Public Pension Reform for Current Public Safety Employees
Across the State of Illinois, soaring public safety pension costs are at a crisis level and threatening the future of local governments. Legislation is needed to bring fairness to the Chicago and downstate police and fire pension systems in order to relieve the burden of escalating pension costs on local taxpayers and ensure sustainable retirement benefits for public safety employees.
Caucus Position
The Metropolitan Mayors Caucus joins the Pension Fairness for Illinois Communities Coalition, the Caucus’ participating suburban Councils of Governments, the City of Chicago and the Illinois Municipal League in calling for reform of the Chicago and downstate police and fire pension systems. One reform that should be given due consideration is the merger of 656 downstate public safety pension funds into a single pension investment authority.
Delaying action on pension reform increases the cost of government for local taxpayers and adds to the anxiety local public safety employees feel regarding the sustainability of their retirement benefits. The Mayors Caucus intends to work with Illinois Governor Bruce Rauner, Senate President John Cullerton, Speaker Michael Madigan, Senate Republican Leader Christine Radogno, House Republican Leader Jim Durkin and all other members of the Illinois General Assembly to ensure that a reform measure passes sooner rather than later.