Doubek: Here Are Hundreds of Government Boards We Should Do Without In Illinois

Police and fire pension fund consolidation will create efficiencies and significantly reduce costs, improving many towns’ ability to finance the retirements promised to public safety workers.

Courtesy of Inventorchris (CC 2.0).

Illinois has far too many anemically funded pension plans and it’s time to do something about it.

The state’s five main pension funds have more than $130 billion in debt, meaning they need that much more to be considered in good health. Soon, nearly a quarter of every dollar we send to Springfield will go toward paying state retirees. That’s a problem that needs to be addressed and, so far, there’s been no wherewithal to do it.

But that’s just part of the pension story. We also have 653 separate local police and fire pension funds in communities all around the state, and many of those are in poor shape, too. Several approaches to consolidating those funds are expected to get a hearing Wednesday in Springfield.

Read the rest at the Chicago Sun-Times.

About the Author

Madeleine Doubek

Madeleine Doubek is an award-winning journalist who spent 32 years covering local and state government and politics. She previously served as publisher of Reboot Illinois. She has won several regional and national journalism awards during her career.