Tag: News Channel ABC 20

Retirees plead for extra pension funding in new state budget

Mary Pat Campbell

Link: https://newschannel20.com/news/local/retirees-plead-for-extra-pension-funding-in-new-state-budget

Excerpt:

Retired public service workers gathered Monday to urge lawmakers to put more money into state pension funds.

The pension situation in Illinois is often referred to as a crisis because as of June 2021, the unfunded pension liabilities were almost $140 billion, according to a Commission on Government Forecasting and Accountability report.

That is money the state has promised to retirees who say they need it to live.

There’s a proposal in this year’s budget to put half a billion dollars toward pension debt on top of the required payments from the state.

Author(s): Jordan Elder

Publication Date: 7 Mar 2022

Publication Site: News Channel 20

Springfield looks to make extra payment to fire, police pension funds

Mary Pat Campbell

Link: https://newschannel20.com/news/local/springfield-looks-to-make-extra-payment-to-fire-police-pension-funds

Excerpt:

The City of Springfield is looking to make a payment to the city’s growing fire and police pension funds.

An ordinance states the city can put $589,323 towards that pension fund.

During the Committee of the Whole meeting on Tuesday, Feb. 9, Springfield City Council members were in favor of doing this, including Ward 7 Alderman Joe McMenamin.

Author(s): Tessa Bentulan

Publication Date: 10 February 2021

Publication Site: News Channel ABC 20

Springfield will make extra payment to police, fire pension funds

Mary Pat Campbell

Link: https://newschannel20.com/news/local/springfield-will-make-extra-payment-to-police-fire-pension-funds

Excerpt:

The City of Springfield is going to make an extra payment to their growing fire and police pension funds, but this is only going to make a small dent in the overall pension costs.

During the Springfield City Council meeting on Tuesday. Feb. 16, the aldermen voted in favor of making a $589,323 payment to the police and fire pension funds.

The reason they can make this move is because their corporate fund balance was over 20% after closing the books on Fiscal Year 2020 last August, but Springfield Mayor Jim Langfelder said this is small.

Author(s): Tessa Bentulan

Publication Date: 16 February 2021

Publication Site: News Channel ABC 20