Excerpts from Pekintimes.com: Illinois lawmakers have resumed talks on a long-standing issue: consolidating the state’s 656 local downstate police and firefighter pension funds into one unified system. Though the idea has been discussed in the legislature for years, it's gaining new momentum this year, thanks to Governor JB Pritzker, a Democrat who established a task force in February to examine the matter more closely. Outside of the official task force, the Illinois Municipal League and a group of communities in the northwest suburbs of Chicago have been pushing for reform. They’ve proposed up to seven different consolidation models, claiming they could reduce costs for taxpayers while improving the financial health of these retirement systems. Currently, there is one 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 maintain full-time police and fire departments each have their own separate pension funds, with individual boards and administrative teams. The IMRF is currently in much better shape than other public pension funds, with a funding ratio of 90%. This is partly due to state law requiring local governments to make annual contributions, even if it means increasing property taxes or cutting other services. Before recent changes, police and firefighter pension funds were often underfunded during tough economic times. Additionally, strict investment rules limit how these funds can grow, which has left them, on average, only about 55% funded. Supporters of consolidation argue that combining the funds could save local governments $21 million annually in administrative costs—roughly $1,000 per member. A single, larger fund would also have more flexibility to diversify its investments, reducing risk during economic downturns. If the 69 public safety pension funds managed by the Northwest Municipal Conference had achieved returns similar to those of the IMRF between 2003 and 2015, their assets could have grown by an extra $978 million. That would have reduced their unfunded liabilities from over $2 billion to just over $1 billion, without raising taxes. Their funding levels could have improved from 61% to 80%. The Northwest Municipal Conference and the Illinois Municipal League have put forward several consolidation options. These include merging all funds into the IMRF, creating a new statewide system for downstate public safety pensions, or maintaining a single fund but allowing local boards to handle daily operations. Another option is splitting into two separate funds—one for police and one for firefighters. Despite the potential benefits, many local pension officials and members remain skeptical. One major concern is the high cost of transitioning from 656 separate funds to one. Estimates suggest it could cost up to $150 million, a burden that might take up to a decade to repay. For now, lawmakers are expected to wait for the findings of Gov. Pritzker’s task force before taking any action. The report is expected later this year, and it may provide the necessary data to push the issue forward. Electric Folding Bike,Folding Ebike,Electric Bike Folding,Foldable Electric Bike FOSHAN GUANSEN BICYCLE TECHNOLOGY CO.,LTD. , https://www.hedatx.com