The Village of Swansea is facing a $356,000 pension deficit for firefighters and police officers in the town. The State of Illinois has mandated that the village come up with 90 percent of that money by 2040, or the state will begin taking money from the village’s general fund.

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3 years ago

Pretty sure the reference is to Public Act 96-1495 (PA 96-1495), which was Senate Bill 3538 (SB 3538). There is language in the law which allows the State Comptroller to deduct from State grants to the municipality, on a sliding scale, the amount of any shorted Downstate Police and Downstate Fire pension contributions by the municipality to the pension fund: Fiscal Year 2016 – up to 1/3 of State grants can be deducted by the Comptroller. FY 2017 – up to 2/3 of State grants can be deducted. FY 2018 & thereafter – full amount of State grants can be… Read more »