Illinois lawmakers have officially sent a police and fire pension consolidation plan to Governor J.B. Pritzker's desk.The plan will pool more than 650 pension funds outside of Chicago, with the goal of reducing local property taxes while cutting fees and generating more money for first responders. Pritzker promised to quickly sign it into law.Peoria Mayor Jim Ardis says the legislation is a move in the right direction, but it's just the first step."It's great...not to take any wind out of it, but you know, the real heavy lift is going to be on the reamortization side of this," he said. Under current law, municipalities are supposed to have pension funds funded to 90 percent by 20-40.Ardis says that's not attainable for any Illinois communities and expects lawmakers will re-evaluate that timeline when they return to the Capitol in the spring.
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