The move is intended to help improve the financial stability of the pension funds and ease pressure on local governments to raise taxes to fund those pensions. A limit was also imposed on the amount of earnings used to calculate final average salary. What the grassroots Illinoisians think about it is another question. ", Voting for the local board is, at best, ancillary to a participants receipt of the pension payment and other assets, McLaren continued. The league stated it is confident it will beat the legal challenge. Terms & Conditions | Privacy Policy But the panel said the complaint contained no argument as to how that requirement would specifically diminish their eventual benefits. Appointment of DOI Security Administrator: . DeGette. The three changes intended to bring Tier 2 benefits in line with safe harbor restrictions are as follows: 1) Expand survivor benefits. The Illinois Police Officers' Pension Investment Fund told lawmakers during a committee hearing that some individual funds have resisted moving their assets because of pending litigation. The analysis must consider the pension multiplier as well as the growth in the pensionable salary cap. Copyright 2022 The Civic Federation Suburban and Downstate Police and Fire In Illinois, the vast majority (649) of the existing 664 pension plans are for police and fire personnel employed by municipalities outside of the City of Chicago.3 These plans are commonly referred to as "suburban and downstate" police and fire pension plans. The Illinois Police Officers Pension Investment Fund said it completed its third tranche of asset transfers on May 2, and that to date 46 plans have transferred more than $1 billion worth of assets to the IPOPIF consolidated fund. The plaintiffs dropped their motion to certify class status. The IRS has issued rules, known as safe harbors, for determining if plans meet the minimum benefit standard. Dec 29, 2021. In 2019, the Illinois General Assembly passed Public Act 101-0610, which required downstate police and firefighter local pension funds assets to be consolidated into statewide funds for investment purposes. The lawsuit said the law violated the state's pension protection clause, the contracts clause and the takings clause of the Illinois Constitution by terminating "plaintiffs' authority to. Police and fire pension costs for DeKalb, Illinois, use up about 20% of general fund revenue, up from 10% in 2014, city manager Bill Nicklas said in an interview. Police Officers' Pension Investment Fund. An Illinois Circuit Court judge has denied a lawsuit that sought to stop the consolidation of the states 650 firefighter and police officer pension funds, rejecting the plaintiffs claims that a law enacting the move violated the states constitution. Later still, the plaintiff tried to apply for military service credit, but was denied because he had not applied before the deadline. The plaintiffs also argued the consolidation impaired their benefits because it required the local funds to pay up to $15 million, plus interest, to transition, operate and administer the new funds. Trustee Moehrlin made a motion to table the resolutions to appoint an authorized representative to the new Illinois Police Officers Pension investment fund and Trustee Orta seconded the motion. Such actions are likely to generate long-term savings. This decision recapped not merely the 2013 decision, but included more extensive commentary on Illinois pensions, citing, for example, 1917 and 1957 reports characterizing state and local pension plans as in a condition of insolvency, and a 1969 overall funded status of 41.8%. The task force savings estimates of between $160 million and $288 million annually are almost certainly too optimistic. Please e-mail[emailprotected]with your query. 993 AND H.R. J.B. Pritzker championed toconsolidateabout 650 local police and firefighter pension funds from across Illinois under state management by mid-2022. Since our last newsletter, on November 10, 2021 the Illinois Passes Police, Fire Pension Consolidation Bill, Illinois Group Wants Municipal Pension Consolidations, New Illinois Law Authorizes $1 Billion in Pension Obligation Bonds and Extends Buyout Option, Tags: court ruling, Firefighters Pension Investment Fund, Illinois, J. The creation of two new consolidated pension funds in Illinois is providing plan executives with a rare opportunity to build defined benefit plan investment programs from scratch. The legislation proposes that the salary cap grow by 3% or the inflation rate, whichever is less. The state, represented by Richard Huszagh, assistant attorney general, has countered that constitutional protections are limited to membership benefits and not fund management. Illinois is home to the nation's worst pension crisis, leaving taxpayers on the hook for $317 billion in unfunded pension liabilities for the five statewide retirement systems. Will be used in accordance with our terms of service & privacy policy. To date, 32 plans have transferred assets totaling more than $660 million to the IPOPIF with an additional 16funds scheduled to transfer funds May 2 which would bring the total to more than $1 billion. Opinions expressed by Forbes Contributors are their own. Mayor Lori Lightfoot says she will run for second term. The state constitutions pension clause bars any diminishment or impairment of promised benefits. Lawmakers justified the changes by pointing to potential violations of a provision of federal law known as safe harbor. The Internal Revenue Code requires state and local government employees to either receive Social Security or be part of a retirement system that is at least as generous. By cutting down on duplicative administrative costs and pooling investment assets to get better returns an important source of income for pension funds consolidated pension systems are more efficient. The plaintiffs claimed that they had a contractual and enforceable right to exclusively manage and control their investment expenditures and income, including interest dividends, capital gains and other distributions on investments, which they said the consolidation infringed upon. (The other is New York.) If successful, the lawsuits outcome would apply to every downstate police and firefighter pension fund in Illinois. We are already showing savings and increased earning ability, proving the benefit that was predicted and is needed by this consolidation, said league Executive Director Brian Cole. The consolidation of downstate police and fire pension fund investment assets continues in earnest. The Illinois Police Officers' Pension Investment Fund told lawmakers during a committee hearing that some individual funds have resisted moving their assets because of pending litigation challenging the constitutionality of the 2019 consolidation legislation. Illinois Second District Appellate Justice Robert McLaren Problems include: Statewide, pensions obligations consumed nearly 30% of all government spending. The ruling states that voting is not currently a benefit under the pension clause of the state constitution, pointing out that the courts have yet to hold that the right to vote for pension fund board members falls within the protections of the Pension Clause. It also rules that the takings clause claim cant be tied to real property as required under Illinois law. The wage base is adjusted each year by the change in the national average wage index. In general, the main Tier 2 benefit changes were an increase in the retirement age to qualify for full benefits and a reduction in annual automatic benefit increases. . The funded health of the public safety pension funds has tumbled over the years. 3) Increase final average salary. Illinois plans to consolidate its 650 police and fire pension funds in the suburbs and downstate. The Newsletter Bringing the Legal System to Light. The law creates the. Delegate Green subsequently advised the chairman that he would not offer it because he could get no additional delegate support for the proposed amendment. . Yes, it uses the language, technically true, that it was the people of Illinois who, in voting for the constitution, restricted the General Assembly from making any such changes, rather than acknowledging that those people were rather powerless to evaluate any such individual provision agreed to by the delegates drafting the constitution once it was put up for a vote. Illinois Your email address will not be published. (Shutterstock) HINSDALE, IL In the last budget year, Hinsdale spent $163,000 on managing. The task force estimated that the consolidated funds could generate an additional $820 million to $2.5 billion in investment returns over five years, or $164 million to $500 million per year. Illinois is home to thenations worst pension crisis, leaving taxpayers on the hook for $317 billion in unfunded pension liabilities for the five statewide retirement systems. But consolidation is a small step for a tiny portion of Illinois pension problem. The decision asserts, in short, that the delegates knew full well that pensions were not properly funded, and intentionally made the choice to guarantee pensions by means of obliging future generations to pay, no matter what, rather than funding them as they are accrued. However, that process may be interrupted if a court issues an order staying the transfer of assets. Pension Crisis Overview Presentation. The police funds ended 2019 at 54.98% and firefighters were at 54.35%. Although some union leaders supported the move, dozens of police and firefighter pension boards and individual members sued the state and the new funds to stop the consolidation. Challenging the amendment directly, plaintiffs also argued it violates the state constitutions takings clause regarding public use of private property. The local funds are already required to pay the costs of administration of the local funds, and plaintiffs do not cite any evidence to show that the costs of administration of the new funds, even including startup costs, would be any greater, McLaren wrote. Consolidating scores of local firefighter and police pension funds could save Illinois taxpayers between $820 million and $2.5 billion in the next five years, according to a report published Thursday by a state task force that's been studying the issue since January. That provision compares the employees actual accrued pension benefit with the accrued benefit under a safe harbor formula. Illinois' consolidation of suburban and downstate police firefighter pension fund assets cleared a second legal hurdle but it could take a decision from the Illinois Supreme Court to clear the path for full participation in the plan. About a month ago, Gov. Similar warnings were issued by the Illinois Public Employees Pension Laws Commission in biennial reports it published between 1947 and 1969. A Tier 2 public safety employees final average salary, which serves as the basis for calculating monthly and annual pension payments at the end of a career, will now be based on the highest four out of the last five years rather than the highest eight of the last 10. XIII, 5. ; Justices Susan Hutchinson and Ann Jorgensen concurred. It also said there are another 93 funds currently going through the process to transfer funds on either June 1 or June 24. On June 25, 2021, the Defendants filed motions to dismiss the Plaintiffs amended complaint, and the court has given the Plaintiffs until August 4, 2021, to respond to these motions. The legislation impairs the exclusivity and rights of the local funds to manage their funds locally and impairs and diminishes their ability to vote and to have their vote count, Daniel Konicek, of Konicek & Dillon which is representing the police funds, said in an interview. Officials in more than 650 suburban and downstate Illinois towns need to be laser focused in early 2022 on the implementation of the state's massive investment overhaul of police and firefighter pensions. 10 N. Dearborn St., Suite 800, Chicago, Illinois 60602 The league stated it is confident it will beat the legal challenge. Recent News. Our website provides a portal to the web based Annual Statement Filing System and gives you easy access to a variety of information regarding your pension benefits. The Act does nothing more than require one type of government-created pension fund to transfer assets to another type of government-created pension fund. XIII, 5. 2) Increase pensionable salary cap. The Illinois Municipal League, which has advocated for pension consolidation for the past decade, also supports Pritzkers plan. FPIF recently notified local funds of their asset transfer dates which begin October 1, 2021. J.B. Pritzker announced his support for a plan for the state to combine roughly 650 suburban and Downstate police and fire pension funds last month, the Illinois Fraternal Order of . The task force report said the following changes were intended to address concerns about the fairness of Tier 2 and to avoid running afoul of IRS regulations: The first change, involving benefits paid to surviving spouses, is not expected to affect many individuals and reportedly holds great significance for first responders. On February 23, 2021, eighteen police and firefighter pension funds, as well as individual active and retired members of these funds, filed a complaint against Governor Pritzker, the two new consolidated pension investment funds, and others in the Kane County Circuit Court. JB Pritzker's task force released its report proposing consolidation of the states' police and fire pension funds, which at present are managed individually by the . 2019 consolidation legislation. More than $13. The state's pension consolidation task force reported doing so could earn the funds an extra $2.5 billion altogether over the next five years. We hope you find our website helpful! The governing board is comprised of Mayors and Village Presidents. There, the plaintiff joined the pension fund in 1969. t 312.346.5700 f 312.896.2500, Springfield Office | Illinois Policy "No matter the ruling, the case likely will be heard by the Illinois Supreme Court. The Illinois Supreme Court may decide to review the case thereafter. The law is aimed at easing shortfalls in Illinois local public safety pensions by merging more than $16 billion in assets from the 650 retirement plans into two funds, one for police and one for firefighters. In other words, the key words that the Court emphasizes are diminished or impaired, not enforceable contractual relationship.. The Civic Federation urges the Governors Office and sponsors of Senate Bill 616 to demonstrate the need for the specific Tier 2 enhancements in the legislation. Surviving spouse benefit: Tier 2 eliminated pension benefits for spouses of public safety workers whose deaths occurred before the end of the ten-year period for pension benefit vesting and whose deaths were not duty-related. H.R. Pritzker lawsuit. Illinois Federation of Teachers, AFT, AFL-CIO vs. Lindberg, 60 Ill.2d 266 (1975) 3 Felt vs. Board of Trustees, 107 Ill.2d 158 (1985) 5 Schroeder vs. Morton Grove Police Pension Board, 219 Ill. App.3d 697 (1991) 7 McNamee vs. State of Illinois, 173 Ill.2d 433 (1996) 9 The People ex rel. Will be used in accordance with our terms of service & privacy policy. Consolidation of downstate police and fire pension funds made sense by itself, the Illinois Policy Institute previously stated. B. Pritzker, Lawsuit, Pension Consolidation, Robert Villa, Ray Dalio Is Now Ranking Economies by Their Strengths and Weaknesses, 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. The amendment doesnt mandate those loans, nor is there evidence it reduces available funding to pay promised benefits. 300 S. Riverside Plaza | 1650 | Chicago, IL 60606 Supporters of Senate Bill 616 have not as yet shown whether the proposed changes are needed to satisfy legal requirements and, if they are needed, whether they must be implemented immediately. The Illinois Police Officer's Pension Investment Fund told lawmakers during a committee hearing that some individual funds have resisted transferring their assets because of a pending lawsuit challenging the constitutionality of the 2019 consolidation law. Made possible by a generous grant from the Illinois is home to the nations worst pension crisis, leaving taxpayers on the hook for $317 billion in unfunded pension liabilities for the five statewide retirement systems. The main distinction between the case at bar and the aforementioned cases, Villa writes, is that those cases involved traditional voters rights claims such as procedural due process, equal protection, constitutional vagueness, improper delegation of legislative authority, and other guarantees found in the United States and Illinois Constitutions.. Illinois Police Officers' Pension Investment Fund; . . story The only real way to fix the pension crisis once and for all and strike a balance between protecting taxpayers, retirees and vulnerable Illinoisans who rely on government services is with aconstitutionalamendment to allow for structural pension reform. Because the existing plans are already better funded, theyre able to diversify their investments more, enabling higher returns. The task force also noted that these estimated costs are minor compared to increases in investment returns projected to be earned by the consolidated funds compared with the 649 existing police and fire funds. Consolidation was also proposed in Pennsylvania in 2012 and 2018. Sklodowski vs. Governor's Pension Consolidation Feasibility Task Force Report. House Committee Meeting Hide Overview . J.B. Pritzker signed a bill to consolidate local police and firefighter pensions from across downstate Illinois, but beneficiaries are suing because the state is notorious for poor pension management. 2021 CH 55 . . Illinois has nations worst pension debt. Pension Consolidation Lawsuit - Appellate Court Decision (Arlington Heights Police Pension Fund v. Pritzker) The difference might be accounted for by the proposed change in the calculation of final average salary, which lowers the required multiplier under IRS rules. Tier 2 workers receive annual benefit increases upon retirement of 3% or one-half of the rise in the Consumer Price Index (CPI), whichever is less, on a simple-interest basis. According to The Wrap, a lawsuit was filed in New York last week on behalf of the Collinsville Police Pension Board, which is an Illinois-based Warner Bros. The courts decision rests on its interpretation of what constitutes a benefit., The case Arlington Heights Police Pension Fund et al v. Jay Robert Pritzker et al argues that benefits are damaged because the law strips plaintiffs of their autonomy and their authority.. The People ex rel. A husband or wife of a deceased police officer or firefighter will now be eligible for two-thirds of the deceaseds accrued pension benefits, regardless of how long the person worked before their death. Protected by Google ReCAPTCHA. The health of some individual funds, however, are far weaker with ratios only in the teens. He projected the consolidation could yield an extra $2.5 billion in investment returns over five years after the law took effect Jan. 1, 2020. Theres been confusion among the stakeholders over the litigations impact should the court overturn the legislation, which would also impact the firefighters fund. A legal memo from the Illinois Municipal League had pointed to the pensionable salary cap as a particular area of concern for potential safe harbor violations, because the current salary cap of roughly $115,000 is less than the Social Security wage base of $132,900. Consolidation Lawsuit Update . This site is protected by reCAPTCHA and the Google Privacy Policy But it seems about time for a deep dive into a narrow question: what did the Illinois Supreme Court have to say about pensions? The firefighters fund is further along in the consolidation process and expects to meet the deadline. B. Pritzker, who signed the bill into law. and Terms of Service apply. The Illinois Police Officers' Pension Fund Investment Board is now accepting resumes and RFP's for the following positions: Executive Director General Legal Counsel Administrative Services Please visit this link https://bit.ly/2vXYd8R for the full job description and details on RFP's. See, e.g., Report of the Illinois Public Employees Pension Laws Commission of 1949, 10 (1949) (revenues allocated to pension funds have not kept pace v. Governor Jay Robert "J.B." Pritzker, et al. These pensions are primarily funded through the states second-highest in the nation property taxes, diverting taxpayer dollars from improving cities core services. t 217.528.8800 f 312.212.5277 e info@illinoispolicy.org, Copyright 2023 Illinois Policy | Illinois' comeback story starts here. Article XIII, Section 5, of the Illinois Constitution, commonly known as the Pension Protection Clause, provides that [m]embership in any pension or retirement system of the State, any unit of local government or school district, or any agency or instrumentality thereof, shall be an enforceable contractual relationship, the benefits of which shall not be diminished or impaired. Ill. Const. The Illinois Municipal League, which has advocated for pension consolidation for the past decade, also supports Pritzkers plan. The increase for most workers hired before 2011 (but not Chicago public safety and some other employees) is 3% on a compounded basis. The IPOPIF team will remain diligent in our interactions with local police plans to assist them in transferring funds to the IPOPIF consolidated fund.. Senate Bill 616 reinstates the Tier 1 benefit for these surviving spouses. InCarbondale, 290% of the citys property tax collections go to pensions. 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