety pension funds creates
duplicative costs, inefficiencies and investment restrictions that result in
increasing financial pressure on municipalities and their taxpayers; and
WHEREAS, consolidating these pension funds for investment purposes provides a unique
opportunity to achieve cost savings to taxpayers without altering existing benefit
levels for current police officers and firefighters; and
WHEREAS, Governor JB Pritzker appointed the Illinois Pension Consolidation Feasibility Task
Force which has issued its report recommending the consolidation of downstate
police and fire pension plan assets for investment purposes, and
WHEREAS, the Illinois Pension Consolidation Feasibility Task Force determined, and the
Illinois Municipal League agrees, that if the downstate public safety pension plans
were consolidated for investment purposes, administrative costs would be
reduced and investment returns would increase substantially; and
WHEREAS, the recommendations of the Task Force are consistent with legislation the Illinois
Municipal League has previously proposed; and
WHEREAS, the Illinois Pension Consolidation Feasibility Task Force further stated:
"With up to $1 million a day in lost investment returns to the pension plans, the
Task Force recommends there be legislation passed by the General Assembly in
the fall of 2019 that will achieve this consolidation."
NOW THEREFORE, be it resolved, that the Village of Mount Prospect, Illinois, urges the General
Assembly take immediate action to enact public safety pension fund consolidation that reduces
municipal pension costs and protects taxpayers without altering benefits for existing employees
and retirees.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED on day of November, 2019 RESOLUTION NO.
Arlene A.Juracek, Mayor
Attest:
Karen M. Agoranos, Village Clerk