Gov. Pat Quinn this week signed legislation that establishes the position of state actuary to provide oversight of Illinois’ five pension funds.
“We must restore integrity and accountability to the state’s pension systems and we are headed in the right direction with this new law,” Quinn said in a statement.
The new position will report to auditor general William Holland.
The position was created with the aim of strengthening accountability and transparency.
The actuary will oversee funding assumptions, valuations and actuarial practices for each of the systems.
In additino, the actuary will help calculate the state’s annual required contributions.
Lawmakers passed the legislation even as political differences derailed pension reform proposals designed to help lower skyrocketing increases in annual payments needed to address $82.9 billion of unfunded liabilities.