Illinois House approves pension consolidation bill
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.