Pritzker report recommends consolidating pension funds

Gov. JB Pritzker (D)

SPRINGFIELD, Ill. (AP) — Gov. J.B. Pritzker plans to push legislation this month to combine municipal fire and police pensions into two massive funds.

Pritzker unveiled a task force report Thursday in Chicago. It recommends combing 649 pension accounts outside of Cook County into two totaling more than $14 billion in assets. The Democrat says the larger balance would boost returns as well as reduce administrative costs.

The report contends the combined pool would generate up to $2.5 billion extra in returns in five years.

The General Assembly returns to Springfield on Oct. 28.

Pritzker wants the task force to continue studying tougher pension problems — nine Chicago and Cook County funds with a funding gap of $44 billion and six statewide funds that are short by $131 billion.