Illinois General Assembly Starting Pension Consolidation

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The Illinois State Legislature have begun the process are starting to cosolidate pensions for downstate police forces and firefighters.

State Rep. Randy Frese says he hopes to see adminstrative cost advantages and returns on investments.

Monmouth Mayor, Rod Davies, says the consolidated pensions says it is a great first start:

“It will certainly help with administrative costs, we believe. Because of the size of our local pensions we were limited in our investments and we had to invest 55 percent of our assets into fixed income securities, which did not allow those funds to keep up with the actuarial assumptions that we really needed to. We needed some greater return on investment.”

Macomb and Quincy are among local towns having discussions about consolidating pensions.

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