Illinois Treasurer Calls for Consolidation of the Investment Activities of 5 State Pension Funds
December 2, 2008
State Treasurer Alexi Giannoulias has called for the creation of the Illinois Public Employees’ Retirement System which would consolidate the investment functions of the Teachers Retirement System, the State Universities Retirement System, and the Illinois State Board of Investment, which oversees the General Assembly Retirement System, the State Employees Retirement System, and the Judges Retirement System. According to the Treasurer, the merger of the investment functions of the five major public employee pension funds would save tens of millions of dollars annually by eliminating duplicative activities. The proposal also calls for greater transparency concerning pension investments as well as stricter ethics and continuing education requirements for board members.