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Illinois Effort to Fix Ailing Local Pensions Faces Legal Hurdle
Bloomberg QuintLink to more items from this source
Dec. 6, 2021

"A 2019 law ... would merge about 650 local police and firefighter pensions with assets topping $16 billion into two funds to cut costs and improve returns.... The law set a June 30 deadline for the consolidation of the funds ... Three dozen current employees and retirees, along with 18 local retirement plans, filed a lawsuit in February ... saying the consolidation violates the state constitution. A key ruling is expected as early as December[.]" [Arlington Hts. Police Pension Fund et al. v. Pritzker, No. 21-CH-000055 (Kane Cty. Ill. complaint filed Feb. 23, 2021)]

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