CHICAGO—Today Governor JB Pritzker signed a pension reform bill into law. The legislation, SB1300, will consolidate Illinois’ 649 downstate and suburban police and fire pension funds to increase investment returns and decrease the cost of managing the funds.
State Representative Dan Ugaste (R-Geneva) attended the bill signing today after supporting the measure in the House of Representatives this fall.
“Bipartisanship is the key element that brings us here today,” said Ugaste. “It was through a bipartisan Pension Consolidation Feasibility Task Force that the recommendation to consolidate downstate police and fire pensions came forward, and it was through a bipartisan vote on SB 1300 that we now celebrate this bill’s signing.”
This bipartisan pension reform is expected to produce an additional $820 million to $2.5 billion in investment returns alone, and reduce the reliance on property taxes for funding.
“There is still much more we can accomplish for pension reform, but this is a significant first step,” continued Ugaste. “Our first responders’ benefits are hard earned and well deserved, and through this reform they can have greater faith knowing that their pension will be there when they need it, and taxpayers can hopefully experience some relief in the taxes they pay to support those systems.”
With the Governor’s signature, SB1300 is now Public Act 101-0610.