Investment losses affect IMRF
Aledo Mayor Lee Celske informed the city council at the Jan. 20 meeting of the council that The Illinois Municipal Retirement Fund took a huge hit through its investments last year with losses totaling $6.2 billion last year.
"They are raising rates 83 percent," said Celske. The city's share will go from $83,880 annually to $158,852, an increase of $75,000.
Celske said "This is insane." I don't know of a city that can pay this."
He asked Walton how a city like Peoria is going to pay for this considering all of their employees.
Walton said, "When I find out I'll tell you."