From State Rep. Tom Weber:
Weber Resolution Aims to Protect State Taxpayers from Chicago Pension Fund Liabilities
SPRINGFIELD – As Illinois Governor J.B. Pritzker pushes for the consolidation of Illinois’ police and firefighter pensions, State Representative Tom Weber (R-Lake Villa) is sponsoring legislation to protect the state from bearing the liability of Chicago and Cook County’s chronically mismanaged funds.
The legislation, House Resolution 600, also protects downstate and suburban pension funds from being consolidated with Chicago and Cook County funds.
“Chicago has to stop turning to the rest of the taxpayers of this state for its inability to manage its own assets,” said Weber.
“In addition, the pension funds of downstate and suburban police and firefighters should not be made to bear the burden of their failure either.
“Any move for consolidation that doesn’t recognize these realities would be a disservice to taxpayers.”
To protect the state taxpayers, along with the downstate and suburban police and fire pension funds, HR 600 states,
“…We urge Governor Pritzker and the Illinois Pension Consolidation Feasibility Task Force, in further studying the impact of any pension consolidation proposal, to refuse any attempt to consolidate downstate and suburban pension funds with the City of Chicago or Cook County pension funds or any attempt for the State of Illinois to absorb any liability for any City of Chicago or Cook County pension funds.”