Springfield….Legislation that will combine the assets of the nearly 650 downstate and suburban police and firefighter pension funds passed on Wednesday despite objections from State Rep. Terri Bryant.
Rep. Bryant says SB 1300 was amended 7 times, and pushed during a short Veto Session that did not allow time for first responders to review the legislation.
“I felt the sponsor of the plan was lacking details to make such a major move during the Veto Session,” Bryant said. “For Springfield to say they will be making the decisions on pension investments for police and fire pension systems, but provide no actuarial analysis on gains that might happen going forward was concerning. I felt the entire process was a bit rushed and required further study and further proof that the numbers being promised will bear out.”
Bryant says she believes pension reforms are needed, but was echoing the voices of her constituents in casting a no vote on SB 1300.
“I heard from local fire and police departments and the overwhelming majority of folks that contacted me were not supportive of the concept, and my no vote reflects the wishes of my constituents that have concerns about the long-term promises of higher investment returns that are being made on this issue.”