From State Rep. Marty McLaughlin:
Rep. McLaughlin Irked With Illinois Pensions
BARRINGTON HILLS… State Representative Martin McLaughlin (R-Barrington Hills) said,
“My legislative office just received the Illinois Public Retirement Systems 2021 Report on the financial condition of the Illinois Municipal, Chicago, and Cook County Pension Funds of Illinois, published by the Commission on Government Forecasting and Accountability.”
The report contains detailed information on the financial status of various public employee retirement systems in the state as of 2019.
“The bad news is that the general public is not aware of where these funds stand and what it means to the taxpayers of Illinois,” said Rep. McLaughlin.
|RETIREMENT SYSTEM||% FUNDED(estimated)|
|Firemen’s Annuity & Benefit Fund||18%|
|Policeman’s Annuity and Benefit Fund||22%|
|Municipal Employees’ Annuity and Benefit Fund||23%|
|Park Employees’ Annuity and Benefit Fund||30%|
|Laborers Annuity and Benefit Fund||43%|
|Public School Teachers’ Pension Fund||48%|
|Chicago Transit Authority Retirement Fund||53%|
|Metropolitan Water Fund||56%|
|Cook County Employees’ Pension Fund||61%|
|Illinois Municipal Retirement Fund (IMRF)||91%|
Rep. McLaughlin said, “The Illinois Municipal Retirement Fund (IMRF) is the big winner, because this fund actually worked with local municipal leaders requiring them to make contributions first in order to receive the required contributions from participants. Only then would the IMRF release payments back to the beneficiaries.”
“Not surprisingly, over the last 20 years, IMRF received proper and timely contributions and its plan grew at appropriate levels,” said Rep. McLaughlin.
“All of the other funds, in one way or the other, missed making payments, because politicians and their appointed board members DID NOT MAKE THE HARD DECISIONS to require contributions.”
Rep. McLaughlin said, “When will the Democrats in Springfield acknowledge or address this problem? I am ready and willing to work on it, but where are the rest of my fellow legislators?”
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When I was McHenry County Treasurer in the last 1960’s a law was passed requiring governments participating in IMRF to levy property taxes for contributions IMRF deemed needed.