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| 1 | HOUSE RESOLUTION
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| 2 | WHEREAS, The State of Illinois recently disclosed, in | ||||||
| 3 | preliminary documents related to the issuance of $3.7 billion | ||||||
| 4 | in pension obligation bonds, that it is the subject of a | ||||||
| 5 | non-public inquiry by the U.S. Securities and Exchange | ||||||
| 6 | Commission; and
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| 7 | WHEREAS, News outlets have reported that the S.E.C. inquiry | ||||||
| 8 | is focused primarily on determining whether State officials | ||||||
| 9 | have made false or materially misleading public statements | ||||||
| 10 | regarding savings or reductions in contributions anticipated | ||||||
| 11 | as a result of the pension reforms enacted in 2010; and
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| 12 | WHEREAS, The people of the State of Illinois and the | ||||||
| 13 | members of the General Assembly deserve to have complete and | ||||||
| 14 | accurate information regarding the potential savings for | ||||||
| 15 | fiscal year 2012 and subsequent years that will result from | ||||||
| 16 | last year's pension reforms; and
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| 17 | WHEREAS, Investors in securities issued by the State | ||||||
| 18 | deserve to have accurate information upon which to base their | ||||||
| 19 | investment decisions; therefore, be it | ||||||
| 20 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | ||||||
| 21 | NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | ||||||
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| 1 | the Auditor General is directed to conduct an audit of the | ||||||
| 2 | General Assembly Retirement System, State Employees' | ||||||
| 3 | Retirement System of Illinois, State Universities Retirement | ||||||
| 4 | System, Teachers' Retirement System of the State of Illinois, | ||||||
| 5 | and Judges Retirement System of Illinois to discover what the | ||||||
| 6 | anticipated savings to those systems will be as a result of the | ||||||
| 7 | pension reforms enacted last year and whether any employees or | ||||||
| 8 | officers of those systems have made false or materially | ||||||
| 9 | misleading public statements about those anticipated savings; | ||||||
| 10 | and be it further
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| 11 | RESOLVED, That the pension systems and retirement funds | ||||||
| 12 | involved fully cooperate and turn over any materials requested | ||||||
| 13 | by the Auditor General; and be it further | ||||||
| 14 | RESOLVED, That the Auditor General commence this audit as | ||||||
| 15 | soon as possible and, upon completion, distribute a report in | ||||||
| 16 | accordance with Section 3-14 of the Illinois State Auditing
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| 17 | Act; and be it further | ||||||
| 18 | RESOLVED, That a copy of this resolution be delivered to | ||||||
| 19 | the Auditor General and to each of the systems that are to be | ||||||
| 20 | audited.
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