ILLINOIS (WCIA) — As he enters the final quarter of his first year in office, rookie Democratic Governor J.B. Pritzker is setting his sights on the state’s most pressing financial burden which has flummoxed and defined many of his predecessors.
In February, Pritzker convened a Pension Consolidation Feasibility Task Force to examine the roughly 650 local police and fire pension funds scattered around the state. The task force analyzed the funds, reviewed rates of return and cost of administration.
It was recently reported the local public safety pension funds, many of which are severely underfunded, on average underperform the returns of other statewide city workers’ pension funds by approximately two percent over the last decade.
The Illinois Municipal League has suggested combining the assets of the local funds into a downstate “super-fund” to pool resources and maximize returns. Now, after eight months of studying the system, the 10-member panel has submitted its suggestions to the Governor’s Office.
Governor Pritzker will release the findings Thursday afternoon during a 1:30 pm press conference from his Chicago office.