The village-run police pension fund that voters will be asked to approve Nov. 4 will provide better benefits for Lake Villa’s retired cops. But it also will cost the owner of a $150,000 home an extra $30 a year in property taxes.
The proposal was placed on the ballot by a petition drive led by village Trustee Joyce Frayer.
If it passes, Lake Villa would withdraw from the Illinois Municipal Retirement Fund, which now pays pensions to its police officers, and establish its own fund, which would be administered by a police pension board.
A village-run pension fund would allow officers with at least 20 years of experience to retire earlier, at age 50 instead of age 55. An officer who retires with 35 years of service would be eligible to receive a pension equal to 75 percent of his final salary. Under the IMRF plan, an officer who serves that long gets only 70 percent of his salary.
The new plan would help the village “keep our police officers and get officers with more experience,” village Treasurer Lori Heitman said.
