John T. Mitchell of MVT Investments shared the following email message sent Nov. 13, 2019 regarding legislation about public pension consolidation:
Up to 677 witness slips opposed and 18 in favor.
Under the Committee rules only 445 will be registered as the other 200 or so came in too late. Vote was 7 to 3 and really that is all that counted in getting the bill to the House Floor.
Saw some names of folks I know. A lot are retired now. Even saw some old clients from my union days. A couple of attorneys filled opposition witness slips. Chicago FOP fellows filled opposition slips and Chicago Firefighters were opposed.
9 slips were for NoPosition. IPFA took no position until they could study the bill more.
Could be a house vote today. Not sure when the liquidation of investments will occur. May be sooner rather than latter. One finance director thought it will be such a mess that it could take a year. State actuary pick will be using investment guesses based upon increased equity exposure along with a”smoothing” approach in case we encounter problems in the market.
Greg K said he is speaking at IPAC and I suspect he will have some great insights into what is coming.
House system seems to be taking in more witness slips if anybody wants to put in a witness slip regarding the bill.
More updates will follow as we track developments regarding this important matter.
As a retired Chief of Police and former Mc Henry County Sheriff with 47 years on the job in Illinois I am most skeptical of this move on our pension funds ….. we need to put the brakes on this process now ! To suggest that I don’t trust the Legislature is putting it mildly ….. just look at how they have mismanaged the Teachers Retirement System … promises can be forgotten as they typically have been in the past by Illinois Legislators ….
Sounds like typical Illinois politics. I’m so disappointed in administration.
Leave are pensions alone. They are working fine.
The state couldn’t manage them selfs out of a phone booth.