Giannoulias wants pensions pooled

Illinois Treasurer Alexi Giannoulias is proposing that the five state-funded pension systems be merged into a single new investment system.

Giannoulias on Monday said merging the pension investments could save up to $82 million in administrative and management fees.

He says the move would also help protect against the alleged influence-peddling for state pension investments that have been exposed during federal corruption trials.

Lawmakers need to approve the treasurer's plan to create a new Illinois Public Employees' Retirement System with a portfolio of about $70 billion.

A number of government watchdog groups are backing Giannoulias' proposal.