Governor Signs Law That Consolidate Pension Programs

Illinois Gov. J.B. Pritzker has signed a measure into law consolidating 649 local pension programs for police employees and firefighters, a move designed to bolster investment returns and save overhead costs.

The Democrat signed the measure Wednesday. It creates two statewide accounts – one for police and one for firefighters – a goal that has eluded Illinois politicians for 70 years.

The first-term governor says by pooling the combined $15 billion in assets in the two funds, returns will grow by as much as $2.5 billion in the first five years while cutting municipal costs for administering separate funds.