By: Diane Benjamin
I’ve written many stories about the Illinois Municipal League. This organization works for cities, not the people paying their bills. This is their latest plan:
It all sounds wonderful until you look at the facts.
All of these funding numbers come from the Comptroller’s website, the latest numbers for Bloomington and Normal are not yet posted. These are the percent of future liability funded: http://warehouse.illinoiscomptroller.com/
(Carbondale net Fire pension liability jumped form $14,607,569 to $26,918,919 in one year)
I’m sure there are other cities with serious funding problems, I just picked these at random.
Below is the article IML referenced. They must have thought nobody would click on it – the article states changing to a defined benefit plan is the only solution to pensions soaking up so many tax dollars that essential services suffer: https://www.thecentersquare.com/illinois/illinois-municipal-league-pushes-pension-consolidation-talks-as-budget-pressures/article_25f94f3c-c829-11e9-9052-2fe8ef17c1a6.html
Quote from the article:
Of course this isn’t going to happen because doing the right thing in Illinois isn’t possible.
Representatives from both police and fire departments should be very afraid of the IML. There are cities who would love to see all the funds put into one pot. That would hurt the cities with better funded pensions. Of course your funds would eventually be used to pay pensions for workers in cities that didn’t fund their pensions. Why wouldn’t every city cut funding since real numbers would be hidden?
Are you going to trust government?
This is yet more proof the IML isn’t working for you.