The five state-funded pension systems will now be overseen by a state actuary. The goal is to increase transparency of the retirement systems, says Gov. Pat Quinn. “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 a bill-signing ceremony today Monday.
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The actuary is picked by the auditor general and charged with reviewing pension system plans and issue a report containing recommended changes. The person will also help calculate the state’s annual required contributions.