An Illinois lawmaker thinks the state can save big if it creates another constitutional office. State Rep. Rich Brauer (R-Peterseburg) wants to create the office of the actuary general, which would address nothing but the state’s unfunded pension liabilities. Brauer says there are inconsistencies between the four state worker pension systems, but a centralized actuary general would eliminate that.
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“Right now, every different pension system has its own set of staff that will come up with those numbers,” he says. “So this will be a consolidation. I think this is just a step in coming up with a solution for the pensions.” Brauer estimates the state’s total unfunded liability rests at $100 billion. The state treasurer and comptroller are trying to eliminate their elected offices by merging, but Brauer doesn’t think that will hamper attempts to streamline the pension systems. He hopes all three offices will eventually be combined. “It’s mimicked from other states,” he says. “So this isn’t something new, this is something that’s tried and true. It works well, and we need to imitate it here in the state of Illinois.