Springfield – Yesterday, the Illinois House of Representatives voted 96-14 with 3 voting present to consolidate investments for Illinois’ nearly 650 local police and fire pensions. The following is a statement from State Representative Chris Miller (R – Oakland):
“It is no secret Illinois is in the middle of a pension crisis. The five state governed pension funds have a total unfunded liability of nearly $200 billion and is projected to grow. It would be irresponsible to put our local funds in the same hands as those who have over-promised and underfunded our state pensions.”
“The Governor’s plan would require a new combined asset fund to be invested in riskier, higher-volatility financial instruments to achieve the estimated higher returns on investment.
I am not going to vote in favor of any plan that puts police and fire pension funds at a higher risk.
Not all municipalities have done a poor job managing their police and fire pension funds. In fact, some have done a very good job and do not want their funds put at risk.
Our first responders are right to be skeptical. I don’t trust Mike Madigan and JB Pritzker to make financially responsible decisions either.”
“My no vote on SB1300 reflects the dozens of police and firefighters who have contacted me to urge no. It reflects the need for true and comprehensive pension reform instead of half steps, which will jeopardize our first responder’s hard-earned pensions. It reflects saying no to an irresponsible rush which needs thoughtful consideration, negotiation, and time to study.”
