Yesterday on Regional Radio News, we outlined the positive things happening at the local level surrounding the pensions in Clinton.
City leaders will be shifting tax dollars geared towards the hospital and will be dedicating those to the fire pension fund. City Treasurer Clint Lichtenwalter indicates the city does a good job keeping both their fire and police pension funds well kept but legislation in Springfield could change that.
Lichtenwalter's prediction is the state pushing better investment returns by consolidating the funds. However, he explains the costs of the proposal are going to be very difficult to rebound from.
Lichtenwalter predicts the proposal would increase the required contributions because of the loss of investment return for a while plus the costs of the selling and buying assets. Lichtenwalter predicts the bill being called for a vote in the veto session. Police and fire authorities are urging lawmakers to push this to the spring legislative season but he fears it may get pushed through before anyone has any time to completely understand the impacts of this on their community.