HomeMy WebLinkAboutRESOLUTION - 8-08 - 2/12/2008 - POLICE AND FIRE PENSIONS RESOLUTION NO. 8-08
A RESOLUTION URGING THE GENERAL ASSEMBLY TO STOP MAKING
COSTLY BENEFIT IMPROVEMENTS AND ADOPT REFORMS THAT
PROTECT POLICE AND FIRE PENSIONS
WHEREAS, the Illinois police and firefighter pension funds are facing
uncertainty and a financial crisis is developing; and
WHEREAS, generous retirement and disability benefits have caused the funds to
incur escalating debt that threatens their long-term sustainability; and
WHEREAS, the Illinois General Assembly has continued to add to the growing
costs of these pension funds through increasing benefits without providing additional
revenues: and
WHEREAS, benefit increases in recent years have contributed to a doubling of
the debt carried by police and fire pension funds from 1999-2004; and
WHEREAS, the amount of debt carried by police pension funds as of 2004
reached $179,958 per active police officer and the amount of debt carried by firefighter
pension funds reached $176,845 per active firefighter; and
WHEREAS, there is no certainty that the current benefit levels are sustainable by
municipalities for the existing and improved benefits; and
WHEREAS, local taxpayers are ultimately financially responsible for the
growing pension obligations and will invariably be expected to pay those costs; and
THEREFORE BE IT RESOLVED that the Village of Elk Grove Village urges
the General Assembly to stop approving new and increased pension benefits for the
police and fire pension funds. j
BE IT FURTHER RESOLVED that the General Assembly embraces sensible
pension reforms in the areas of ethics reform, professional ization of fund management,
public sunshine and disclosure of pension board activity, conflict-of-interest restrictions,
accountability measures, improved cost impact analysis, meaningful regulation and
enhanced local government funding authority.
VOTE: AYES: 5 NAYS: 0 ABSENT: 1
PASSED this 121h day of February 2008.
APPROVED this 12`h day of February 2008.
APPROVED:
Cram B. Johnson, Mayor
ATTEST:
i
Ann 1, Walsh, Village Clerk
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