Below is a short summary of the changes that will occur with regard to consolidation of the Article 4 Pension Funds Assets. This will be a very complicated 30 month process and as more details become available I will try to keep this information current. There is a more detailed summary available at both Stations on the pension bulletin board and I would be happy to e-mail if requested (e-mail)
SB 1300 (Aquino/Harris) Amends the Cook County Article of the Illinois Pension Code. In a provision concerning employer contributions to the Fund, provides that the contributions may be taken from any revenue source, including, but not limited to, other tax revenue, proceeds of borrowings, or State or federal funds. Effective immediately. HA #5 (Hoffman) - Replaces everything after the enacting clause
OVERVIEW
This article explains the pension benefits payable to fire retirees and survivors covered under the Article 4 systems. Thanks to the pension “reform” law that created two tiers of benefits in 2011, there is a different level of benefits for firefighters who were in Article 4 service prior to January 1, 2011, and those first hired into Article 4 after that date. This is an overview of Tier II benefits.
Nominations are open for any active member of Calumet City Fire Department.
In accordance with 40 ILCS 5/4-121 of the Illinois Fire Pension Code, the Calumet City Firefighters’ Pension Board will be conducting an election for one of the Active Member Trustee positions. The Active Member Trustee term currently held by Dave Neibert is expiring. Mr. Neibert desires to continue on the Board, if nominated. This Trustee position is for a three-year term and is a non-compensated position.
Nominations must be received by March 8, 2019.
Management consulting firm McKinsey reports that organizations that appear on “best places to work” lists often make the cut because their business strategy is premised on a long-term relationship with their employees. McKinsey credits companies for both the large and small signals sent to employees that an organization cares about its people.
Valued by employers as a workforce management tool to recruit and retain talent, offering defined benefit (DB) pension benefits is one way that employers send a loud signal to employees that they are committed to a long-term relationship. The structure of a pension increases the financial value of a DB pension benefit over an employee’s career. This provides a meaningful incentive for employees to stay in their jobs. Research indicates that employees value pensions as a path economic security in retirement, especially as compared to individual defined contribution (DC) accounts.
Offering pensions is particularly important in the public sector where salaries are low and employers can’t offer benefits like stock options. The recruitment and retention effects of pensions are key reasons why the public sector has maintained this type of retirement plan, especially for public safety officers.
Posted: July 19, 2018
On July 7, President Trump signed the Firefighter Cancer Registry Act of 2018. The Act requires the Centers for Disease Control and Prevention (CDC) to develop and maintain a voluntary registry of firefighters. The registry will include the number and type of fires each firefighter attended.
New studies show simple way to improve local pension funds and warn of consolidation pitfalls
CHICAGO – Two new studies focusing on police and fire pension systems in Illinois have shown that much is to be gained by easing a key pension system restriction. The studies, performed for the Illinois Public Pension Fund Association (IPPFA), also show that the consolidation of local funds into one large state entity is risky and offers no real benefit to taxpayers.
“These studies tell us that when you ease a single arbitrary restriction on local pension systems,
Dan Caplinger
Jun 19, 2018 at 4:47PM
The ideal situation for those saving for retirement is to have a combination of Social Security, a pension from your work, and a nest egg of your own. Most people are covered by Social Security, and its retirement benefits will give you a stable monthly income that will last as long as you live as well as provide a survivor benefit if you're married and your spouse outlives you. Your pension can add to your regular monthly income, while your outside savings can let you address unexpected expenses or let you add some luxuries to your life during retirement.
