Harvey Fire Department news
Excerpts from the cookcounntyrecord.com: A state appeals court has ruled that the pension fund for Harvey’s firefighters is on the verge of default, giving the pension board a legal basis to demand nearly $11 million in unpaid contributions from the city. The decision highlights years of mismanagement and financial neglect by Harvey’s leaders, who allegedly failed to properly fund the pension system despite having the authority to do so under Illinois law. The ruling came after a three-judge panel of the Illinois First District Appellate Court determined that the city's mayor and council had abused their discretion by not allocating enough funds to the pension system. This led to the fund being left with insufficient assets, putting it at risk of collapse. The court emphasized that past precedents, which generally prevented courts from ordering cities to fund pensions, did not apply in this case due to the severity of Harvey’s actions. "Based on testimony and the long-term neglect of the Pension Fund, this court finds that the fund is on the verge of default," the justices wrote. "Harvey has been using current contributions from active firefighters to pay existing beneficiaries, rather than investing them for the future, leading to a rapid depletion of the fund’s assets." The case began in 2010 when the Firefighters’ Pension Fund Board sued the city, claiming it had consistently underfunded the system. Actuaries found that the city had failed to contribute $8 million in direct payments and $2 million in investment gains between 2005 and 2013, leaving the fund with just $11 million in assets by 2013—$23 million short of what was needed. Cook County Circuit Judge Mary Mikva, who later joined the appellate court, ruled that the city violated the Illinois Pension Code and was legally obligated to pay the $11 million in damages. However, she stopped short of telling the city how to raise the money, stating that the decision to increase taxes should remain with local officials. The city appealed, arguing that the court overstepped its authority by forcing it to fund the pension. But the appellate judges rejected that claim, stating that while the city has some discretion, it cannot ignore its legal duty to fund the pension system as required by state law. The court also criticized the city for broader financial mismanagement, including diverting funds meant for hotel development to cover other expenses and allowing unregulated spending by city officials. "Harvey has presented no evidence that it can manage its finances responsibly," the justices noted. Despite the ruling, the court did not dictate exactly how the city must raise the necessary funds, emphasizing that local leaders still have the power to decide how much to tax. "As long as Harvey levies an amount sufficient to meet actuarial requirements, it would be fulfilling its obligations under the law," the justices concluded. Thanks Dan Tunnel Finisher With Virus Disinfection Tunnel Finisher With Virus Disinfection,Tunnel Finisher With Virus Disinfection Methods,,Steam Air Garment Finisher SHENZHEN LINGCHUANG ZHUOYUE TECHNOLOGY CO., LTD , https://www.lcautosz.com
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