2019 Castro law sees greater-than-expected returns on pension consolidation

• Pensions

Three years after State Senator Cristina Castro’s pension consolidation plan was signed into law, the Illinois Firefighters’ Pension Investment Fund has consolidated and invested nearly 300 individual pension funds with better-than-expected results.

“The historic consolidation of these funds was vital to the state’s financial health, but it was also necessary to make sure our first responders would be able to receive the full pensions they earned,” said Castro (D-Elgin). “Not only are these pensions performing better as consolidated funds with combined assets that can be invested — they are already yielding greater investment returns, saving even more taxpayer money than we expected.”

Senate Bill 1300 allowed downstate fire and police pension funds to be consolidated into two separate funds over a 30-month period beginning in January 2020. Since the measure took effect, the Firefighters’ Pension Investment Fund has added more than $40 million in value through investment returns and seen a reduction in fees and expenses of $34 million. This has led to a reduction in statutory minimum contributions, saving money for local governments and taxpayers.

So far, the law has led to the consolidation of nearly 300 pension funds with $7.9 billion in total assets. It was expected that annual returns would measure around 7.1%, but the Fiscal Year 2023 rate of return was 9.7%.

More information about the Illinois Firefighters’ Pension Investment Fund can be found on the IFPIF website.

Castro to host shred day to help prevent fraud and identity theft

• Shred Event
• Carpentersville

Carpentersville-area residents will have the opportunity to securely shred personal documents later this month thanks to an event sponsored by State Senator Cristina Castro.

“Fraud and identity theft have been on the rise, so safe, secure disposal is a great way to make sure your personal information doesn’t fall into the wrong hands,” said Castro (D-Elgin). “I encourage anyone who could use some decluttering to come out Sept. 23 to take advantage of this free service and keep your identity safe.”

Residents will have the opportunity to safely get rid of documents at the shred day event at the Dundee Township Park District Adult Activity Center located at 665 Barrington Ave., Carpentersville from 9 to 11 a.m. on Saturday, Sept. 23. The shred day is a joint effort between Castro, State Representative Anna Moeller and KCT Credit Union.

Americans reported losing almost $8.8 billion to fraud in 2022, according to the Federal Trade Commission. The Better Business Bureau recommends shredding outdated documents like bank statements, medical bills and pay stubs to ensure that sensitive information remains confidential.

Residents with questions can contact Castro’s district office at 847-214-8864 or online. 

Castro announces over $41 million in evidence-based funding for local schools

• School Funding

State Senator Cristina Castro announced that four local school districts are set to receive over $41 million through the evidence-based funding formula to help address the financial challenges of recent years.

“High-quality education begins with smart investments that support students and teachers,” said Castro (D-Elgin). “Taking on a larger share of school funding at the state level moves us further away from the unfair, property tax-based school funding system of the past and toward better outcomes for all children in our state.”

The funding comes from the 2017 Illinois Senate Democrat-backed evidence-based funding formula — an overhaul of the way the state funds K-12 education. The law made school funding more equitable by calculating the needs of individual school districts and basing its state revenue on those needs. The formula takes into account a district’s total enrollment, poverty rate and number of students with disabilities or English language learners, among other factors.

Local school districts receiving funding through the formula include:

• School District U-46: $35,018,726
• School District 54: $309,365
• Community Unit School District 300: $6,321,393
• Township High School District 211: $220,077

For more information on the FY 24 evidence-based funding distribution, visit the Illinois State Board of Education’s website.

Castro welcomes over $2.7 million in small business relief to local restaurants, hotels

• Small Business

As the tourism and hospitality industries continue to bounce back from the last few years of economic hardship, State Senator Cristina Castro is congratulating 20 local businesses that will receive a combined $2,772,483 in the latest round of Back to Business grants.

“Through the Back to Business grant program, we’ve been able to make historic investments in our small business community while tackling the workforce shortage,” said Castro (D-Elgin). “Supporting our small businesses, especially those owned by minority entrepreneurs, goes a long way toward saving jobs and recouping losses so our communities can move forward.”

The Back to Business grant program provides recovery grants for small businesses throughout the state with an emphasis on businesses in the hardest hit industries, like restaurants and hotels. This round of funding will award more than $2.7 million to 20 businesses in Castro’s district.

Read more …