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Jim Palermo
6 years ago

Though the 401(k) style retirement savings plan in Illinois’ pension reform bill may be helpful to active workers on a go-forward basis, its limited scope will have little impact on the overall condition of the state’s pension plans. While local pension reform hasn’t been debated yet in the General Assembly, this kind of reform would not be effective at the great majority of the nearly 650 downstate police and fire pension plans. Many police and fire plans have funding deficits so deep that the liabilities to those already receiving retirement benefits exceed the plan assets. Municipalities are still making contributions… Read more »