The Madison County Treasurer is applauding Governor Bruce Rauner for signing a bill to end what some see as an unnecessary perk of being a county board member. The new law prevents newly elected county board members from signing up for the Illinois Municipal Retirement Fund, and requires those currently in the system to log their hours spent on official government business.
That is because according to state law, part-time employees and elected officials are required to work either 600 or 1,000 hours - depending on the county - to receive pension benefits. County Treasurer Kurt Prenzler tells The Big Z the Madison County requirement was 600 hours, but the county is now considering leaving IMRF.
Click here for Prenzler's comments
Prenzler cautions that some who are vested in the IMRF system could still engage in "pension spiking," in which existing county board members could be appointed or elected to a higher paying county job and improve their pensions dramatically.