Police & Fire Pension Consolidation

November 14, 2019

OAK BROOK, Ill. -- Today the Illinois General Assembly passed Senate Bill 1300, which consolidates the investment authority of the state’s existing police and fire pension funds.

As passed, this legislation is unrelated to IMRF.

The bill has now passed the House and the Senate and will be sent to the Governor. If signed into law, the legislation would create a new statewide police pension fund and a new statewide fire pension fund. These new funds would invest the financial assets of the state’s more than 600 individual police and fire pension funds. The individual police and fire funds would retain all benefit decisions for these funds. All of these pension funds would be separate from IMRF.