Today, State Rep. Deanne Mazzochi (R-Elmhurst) passed House Bill 3263 to bring added transparency to municipal governments’ public pension funds.
“This is a simple transparency and oversight bill. Many in this state depend on the IMRF pension fund; and taxpayers are on the hook for paying into these funds,” said Mazzochi. “This bill requires employers who participate in IMRF to post on their website three critical pieces of information that taxpayers and pension recipients alike need to know: the original governing pension participation documents; the annual projected future contributions to the fund; and past required contributions to the fund for each participation year.” Mazzochi explained that this will help residents “have a better understanding of the status of the pension funds they are contributing to when this becomes law.”
Mazzochi noted that “IMRF is one of the more stable pension funds from an actuarial standpoint. But those costs will continue to increase with time, and we need to ensure that it stays in good standing, and does not slide into the abyss like many state funds.”
Transparency on the financial viability of Illinois’ pension programs is supported among IMRF employees as well as taxpayers. Stakeholders will be able to use this information to make sure their tax dollars and earnings are being appropriated in a fiscally sound manner.
HB 3263 is the first bill sponsored by Rep. Mazzochi to pass the House. It passed with broad bipartisan support by a vote of 112-0-2, and will now move to the Illinois State Senate for consideration.