Illinois Treasurer Alexi Giannoulias is proposing that the five state-funded pension systems be merged into a single new investment system.
Illinois Treasurer Alexi Giannoulias is proposing that the five state-funded pension systems be merged into a single new investment system. Giannoulias (jeh-NOO’-lee-ehs) on Monday said merging the pension investments could save up to $82 million in administrative and management fees. He says the move would also help protect against the alleged influence-peddling for state pension investments that have been exposed during federal corruption trials. Lawmakers need to approve the treasurer’s plan to create a new Illinois Public Employees’ Retirement System with a portfolio of about $70 billion. A number of government watchdog groups are backing Giannoulias’ proposal. ______ Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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