Legislation calls for more frequent scrutiny of state pension funds
State Sen. Mike Connelly's legislation to help taxpayers become better acquainted with the current status of the state's pension funds passed the Senate last week.
House Bill 422 calls for the state’s five pension systems to move to a three-year schedule for reviews of actuarial numbers.
The five pension systems include the State Universities’ Retirement System, State Employees’ Retirement System, Judges Retirement System, the Teacher’s Retirement System and the General Assembly Retirement System.
“Illinois needs to take steps toward getting a truer sense of the full long-term pension liability this state faces,” Connelly said. “Doing a full actuarial review every three years instead of five, Illinois will be better prepared when making funding choices on our indebtedness.”
The legislation passed the House in March and now awaits signature by the governor.
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