From State Seator Don DeWitte:
DeWitte supports pension consolidation bill
Increases investment returns, decreases the cost of managing funds
Springfield, IL… On November 14, the Illinois Senate took a major step in addressing the pension crisis by passing legislation that would consolidate Illinois’ 650 downstate and suburban police and fire pension funds.
State Senator Don DeWitte (R-St. Charles) supported Senate Bill 1300 and released the below statement:
“The two concerns I hear most from my constituents are pensions and property taxes.
“This pension consolidation bill addresses both.
“This plan creates the potential for greater investment returns and helps ensure financial stability so that we can keep our promises to first responders across the state of Illinois.
“The efficiencies of 650 different investment strategies have proven to be problematic, and millions of dollars are lost to pay for hundreds of sets of administrations.
“By consolidating these funds under two boards, instead of 650, the costs of managing these funds will decrease, allowing that money to be returned to property taxpayers.
“While pension funds will be under the control of two boards, the administration of benefits will still take place at the local level giving first responders the local representation that ensures they receive the benefits they have earned for their service to their communities.
“To be clear, this is not a fix-all for the problems within police and fire pensions, but it’s a good start.”
Senate Bill 1300 now heads to the Governor for his consideration.
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DeWitte also supports kissing Madigan’s behind.
Senate Bill 1300 (SB 1300) in the 101st Illinois General Assembly also hikes Tier II (Tier 2) benefits for Downstate Police and Fire.
That reduces any savings resulting from consolidating investment funds.
TRS (teachers and administrators outside Chicago) has always been consolidated.
TRS is in miserable financial condition, around 40% funded.
🤫 They don’t want the unwashed (taxpayers) to know these things
This proves witless DeWitte is a Class One RINO.
Why do the White tax slaves have to bail out rotten messes each and every time in minority bankrupted places like Harvey, Riverdale, E. St. Louis, Blue Island, Hazel Crest, Cicero, on and on.