Illinois House approves pension consolidation bill

Courtesy: MGN
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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.