Gov Pritzker signed into law the consolidation of pensions for first responders.
The new law consolidates 649 Suburban and downstate police and fire pensions into two, statewide funds, increasing the purchasing power and the vialidity of pensions.
“Consolidating these 649 local plans into two statewide funds for investment purposes will reduce expenses and maximize performance — and most importantly, secure our first responders’ futures,” said Associated Fire Fighters of Illinois President Pat Devaney. “Firefighters deserve to know their retirement will be there and taxpayers should finally be confident it’s being funded in the most efficient manner, and this new law signed by Gov. Pritzker moves us toward a financially stable future for every Illinoisan.”
Local pension boards will still administer pension benefits, and no assets or liabilities will be transferred from one local pension plan to another.
This new law goes into effect immediately.
