(WGEM) — Legislation to consolidate almost 650 municipal pension plans outside of Cook County has passed the Senate and will be sent to Gov. JB Pritzker’s desk.
The bill was approved by the Senate 42-12, following the House approval on Wednesday, 96-14.
The First Responder Pension Consolidation plan would create two statewide pension accounts — one for police officers and one for firefighters. Its goal is to boost investment returns and save on administrative costs.
Governor J.B. Pritzker estimates investment returns could increase up to $2.5 billion in the first five years.