What Democrats in the State Senate want people to remember about the fall legislative session:
Comments
Senate Dem Pitch on Fall Session — 4 Comments
I mention of all the indictments.
Color me shocked
Given that the legislature increased the Tier 2 benefits of the police and fire pensions, I’m wondering if the cost of those new benefits actually outweigh any incremental upside in fund returns due to consolidation.
My guess is that most funds, which are currently underfunded, will now see the unfunded liability status increase.
Further, now that all the pension funds will be administered by IMRF or a similar organization, the local municipalities will have no say in determining their annual contribution rate.
Today, IMRF sets each fund’s rate and expects the employer to contribute at that level.
This is the main reason the IMRF funds are fairly well funded compared to the funds in TRS, SURS, police/fire, etc.
IMRF has the power to compel payment through the tax intercept program, whereas contributions for local police and fire funds are set by the local taxing body which has resulted in substantial underfunding of most plans and the use of the tax intercept program is dependent on the local pension board pursuing on its own that option with the State.
Capping insulin costs?
That’s price fixing, right?
That’s like Soviet system, right?
How about price-fixing the cost of seats in the Illinois legislature?
I mention of all the indictments.
Color me shocked
Given that the legislature increased the Tier 2 benefits of the police and fire pensions, I’m wondering if the cost of those new benefits actually outweigh any incremental upside in fund returns due to consolidation.
My guess is that most funds, which are currently underfunded, will now see the unfunded liability status increase.
Further, now that all the pension funds will be administered by IMRF or a similar organization, the local municipalities will have no say in determining their annual contribution rate.
Today, IMRF sets each fund’s rate and expects the employer to contribute at that level.
This is the main reason the IMRF funds are fairly well funded compared to the funds in TRS, SURS, police/fire, etc.
IMRF has the power to compel payment through the tax intercept program, whereas contributions for local police and fire funds are set by the local taxing body which has resulted in substantial underfunding of most plans and the use of the tax intercept program is dependent on the local pension board pursuing on its own that option with the State.
Capping insulin costs?
That’s price fixing, right?
That’s like Soviet system, right?
How about price-fixing the cost of seats in the Illinois legislature?
The sky’s the limit Patridge!
That’s how Fatboy Pritzk bought the Governorship.