Excerpts from Pekintimes.com: Illinois lawmakers have resumed talks on a long-debated issue: consolidating the state's 656 local downstate police and firefighter pension funds into one unified system. While the idea has been discussed in the Capitol for years, it’s gaining new momentum this year thanks to Democratic Governor JB Pritzker, who formed a task force in February to examine the matter more closely. Beyond the task force, the Illinois Municipal League and a group of communities in the northwest suburbs of Chicago have been pushing for change, presenting up to seven different proposals they believe could save taxpayers money and strengthen the financial health of these retirement systems. Currently, there is a single pension fund for non-uniformed municipal workers in downstate Illinois called the Illinois Municipal Retirement Fund (IMRF). However, cities and towns outside of Chicago that operate full-time police and fire departments each maintain their own separate pension funds, with distinct boards and administrative teams. Among all of Illinois’ public pension funds, IMRF is in the strongest financial position, with a 90% funding ratio. This is partly because state law mandates that local governments make their required contributions each year—sometimes at the expense of raising property taxes or cutting other public services. Before recent changes, police and firefighter pension funds often struggled with underfunding during tough economic times. Additionally, these funds face restrictions on the types of investments they can make, which limits their ability to grow. As a result, the average funding level for downstate public safety pensions is only around 55%. Supporters of consolidation argue that merging the funds would save local governments about $21 million annually in administrative costs—roughly $1,000 per member—which could be redirected into the pension pool. A larger, centralized fund like IMRF would also have greater flexibility to diversify its investments, helping to protect against economic downturns in specific sectors. If the 69 public safety pension funds managed by the Northwest Municipal Conference had achieved the same returns as IMRF over the 12-year period from 2003 to 2015, their assets might have grown by an additional $978 million. That would have reduced their unfunded liabilities—estimated at $2 billion in 2016—by nearly half, bringing them down to just over $1 billion. The funding ratio could have risen from 61% to 80%, without any need for tax increases. The Northwest Municipal Conference and the Illinois Municipal League have proposed several consolidation options. These include merging all funds into IMRF and letting its board manage both investments and daily operations; creating a separate statewide system for downstate public safety pensions; maintaining a single fund but allowing local trustees to handle day-to-day decisions; or establishing two separate statewide plans—one for police and one for firefighters. Despite these proposals, many local pension fund officials and members remain skeptical. One major concern is the high cost of transitioning from 656 individual funds to a single system, estimated at up to $150 million. Some say this transition cost could take as long as a decade to fully repay. For now, lawmakers are unlikely to act until the governor’s task force releases its final report and recommendations later this year. Whether consolidation will move forward remains uncertain, but the conversation is clearly gaining traction. Electric Fat Tire Bike,Fat Tire Electric Bike,Fat Tire Electric Mountain Bike,Electric Mountain Bikes Mid Motor FOSHAN GUANSEN BICYCLE TECHNOLOGY CO.,LTD. , https://www.hedatx.com