Illinois lawmakers ponder merger of local police and fire pension funds
SPRINGFIELD (Illinois News Network) -- Illinois lawmakers heard from municipal officials Thursday on the idea of consolidating their police and fire pensions and also giving them “first in line” privileges for local spending. Illinois currently has more than 650 local police and fire pension funds. Many of them are poorly equipped to pay their coming retiree costs. The Illinois Municipal League and others are proposing to consolidate them in an effort to save on administrative costs. “Pension boards currently are governed […]
