In Illinois, retirement benefits are provided to police officers and firefighters through local pension funds. The funds are regulated by state law, and managed by local boards of trustees. As of the end of fiscal year 2017, there were 643 pension funds for police officers and firefighters in Illinois. Policymakers over the last several years have occasionally called for the consolidation of the 641 downstate police and fire pension funds outside Chicago into one centralized fund.
The Illinois Public Pension Fund Association (IPPFA) retained Anderson Economic Group to estimate the costs and savings associated with consolidating all police and fire pension funds in Illinois outside of the Chicago pension funds into one centralized fund.