SPRINGFIELD – A bipartisan measure to consolidate most police and firefighter pension funds throughout the state passed the Illinois Senate Thursday with support from State Senator Terry Link (D-Indian Creek).

“This proposal retains benefits while also making our system more productive and efficient,” Link said. “The pension crisis is one of the biggest issues we’ve been dealing with in this state for years, and the legislation we passed today marks a major step toward solving that problem.”

Senate Bill 1300 would consolidate all of the state’s nearly 650 police and firefighter pension funds outside of Chicago into two individual and separate funds over a 30-month transition period.

Consolidation of these pension funds is expected to provide them with a greater return on investments and save taxpayers an estimated $160 million each year, while not affecting individual pension amounts.

The legislation also allows local pension fund boards to retain authority to rule on benefits.

“We wanted to ensure that we preserved local authority over pension benefits while also providing enhanced investment opportunities and saving taxpayer dollars,” Link said. “This measure makes financial sense for pension recipients, the pension funds themselves and Illinois taxpayers.”

The measure passed the Senate by a vote of 42-12. It will now be sent to the governor’s desk for approval.