Peoria, Ill — Peoria’s Mayor now wants to take a leadership role in pushing the timeline for Illinois pension obligations.
Mayor Rita Ali says she wants to be the one to bring mayors together from across the state in an effort to move the pension amortization deadline from 2040 to 2060.
Peoria is currently on the hook for roughly $360 million in pension obligations, 90% of which must be paid by the 2040 deadline.
Ali worries that cost could climb even further as inflationary pressures take hold.
She’s also worried about the toll pension obligations might take on the funding of other city services.
“So I hope to take a leadership role in convening other mayors in the 12 to 14 largest cities in the state of Illinois. I’ve already talked to several of these mayors.”
Ali says she’s already sat down with state lawmakers as well.
It’s unclear if anyone in Chicago is interested in her idea.
Peoria City Council approved the most recent bi-ennial budget, totaling close to $500 million in spending over the next 2 years.
Of that, a little over $4 million was required for the funding of pensions.
The city faced challenges in filling the gap due to the elimination of Peoria’s public service pension fee.
