Palatine Council Members Opt Out of Pension
The action will save residents of Palatine more than $11,400 annually.
Palatine village council members and Mayor Jim Schwanz voted to remove themselves from the state’s municipal pension fund at the June 18 council meeting.
As a result of the periodic review of Palatine’s Illinois Municipal Retirement Fund participation, a resolution was adopted to remove the mayor and village council from participation, according to village documents.
There was no discussion on the matter at the village council meeting, with the exception of Councilman Aaron del Mar, who read from a statement.
“I am proud to be working together with my fellow council members to make this happen tonight,” del Mar said. “I believe that we are setting a positive example for other elected offices to do the same with the hopes that many will no longer look at public service as a job and start looking at as simply a civic duty.”
The action will save residents of Palatine more than $11,400 annually, and $5,700 for the remainder of 2012. Elected officials may participate in the state retirement fund if they perform at 1,000 hours or more per year, or roughly 20 hours per week.
Say it isn't so
7:32 am on Tuesday, June 19, 2012
its a start ..........
Catherine
8:53 am on Tuesday, June 19, 2012
Good for them. Now if they could just work on getting our property taxes lowered accurately reflect the value of our homes, which are down drastically in value, but taxes went up. What is up with that folks?
Jacek
9:32 am on Tuesday, June 19, 2012
70 percent of property taxes fund the local school districts, so don't expect the taxes to go down.
Scott
9:26 am on Tuesday, June 19, 2012
The value of your home determines your *share* of the taxes. Lower home value does not mean lower taxes.
Say it isn't so
9:55 am on Tuesday, June 19, 2012
Go to School Board meetings..... did I hear that D15 is in the hole for four million? How can that be?
Say it isn't so
10:01 am on Tuesday, June 19, 2012
I think the Village gets about 6% of your property tax, then the pensions burn up about 15%................
Scott
1:16 pm on Tuesday, June 19, 2012
three cents - even with the new D15 contract that has lots of favorable changes we'll still be giving the 6% bumps each of the last 4 years before retirement.
Don Kirchenberg
2:20 pm on Tuesday, June 19, 2012
This is very good news http://palatine.patch.com/articles/palatine-council-members-opt-out-of-pension?ncid=newsltuspatc00000001#comments_list and it is exactly what the DuPage County Forest Preserve Commissioners should do because their current pay of $50,000+ per year with full benefits and a pension at an estimated total cost of $110,000 to an annual salary is way too much money for an estimated 1,000 hours of work a year. Their salary should be only $25,000 a year!
peter
3:06 pm on Tuesday, June 19, 2012
leading by example is a good thing. let's move on to the big budget busters, municial and public safety employees pensions.