Quinn signs law aimed at pension reform

By WEEK Reporter

June 18, 2012 Updated Jun 18, 2012 at 8:51 PM CDT

CHICAGO, Ill -- Governor Pat Quinn signed a new law designed to increase oversight of the state's pension systems on Monday.

Senate Bill 179 creates the position of a state actuary to oversee the five state funded pension systems to help increase transparency of the systems.

"We must restore integrity and accountability to the state's pension systems and we are headed in the right direction with this new law," Quinn said.  "Now is the time to roll our sleeves up and continue to work together to fundamentally reform our pension system and rescue it from drowning in an ocean of unfunded liability."

Under the new law, a state actuary position will be created within the Office of the Auditor General.  The actuary will oversee the state's five pension systems: State Employees Retirement System, General Assembly Retirement System, State Universities Retirement System, Teachers Retirement System and Judges Retirement System.

The actuary will review the practices of the systems and help create the state's annual contributions to each system.

The new law goes into effect immediately.

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