The City of St. Charles is joining other cities and counties across the State of Illinois in calling for local government pension reform.

The cost of providing public safety pensions in Illinois is rapidly increasing. The Illinois Commission on Governmental Forecasting and Accountability has recently published a thorough analysis of the financial health of select municipal pension funds. For the new fiscal year beginning May 1, 2010, the City of St. Charles estimates that funds needed for pension funding will be $4.3 million, an increase of over 13% from the prior year.

In Illinois, the State of Illinois establishes benefits for the City’s pension programs, but the City of St. Charles is tasked with meeting the obligations. In other words, Springfield places the order, but St. Charles picks up the tab.

Even in the face of significant financial conditions, the legislature continues to consider enhanced pension benefits.

Without a more fair public safety pension system, Illinois municipalities will either cut the level of public safety and other essential services or increase taxes.

There needs to be fair and equitable changes to public safety pension systems. Working with all stakeholders, the goal is to develop a long term solution to the pension crisis that protects Illinois taxpayers and secures sustainable retirement benefits for our public safety employees.  As a result, the St. Charles City Council has endorsed the Pension Fairness Platform.

On March 3, 2010, the launch of the Coalition at the State Capitol garnered positive media coverage across the state.

To locate your legislators and let them know about how you feel about this issue, click here.