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City of Streator faces pension shortfall, offers multiple solutions

STREATOR – Like many municipalities in the state of Illinois, the city of Streator faces a pension shortfall. According to City Manager Scot Wrighton, the city has roughly 4.4 million dollars in its firefighters pension, however the state says the funds should have more than 16 million dollars. Wrighton says there’s no one solution for the dilemma, as there are a number of possibilities the city is considering. Council members came up with five strategies including, collective bargaining, identifying additional revenue sources, transferring responsibilities of public safety services to part time employees, consolidation of pension funds to reduce restrictions of investment and pension obligation bonds, a solution that is highly considered by the city. Wrighton says he anticipates 60 days to get back to council with professional advice from financial advisers.

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