Giannoulias calls for creation of ILPERS by merging state pension boards
New ethics bill to save millions, increases transparency of investments
Illinois State Treasurer Alexi Giannoulias is calling for the consolidation of the investment activities of all five of the state-funded pension systems into a single investment entity to curb ethics abuse in state government and save beneficiaries tens of millions of dollars annually.
The legislation Giannoulias is crafting aims to eliminate the fraud and abuse committed in connection with the federal Operation Board Games investigation. The consolidation would also cut administrative costs and management fees, saving beneficiaries up to $82 million annually.
A similar proposal to combine the pension systems surfaced in 2003, but was squashed by political powerbrokers William Cellini, Tony Rezko and Stuart Levine. Each has been implicated in the ongoing investigation spearheaded by U.S. Attorney Patrick Fitzgerald.