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Tue June 19, 2012
Quinn Signs Pension Actuary Law
Illinois will hire a state actuary to report on pension systems.
Governor Pat Quinn signed legislation today (Mon) requiring an actuary who will monitor the state's five pension systems. It's effective immediately.
The actuary will report to the auditor general.
State Representative Barbara Flynn Currie says it's like having a second set of eyes to look over figures already provided by the systems.
Lawmakers failed to pass bigger reforms that address closing an $83 billion funding gap. But top leaders are trying to work out a compromise.
Top Senate leaders and the House republican leader want to adopt a widely-supported proposal and continue negotiations. But Quinn and House Speaker Michael Madigan want a comprehensive plan that includes transferring pension costs to local schools.