Newly elected state Rep. Deanne Mazzochi’s (R-Elmhurst) first bill calling for more transparency for public pensions has passed the House in a near-unanimous vote.
House Bill 3263 garnered 112 of a possible 114 votes to advance to the Illinois State Senate for further consideration.
“This is a simple transparency and oversight bill,” Mazzochi said in a press release. “Many in this state depend on the IMRF (Illinois Municipal Retirement Fund) pension fund; and taxpayers are on the hook for paying into these funds. This bill requires employers who participate in IMRF to post on their website three critical pieces of information that taxpayers and pension recipients alike need to know: the original governing pension participation documents; the annual projected future contributions to the fund; and past required contributions to the fund for each participation year.”
Illinois State House Rep. Deanne Mazzochi (R-Elmhurst)
Mazzochi, who formally served as a College of DuPage Board member, said she hopes the proposed legislation will ultimately help residents arrive at a “better understanding of the status of the pension funds they are contributing to when this becomes law.”
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