HR0063 96TH GENERAL ASSEMBLY

HR0063 LRB096 04585 AMC 14640 r

HOUSE RESOLUTION

WHEREAS, Illinois Treasurer, Alexi Giannoulias, has proposed consolidating the investment authority of all Illinois pension systems under the newly created Illinois Public Employee Retirement System; and

WHEREAS, The economic impact of the consolidation of investment authority for Illinois pension systems would have a negative impact on the economy in central Illinois during these difficult economic times; and

WHEREAS, The potential cost savings and increased investment return are not guaranteed; and

WHEREAS, Illinois pension systems have consistently performed above their peer systems in other states; and

WHEREAS, Having 3 investment pools for the payment of pension benefits provides for the diversification of portfolios; and

WHEREAS, The loss of well-paying jobs in central Illinois would only further depress the job market in the area; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we instruct the Commission on Government Forecasting and Accountability to study the economic impact on central Illinois of the number of jobs that would be eliminated due to the consolidation of investment authority in the State Universities Retirement System and the Teachers' Retirement System of State of Illinois; and be it further

RESOLVED, That the Commission on Government Forecasting and Accountability shall submit a report of its findings and recommendations to the General Assembly and each statewide elected official on or before October 1, 2009.