ROCKFORD, Ill. (WTVO) — Illinois State Treasurer says combining police and fire pensions could save the state a lot of money.
The pension consolidation feasibility task force recommended the move to Governor J.B. Pritzker last week.
The task force says the plan would combine pension plan assets into two new statewide systems.
That could generate as much as $2.5 billion in investment returns over the next five years.
“Police and fire pensions around the state, about 649 of them. All of them have a consultant, they have an investment manager,” said Illinois State Treasurer, Michael Frerichs. “That’s a lot of money spent if we pool all of them together we think we can get a higher rate of return and also cut costs.”
The move is also projected to ease the pressure on local property taxes to pick up the tab when funds under-perform.
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