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September 16, 2014, 6:29 pm
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Aldermen: IPI Report on City of Springfield Pension Funds is Flawed


A report presented to the Springfield City Council that puts the city on top of a list of having the worst funded pensions in Illinois outside of Chicago is being characterized as a flawed study that broadsides aldermen.

 

During Tuesday's committee of the whole, the Illinois Policy Institute presented a report that says Springfield's unfunded pension liability was severely impacting services and that that taxpayers paid four times more for employee pensions than employees pay for pensions, making it the worst funded in the state outside the city of Chicago.   

 

Several aldermen said IPI is a lobbying organization and criticized Alderman Joe McMenamin for bringing IPI to the city council without going through the Mayor's office, something IPI acknowledged they did not do.

 

McMenamin says that aldermen needed to hear from an outside voice about the pension issue.

 

Budget director Bill McCarty says the report is flawed because it does not exclude City Water Light and Power's enterprise fund from the corporate fund, and thereby skews the numbers.

 

IPI's Vice President of Policy Ted Dabrowski says the report is just the beginning of the conversation about changes that are needed and suggested workers be moved to a 401K-style plan.

 

Jeff Bigalow from AFSCME Council 31 says IPI wants contracts reopened, wages cut, and benefits cut, and "that's not going to happen."

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