Last week, legislation passed in the Illinois House that consolidates the fire and police pension funds in the State of Illinois.
State Rep. Dan Caulkins says the bill started as a good thing bu then too many people started getting their hands in on the decision-making process. He indicates the purpose of the bill is to make sure the pensions end up getting a better rate of return on their investments.
Each community's pension money will go into one account and each city will retain their balances but Rep. Caulkins questions when other communities run out of money, do they dip into other healthy funds?
According to Rep. Caulkins, nothing about the bill reforms the pension crisis facing the State of Illinois. He also points out this is not property tax relief for communities.
Rep. Caulkins wonders why the State needs three years to implement this. He has been told by area leaders they could liquidate their pension funds and send a check within thirty days.