Police, firefighters will have to work longer for full pensions

SPRINGFIELD — Gov. Pat Quinn Thursday signed legislation that means new suburban police officers and firefighters will have to wait longer before they retire with full benefits.

The new law will require new hires to wait until age 55 — instead of age 50 — to retire with a full pension.

Other reforms were made, too, in an effort to address mayors' concerns that pension costs were rising too quickly and crippling local budgets. A handful of suburban mayors were pushing the legislation hard.

Elgin Mayor Ed Schock, who lobbied for the changes in Springfield earlier this year, said Thursday the law will save Elgin money and still allow police and firefighters to retire with reasonable pensions.

“It's still going to be a substantial pension, which is important,” Schock said.

Quinn gave notification that he signed the controversial legislation late Thursday afternoon, shortly before many state workers began their holiday weekends.

Quinn said in a statement that the legislation was necessary to ensure that pension funds remained solvent.

“These men and women who serve so selflessly must continue to have access to quality pension benefits that are also affordable for municipalities throughout the state,” he said.

Local towns might not save much money immediately, though. The changes don't affect police or firefighters who are already working or retired. They continue to serve under the current pension rules that allow for a full pension after age 50.

Earlier this year, Quinn and lawmakers approved similar legislation that raised the retirement age for most other public employees to save the state money in the future.