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Police pension reform could impact local towns

Posted by wlpo on December 2, 2010

A change could be coming affecting the way your city pays into the police pension fund.

State lawmakers this week approved pension reforms for local police officers and firefighters that cut benefits and increase city obligations.

Gary Hylla is the city treasurer for Peru.  He doesn’t think the reform will have a big impact on Peru.  He says they’ll have to request more on the tax levy for few years until they reach the level of funding the state wants.  Hylla believes they should be able to make up the difference by 2015.

The legislation would also change the retirement and benefit standards for police officers and firefighters hired after January 1.  Instead of retiring at age 50, they would have to work until they’re 55 to receive full benefits.  Those benefits would be less than what current officers will receive.

The bill heads to governor.

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