Title
RESOLUTION URGING MUNICIPAL INCLUSION IN PENSION WORKING GROUP
Body
WHEREAS, the growing pension obligations for Illinois' municipal public safety employees is a tremendous concern for elected officials, taxpayers and employees; and
WHEREAS, these concerns were initially outlined in a 2007 fiscal analysis of the police and firefighter pension systems published by the Illinois Municipal League; and
WHEREAS, that study resulted in P.A. 95-0950 which was successfully advanced by the Illinois Municipal League to introduce several reforms into the police and firefighter pension systems concerning ethics, disclosure, and reporting requirements; and
WHEREAS, benefit reforms were enacted in 2010 that affect all new employees hired on or after January 1, 2011, yet these reforms included no changes to reduce the pension liabilities for existing employees; and
WHEREAS, the 2010 legislation also provides for the diversion of Local Government Distributive Fund revenues to the police and fire pension funds beginning in 2016 if the full actuarially-required contributions are not made by employers; and
WHEREAS, the Government Accounting Standards Board has issued an Exposure Draft of an amendment to GASB Statement 27 which could add to the reported financial liabilities of state and local governments; and
WHEREAS, the issue of pension funding and the cost to taxpayers for those financial responsibilities is reaching a crisis state that necessitates changes that establish long-term stability, affordability, and accountability; and
WHEREAS, the Governor and General Assembly have assembled a working group to develop solutions to address the state's pension funding debt, but this working group is not expanding its mandate to address rising and unsustainable municipal pension liabilities.
NOW, THEREFORE BE IT RESOLVED, by the Village of Orland Park that the General Assembly and Governor include municipal leaders in the discussions of the pension working group and explore solutions for pension relief that also address the rising debt burden created by municipal police and firefighter pension obligations.