Illinois Public Pension Fund awards for commitment to funding and protecting police and firefighters’ retirement

On December 5th the IPPFA presented Mayor Robert Lovero of Berwyn and Mayor Tari Renner of Bloomington with recognition awards for their commitment to funding and protecting police and firefighters’ retirements.

Mayor Lovero and the Berwyn City Council passed a bond issuance in which the city placed $15 million into the police pension fund and $15 million into the firefighters’ pension fund. The city entered into a memorandum of understanding with both pension funds to participate in a full faith effort to issue a series of bonds every two years for the next 10 years until the funds are a minimum of 90% funded.

In Bloomington Mayor Renner and the Bloomington City Council approved a 1.25% utility tax that will go directly to the police and fire pension funds. This tax will cost the average Bloomington household $3.50 per month and is expected to raise $1.7 million the first year. Bloomington Alderman Scott Black was recently quoted “it’s going to be making sure that we meet our legal obligations to them (first responders) and our moral obligations.”

The IPPFA commends both Mayor Lovero and Mayor Renner and their respective City Councils for their strong and progressive stand on pension funding. Their actions should be an example for other communities to follow.