SPRINGFIELD (AP) -- The Illinois House on Wednesday approved Gov. J.B. Pritzker's plan to consolidate hundreds of municipal pension programs to boost investment returns and save administrative costs.
The House voted 96-14 to approve creating two statewide funds -- one for police department employees, one for firefighters -- out of nearly 650 municipal plans.
The Democratic governor says that with combined assets of $15 billion, investment returns could be increased by up to $2.5 billion in the first five years.
The legislation moves to the Senate with one day left in the Legislature’s fall session.