HR0101LRB097 10794 JDS 51232 r

1
HOUSE RESOLUTION

 
2    WHEREAS, The State of Illinois recently disclosed, in
3preliminary documents related to the issuance of $3.7 billion
4in pension obligation bonds, that it is the subject of a
5non-public inquiry by the U.S. Securities and Exchange
6Commission; and
 
7    WHEREAS, News outlets have reported that the S.E.C. inquiry
8is focused primarily on determining whether State officials
9have made false or materially misleading public statements
10regarding savings or reductions in contributions anticipated
11as a result of the pension reforms enacted in 2010; and
 
12    WHEREAS, The people of the State of Illinois and the
13members of the General Assembly deserve to have complete and
14accurate information regarding the potential savings for
15fiscal year 2012 and subsequent years that will result from
16last year's pension reforms; and
 
17    WHEREAS, Investors in securities issued by the State
18deserve to have accurate information upon which to base their
19investment decisions; therefore, be it
 
20    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
21NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that

 

 

HR0101- 2 -LRB097 10794 JDS 51232 r

1the Auditor General is directed to conduct an audit of the
2General Assembly Retirement System, State Employees'
3Retirement System of Illinois, State Universities Retirement
4System, Teachers' Retirement System of the State of Illinois,
5and Judges Retirement System of Illinois to discover what the
6anticipated savings to those systems will be as a result of the
7pension reforms enacted last year and whether any employees or
8officers of those systems have made false or materially
9misleading public statements about those anticipated savings;
10and be it further
 
11    RESOLVED, That the pension systems and retirement funds
12involved fully cooperate and turn over any materials requested
13by the Auditor General; and be it further
 
14    RESOLVED, That the Auditor General commence this audit as
15soon as possible and, upon completion, distribute a report in
16accordance with Section 3-14 of the Illinois State Auditing
17Act; and be it further
 
18    RESOLVED, That a copy of this resolution be delivered to
19the Auditor General and to each of the systems that are to be
20audited.