HR0101 97TH GENERAL ASSEMBLY

HR0101 LRB097 10794 JDS 51232 r

HOUSE RESOLUTION

WHEREAS, The State of Illinois recently disclosed, in preliminary documents related to the issuance of $3.7 billion in pension obligation bonds, that it is the subject of a non-public inquiry by the U.S. Securities and Exchange Commission; and

WHEREAS, News outlets have reported that the S.E.C. inquiry is focused primarily on determining whether State officials have made false or materially misleading public statements regarding savings or reductions in contributions anticipated as a result of the pension reforms enacted in 2010; and

WHEREAS, The people of the State of Illinois and the members of the General Assembly deserve to have complete and accurate information regarding the potential savings for fiscal year 2012 and subsequent years that will result from last year's pension reforms; and

WHEREAS, Investors in securities issued by the State deserve to have accurate information upon which to base their investment decisions; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that the Auditor General is directed to conduct an audit of the General Assembly Retirement System, State Employees' Retirement System of Illinois, State Universities Retirement System, Teachers' Retirement System of the State of Illinois, and Judges Retirement System of Illinois to discover what the anticipated savings to those systems will be as a result of the pension reforms enacted last year and whether any employees or officers of those systems have made false or materially misleading public statements about those anticipated savings; and be it further

RESOLVED, That the pension systems and retirement funds involved fully cooperate and turn over any materials requested by the Auditor General; and be it further

RESOLVED, That the Auditor General commence this audit as soon as possible and, upon completion, distribute a report in accordance with Section 3-14 of the Illinois State Auditing Act; and be it further

RESOLVED, That a copy of this resolution be delivered to the Auditor General and to each of the systems that are to be audited.