Governor Rauner Signs Bill Preventing Pension Fraud
On Thursday, Governor Rauner closed a loophole that was draining money from the taxpayers of Illinois. A bill to reduce police pension fund abuse was signed into law today by the Governor. The bill prevents retired police officers from ‘double-dipping,’ or drawing two pensions from the same pension fund. Instead, those officers that are promoted to Police Chief or join a different force will have the option of opting into a 401(k) style retirement plan in addition to their pension.
“This bill is an important step to help control Illinois’ unsustainable pension costs. It will protect taxpayers from pension fund abuse while ensuring our police officers are fairly compensated for their service,” Governor Rauner said.
The Governor has made addressing the looming pension crisis a top priority, and today’s bill is the latest example of his commitment to reducing the burden of an out-of-control pension system on Illinois’ taxpayers. The bill signed today allows police officers to receive the retirement benefits they are due while reducing abuse of the pensions system that costs taxpayers millions. Governor Rauner added, “Illinois taxpayers can’t afford to pay the same person twice.”